Where do we stand?

Cyprus: The Republic of Cyprus

  • an island country in the Eastern Mediterranean sea.
  • a major tourist destination in the Mediterranean.
  • its strategic location has played an important role in establishing Cyprus as a business hub.

Cyprus became politically independent from British rule in 1960. The Turkish invasion, launched on 20 July 1974, resulted in the occupation of 35,2% of the island’s territory and about 200.000 Greek Cypriots were displaced.

Population:

0.875 Million  or 875K in total (2018)  > 15-64 years old is 67,8% of population.

Most of the Population lives in Limassol and in Nicosia (the capital city of Cyprus).


G20 Countries

Comparing Cyprus with G20: The G20 is made up of a group of nations with the most advanced and emergency economies in the world. These countries make up about 85% of global GDP, over 75% of global trade, and approximately two-thirds of the world’s total population.


Government and Administration:

  • Under the 1960 constitution, executive power > President elected for a five-year term.
  • Exercised through a council of Ministers appointed by him.
  • The House of Representatives is the parliament of the Republic of Cyprus – Legislative organ of the Republic.
  • Judiciary: Administration of Justice, a separate and independent body.
Source: Statistical Service of Cyprus (2019)

Currency (Fiat)

Euro, divided into 100 cent

EU Member

On 1 May 2004 the Republic of Cyprus became a full member of the European Union and in January 2008 Cyprus joined the
Eurozone.

Should you need further information/general statistics regarding Cyprus please consider downloading for free this document prepared by the Statistical service of Cyprus, the competent authority responsible for the compilation and the publication of most of the official statistical data in Cyprus. The Statistical Service, although functions under the Ministry of Finance, maintains its autonomy in technical matters and has exclusive responsibility for the choice of methodology, technique, definitions and procedures for the realization of the programs of statistical activities, as well as for the publication of the statistical data produced.


The “Conservative” Cypriot Consumer


What is the cost of living for a conservative Cypriot who lives alone???

Major Economic Indicators


Where is the Cypriot economy headed? “Major Economic Indicators” are measures of how well the economy is doing. They refer to data, usually at the macroeconomic scale. We provide you with the recent macroeconomic data and update them from time to time.

Real GDP/GDP with Constant Prices


Historicaly, since 2019, inflation-adjusted production in Cyprus was floating around 5400 EUR Million until March 2020. After that when we observed a huge downfall just below 4800 EUR Million as recorded in June 2020. A huge blow for the Cypriot Economy.

Recently, the GDP Constant Prices (Real GDP) in Cyprus increased to 5166.80 EUR Million in the third quarter of 2020 from 4723.80 EUR Million in the second quarter of 2020.

Inflation Rate


Historical Data since 1 year ago: This data on Inflation show that it was volatile for this period and in critical levels. The inflation rate dropped during the years of crisis with levels below 0. The graph shows an upward trend, but still below 0, until late 2020. The widely considered “healthy” yearly rate is though is 2.5% for a country. Consumer prices in Cyprus declined 1.6 percent from a year earlier in January of 2021, after a 1.1 percent drop in the previous month. It was the biggest drop in consumer prices since June 2020.

Unemployment Rate


Historical Data the past year: The tidal wave of financial and currency turmoil toward Europe from 2009 through 2012 has affected Cyprus. Huge unemployment means businesses closing down, fewer and fewer needs satisfied, mortgage loans default, and more. In October 2020, the Unemployment rate spiked to about 10.5%

Following recent developments, the Unemployment Rate in Cyprus decreased to 7.30 percent in December from 7.80 percent in November of 2020.

Taxable Income Calculation Example – Tax Year 2019


Income tax is defined as money the government takes out of individuals or business earnings within its jurisdiction. They are a source of revenue for governments and they are used to fund public services, pay government obligations, and provide goods for citizens. By law, taxpayers must file an income tax return annually to determine their tax obligations.

Please find below an Excel file that can help as general guidance that will enable you to consider your tax planning as well as your compliance obligations towards the Tax Department. You can download it for free.

    Excel File - Free Download yours here

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