» Overview
Cyprus, due to its small domestic market and the open nature of its economy, considers access to international markets to be of utmost importance. As a result, trade has always been one of the main sectors of the Cyprus economy, contributing considerably to the economic growth of the island. During 2003 exports accounted for about 7% of the country's GDP.
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The legal tender is the Euro. The Cyprus Stock Exchange is a regulated exchange where all transactions concerning corporate and public securities are carried out. Such securities include stocks, bonds, and warrants.
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Cyprus’ investment policy is completely liberal allowing 100% foreign participation in most sectors of the economy, not only for EU citizens but also investors from third countries. Restrictions concerning maximum allowable percentage of foreign participation, as well as minimum level of foreign investment, have been lifted as of January 2000 for EU citizens and October 1, 2004 for non-EU citizens.
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Tax reforms came into effect from 1 January 2003 in order to conform to the European Union and OECD requirements and at the same time to maintain the competitiveness of Cyprus as an international business center and enhance its attractiveness as a suitable jurisdiction for holding companies.
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