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Doing business in cyprus 2010 country commercial guide for u s companies

Doing Business in Cyprus Country Commercial Guide for U S Companies INTERNATIONAL COPYRIGHT U S FOREIGN COMMERCIAL SERVICE AND U S DEPARTMENT OF STATE ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES Chapter Doing Business In ? Chapter Political and Economic Environment Chapter Selling U S Products and Services Chapter Leading Sectors for U S Export and Investment Chapter Trade Regulations and Standards Chapter Investment Climate Chapter Trade and Project Financing Chapter Business Travel Chapter Contacts Market Research and Trade Events Chapter Guide to Our Services CReturn to table of contents Chapter Doing Business in Cyprus Market Overview Market Challenges Market Opportunities Market Entry Strategy Market Overview Return to top Government-Controlled Area The government-controlled area of Cyprus o ?ers good business and ?nancial services modern telecommunications an educated labor force good airline connections a sound legal system and a low crime rate Cyprus ? s EU membership its geographical location low tax rates and modern infrastructure make it a natural hub for companies looking to do business within the EU and with the Middle East Eastern Europe the former Soviet Union and North Africa A liberal investment regime has also helped increase the ow of direct investment in Cyprus in recent years The in ow of total direct investment in Cyprus in including ??brass plate ? companies reached USD billion in Intellectual property is protected under modern copyright and patent legislation although better enforcement of these laws is needed In growth in Cyprus declined as the e ?ects of the global crisis hit Cyprus It is estimated provisionally that the economy contracted by about in compared to positive growth of percent in The outlook for remains weak with a growth forecast of percent Public ?nances also recorded a sharp deterioration in deviating considerably from the government ? s predictions at mid-year The government ? s hopes of containing the de ?cit below and thus avoid supervision from Brussels have been dashed as closed with the de ?cit running at from a surplus of in The outlook for the de ?cit in and beyond depends on the outcome of the government ? s current e ?orts to contain spending and boost revenue Total public debt grew from of GDP in to in and is poised to reach in In the last couple of years and economic growth has Since the southern part of Cyprus has been under the control of the Government of the Republic of Cyprus while the northern part has been administered by a Turkish Cypriot administration which proclaimed itself the ??Turkish Republic of Northern Cyprus ? ??TRNC ? and has not been recognized by any country except for Turkey A substantial number of Turkish troops remain on the island A bu ?er zone also known as the ??Green Line ? patrolled by the U N Peacekeeping Force in Cyprus UNFICYP separates the two parts The United States recognizes the Republic of Cyprus as the Government of Cyprus It is also U S policy to better integrate the Turkish