Cyprus has a market economy dominated by the service sector, which accounts for 78% of GDP. Tourism, financial services, and real estate are the most important sectors. Cyprus’ geographic location, tax incentives and modern infrastructure also make it a financial and commercial centre for companies looking to do business.
Key exchange rates:
Interest rate: 1%
Current inflation: 5.1%
Inflation target: 2%
Tax rate: 15%
Major Cyprus owned businesses:
KEO Ltd is the largest beverage supplier in Cyprus, providing to most of Europe, the US, Canada and the Middle East. KEO’s rise to the eminent position of a total beverage company is owed both to the high quality of KEO brands produced locally and the renowned imported products enriching its portfolio.
Central Bank of Cyprus The Central Bank of Cyprus was established in 1963, shortly after Cyprus gained its independence, as an autonomous institution in accordance with the Central Bank of Cyprus Law 1963 and the relevant articles of the Constitution.
Marfin Laiki Bank Marfin Laiki Bank is the second largest bank in Cyprus, after the Central Bank of Cyprus.
Andreas Neocleous & Co LLC Andreas Neocleous & Co LLC is now one of the largest firms in south-east Europe and the Middle East. Its head office is in Limassol, which is the commercial centre of Cyprus and the home of many international companies.
Patrikios Pavlou & Co Patrikios Pavlou & Co is one of the longest standing and largest law firms in Cyprus, with a broad-based practice.
N. Constantinou & Co Audit Ltd A company of auditors , accountants and consultants practicing in Cyprus. The company specialises in the incorporation and administration of International Business Companies.
Petros Aristidou Co Limited The firm specialises in international tax planning, trusts, accounting and statutory audit services, as well as, forensic services.
Eurochambres, the European Association of Chambers of Commerce and Industry, is one of the key representatives of business to the European institutions. It voices the interests of over 19 million member enterprises in 45 European countries through a network of 2000 regional and local Chambers represented by 45 national - and one transnational - organisations. More than 90% of these enterprises are small or medium enterprises, with chamber members employing over 120 million employees.
Eurochambres is the sole European body to serve the interests of every sector and size of European business - due to the multi-sectoral membership of Chambers - and the only one so close to business, as a result of the Chambers’ regional focus.