Cyprus, at the crossroads of Europe, Asia and Africa, is situated in the north-eastern corner of the Mediterranean Sea, 75km south of Turkey, 90km west of Syria and 380km east of the Greek island of Rhodes.

It is the third largest island in the Mediterranean after Sicily and Sardinia, with an area of 9.251 sq km. Of the total area 35% is occupied by Turkish troops.

History
The history of Cyprus is one of the oldest recorded in the world. From the earliest times Cyprus´ historical significance far outweighed its small size. Its strategic position at the crossroads of three continents, as well as its considerable supplies of copper and timber combined to make it a highly desirable territorial acquisition.

The first signs of civilisation go back to the 9th millennium BC, while the discovery of copper on the island brought wealth and trade to the island. Around 1200 BC a process began that was to stamp the island with an identity that it still has today; the arrival of Mycenaean – Achaean Greeks as permanent settlers, who brought with them their language and culture. Cyprus was subsequently conquered by various nations but, nevertheless, managed to retain its Greek identity, language and culture intact. The Turkish Cypriots came much later. They were descendants of the Ottoman Turks who occupied the island for more than 300 years between the 16th and 19th century, and have contributed their own heritage to the country.

Christianity was introduced to the island during the 1st century AD by St. Paul himself and St. Barnabas, founder of the Church of Cyprus.

Climate
Cyprus is the warmest island in the Mediterranean. The mean daily temperature in July and August ranges between 29°C on the central plain to 22°C on the Troodos mountains, while the average maximum temperature for these months ranges between 36°C and 27°C respectively. Winters are mild. The island, on average, enjoys more than 300 days of sunshine every year, and the rainy season is confined to the period between November and March. Snow occurs rarely in the lowland and on the northern range of Keryneia but falls every winter on ground above 1.000 metres on the Troodos Range, usually occurring by the first week in December and ending by the middle of April.

Economy
The Cypriot economy is a small, robust and fairly flexible economy, and has shown itself able to adapt to rapidly changing circumstances. It is characterised by a very satisfactory rate of growth.

The Banking System
Cyprus has a well-developed banking system which offers a wide range of services catering for the needs of businesses and individuals. The Central Bank of Cyprus is the licensing authority for the conduct of banking business and for the supervision of banks. In the exercise of its supervisory role, the Central Bank is guided by the recommendations of the Basel Committee on Banking Supervision and the regulatory framework of the European Union.  

There are currently a number of banks operating in Cyprus, both domestic and international. In recent years banks have expanded their activities beyond traditional banking and their services include insurance, leasing, hire purchase finance, factoring, mutual fund management, investment and consulting as well as custody and asset management services. Developments in technology and the opening of markets have contributed to a more competitive environment. Banks have responded by upgrading their technological infrastructure and launching new products and services through electronic means or electronic access, using alternative distribution channels such as the Internet, call centres, etc.

Establishing a Business in Cyprus
Anyone is entitled to acquire shares in legal entities registered in Cyprus. The beneficial owners of the companies must provide a copy of their passport, proof of their residential address and a bank reference.  If the legal entity will acquire immovable property in Cyprus, the consent of the Council of Ministers must be obtained, in advance.