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Information On The Offshore Banking System In Cyprus
Country name: Cyprus
Geographic location: Cyprus is a Middle Eastern Island located in the Mediterranean Sea South of Turkey. It is roughly half the size of Connecticut, covering 5550 sq. miles of land. Its capital city is Nicosia.
Official language: While most Cypriots speak English, there are 2 official languages, Turkish which is spoken by roughly 13% of the population, and another 84% speaking Greek. There is also a minority of people who speak either Armenian or Arabic.
Languages commonly spoken in offshore banks: Most Cypriots speak English, which is extensively used in business and commerce.
Population: 736,000
GDP per capita: $28,600 (2008 est.)
Currency: The Euro has taken the place of the Curiot Pound(CYP nad the Turkish Lira(TRL) as the official currency, as of 2008.
Summary: The business community of Cyprus along with its citizens, enjoy low tax rates as well as a beautiful place to live and work.
Infrastructure and economy: Cyprus's infrastructure is lead by the telecommunications industry's high standards, and the pride the country takes in being one of the most developed countries in the area.
Cyprus has 2 international airports, one at Paphos and the other in Larnaca. They see an average of 360 commercial airline flights a week plus a large number of charter flights. The airports recent modernizations have made them major international hubs for commercial air traffic.
Cyprus has 2 major sea ports, Limassol and Larnaca, which are used by almost 100 different shipping lines, serving 6 continents. These ports see traffic from over 5,500 ships hauling 15,000,000 tons of cargo, every year.
The government has been very successful in helping the shipping and financial sectors rise the standards set by the European business community.
Legal system: Cyprus has a legal system based on English common law, with civil law modifications, and accepts compulsory ICJ(International Court of Justice) jurisdiction, with reservations.
Even thought the government of Cyprus has been divided since 1974, the Republic of Cyprus which controls 2/3 of the Island is recognized by the international community as the sole authority. The Republic of Cyprus is a presidential representative democratic republic, with the President of Cyprus acting as both head of state and head of government. He is also head of the multi-party system, and is given Executive power.
Federal legislative power is vested in both the President and the House of Representatives.
The House of Representatives has 59 members who each serve a five year term, 56 members by proportional representation and 3 seats for observer members representing the Maronite, Latin and Armenian minorities. There are 24 seats are allocated to the Turkish community, but they remain vacant.
The Judiciary is independent of the executive and the legislature.
The separatist Turkish Cypriot hold power in the northern one-third of the country, but are not recognized outside of the country as legitimate.
Did you know? / Special services: Cyprus has the lowest corporate taxation rate in Europe at 10%.
Links to bank websites:
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