Cyprus is a former UK colony and currently a Member State of the European Union. It is located in the island of the same name, in the Mediterranean Sea, 113 km south of Turkey, 120 km west of Syria, and 150 km east of the Greek island of Kastellorizo. It has about 1.2 million people and its capital and financial hub is Nicosia. Its official languages are Greek and Turkish, although English is widely spoken. Since 2008, its official currency is the Euro (EUR).
It has a highly vulnerable economy strong dependent on the services sector, which is equivalent to 4/5 of GDP. The tourism is its main sector with about 2 million of visitors per year. Followed by financial and asset management. Due to its favorable tax regime, Cyprus is the gateway to the European common market chosen by many non-EU companies and a portal for investment from the West into Russia, Middle-east, Asia and South America. It is also a shipping hub, the Cypriot-registered vessel fleet is the fourth largest in the world, and provides large revenues. Cyprus is also an exporter of citrus fruits, cement, potatoes, clothing and pharmaceuticals.
At the end of March 2013, in the context of the Cypriot financial crisis and the negotiation of the bailout from the EU, there was block on bank deposits and the banking offices were closed. In order to avoid the banking panic and massive withdrawal of deposits before the imposition by the EU ministers of economy of a levy to the bank deposits. On the brink of bankruptcy, Cyprus had to accept drastic concessions in exchange for an international loan of 10 billion euros, including a significant reduction of its banking sector, where large depositors were forced to contribute with a percentage of their deposits.
At Flag Theory, we are committed to provide the best options to internationalize your personal finances and your business to get more privacy, freedom and wealth. Below, you will find why and how to get residency and citizenship by investment, set up a company and banking options in this Mediterranean Island.
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