Cyprus is the third largest and third most populous island in the Mediterranean, and a member state of the European Union. It is located south of Turkey, west of Syria and Lebanon, north of Egypt and east of Greece.
The island’s population is over 1.141 million.
Greek and Turkish are the official languages. English is widely spoken and it features widely on road signs, public notices, and in advertisements. Russian is also widely spread.
The Mediterranean climate of Cyprus is temperate with hot, dry summers and cool and somewhat wetter winters.
The capital of Cyprus is Nicosia.
The island has an Eastern European Time Zone UTC+02:00.
Cyprus has been sought as a base for several offshore businesses for its low tax rates. Tourism, financial services and shipping are significant parts of the economy. Economic policy of the Cyprus government has focused on meeting the criteria for admission to the European Union. The Cypriot government adopted the Euro as the national currency on 1 January 2008.
You can travel to Cyprus mainly by air with arports located in Larnaca and Paphos. You can reach the island also via cruise with arrival in Limassol.
Cyprus has no inheritance tax, has a highly favorable corporate tax structure. No tax consequences unless you opt to become a tax resident in Cyprus.