North America
Central & South America
Europe
Africa
Asia & Middle East
Southeast Asia & Oceania
Cyprus Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
1,237,088 (July 2018 est.)GDP (PPP)
$31.78 billion (2017 est.)Services make 80% of GDP: tourism, finance, shipping, and real estate have traditionally been the most important services.
GDP growth rate
3.9% (2017 est.)High. The rate of non-performing loans (NPLs) is still very high at around 49%, and growth would accelerate if Cypriot banks could increase the pace of resolution of the NPLs.
GDP (PPP) per capita
$37,200 (2017 est.)High.
Local currency
Euro (EUR)Since 2008 Cyrpus is a member of the euro zone.
Financial stability (Public debt)
97.5% of GDP (2017 est.)High but decreasing.
Inflation
0.7% (2017 est.)Low.
Language
Greek (official) 80.9%, Turkish (official) 0.2%, English 4.1%Proficiency in English is high. English features on road signs, public notices, and in advertisements, etc.
Corruption perception index (Source: Transparency International)
38/180Medium level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
19%9% reduced rate applies to hospitality, transport services. 5% reduced rate applies to food, pharmaceuticals, books, among others.
Corporate Tax
12.5%Ship owners, charterers, and managers pay tonnage tax on the net tonnage of the ships they own, charter, or manage, instead of CIT.
Duties
N/ACustoms duties may be imposed upon the importation of goods into Cyprus. Whether customs duties are imposed depends on the nature of the goods and the respective customs duty codes.
Whether you are looking for a European importer or you are just interested in Europe business, Globartis is the right platform for you!
We have a strong position in Europe B2B and Europe trade, especially European Union trade. If you are interested in doing business in Cyprus, or in finding Cypriot manufacturing companies, we can help you.
Hundreds of companies in Cyprus and Cypriot SMEs use Globartis for their operations. Join our network today and find the right partner for your Cyprus business.
Connect with a Cypriot manufacturer or Cyprus importer, or source among Cyprus export to find the right product. Join now and grow your business in Nicosia.