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About Cyprus Geography and climate Cyprus is an island situated in the eastern Mediterranean, at the crossroads of Europe, Asia and Africa. It is the third largest island in the Mediterranean with an area of 9.251 sq. km. The strategic location of the island has played an important role in its development into a financial centre. Cyprus has a pleasant climate with dry summers and mild winters. The rainy reason is confined to the period between November and March. Temperatures range from 4 C – 18 C in the winter and 25 C- 38 C in the summer. Population and language The population of Cyprus in estimated to be around 850.000 of which 80% are Greek Cypriots and 18% are Turkish Cypriots , while British, Armenians, Maronites and others make up the rest. Nicosia is the capital of the island, while Limassol , Larnaca and Paphos are some of the other major towns. Greek and Turkish are the official languages of the Republic but English is widely spoken and used in business and government. Political and social environment Cyprus is a full member of the European Union, is a sovereign Republic with a presidential system of government. The President of the Republic is the Head of State and elections are held every five years. The highest executive body is the Council of Ministers appointed by the President. Legislative power lies in the hands of the House of Representatives who are also elected for a five year term. The legal system in Cyprus is based on English common law. The administration of justice is exercised by the judiciary which is a separate and independent body. Economy The Cyprus economy is based on the free enterprise system. The private sector is the backbone of economic activity. In the late 1970’s the economy has undergone major structural changes and has been transformed from one based on agriculture to one that concentrates more on tourism, services and light manufacturing. Currency and banking The official currency of Cyprus is the Cyprus Pound. Monetary policy and the policy relating to credit and balance of payments is under the responsibility of the Central Bank of Cyprus. The commercial banks provide innovative and competitive services including electronic and other modern facilities. Telecommunications and transport Cyprus has an excellent telecommunications system with direct connections to more than 180 countries. Telex, telegraph and computer net services are also available. Mobile telephone systems are also operating. The international airports in Larnaca and Paphos handle about 350 scheduled air flights each week. There are direct flights to all European capitals and to many towns of Africa and the Middle East. Cyprus is one of the leading container transshipment centers in the Mediterranean. This is due to the island’s strategic position, efficient port facilities, minimal customs formalities, its advanced business infrastructure and stable political environment. Some 100 shipping lines call at Cyprus ports on route to and from the five continents. The island acts as a distribution centre for the markets in Europe, the Middle East, the Gulf and Africa. Other relevant information Cyprus has an educated and experienced work force. The percentage of university graduates in relation to the population is very high. Foreign schools operate on the island and the standard of medical care is excellent.
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