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Legislation of Cyprus

  • Incorporation time: 8 days
  • Shelf companies: Yes
  • Accounting: Yes
  • Secretary: Yes
  • Nominee Shareholder: Yes
  • Nominee director: Yes
Tax 0%
(12,5% for companies managed in Cyprus)
1 € = 1.35 USD

Trade and Market Information

Cyprus has signed the Basel Convention on hazardous waste and the International Coffee Agreement of 2001. Since Cyprus is part of the European Union, the customs rules of the EU are applied on Cypriot territory.

Specific licenses are required to import goods into Cyprus and the control of imports is stricter for some products, especially agricultural ones. If the merchandise arrives from a Member State of the European Union Cypriot customs tariffs are void. Products from non-EU members are taxed differently depending on their nature but at relatively low rates.

The rules of the Common Customs Tariff of the European Union apply. At the administrative level, an import declaration must be completed, as well as a goods exchange declaration or an Intrastat, for trade within the European Community. An Entry Summary Declaration may also be requested.

In Cyprus, large retail business is still weak in a country with 3,000 points of sale (60% of which are retail outlets). The main players are Woolworths, Metro and Marks & Spencer’s. The primary transport of goods is by sea, with the ports of Limassol and Larnaca being the largest in the country. Today, Cypriot industry represents less than 20% of national GDP, with oil and gas being the largest sectors.

Links :
Cyprus Customs
European Union Customs
The Cyprus International Business Association
Cyprus Association of Businesses and Industries

Employment Legislation in Cyprus

The average legal working week in Cyprus is 40 hours with a minimum normal monthly salary of around 700 Euros and a retirement age of between 63 and 65. The right to work in the country is based on the British standards and protects employees from unfair dismissal. This law is, on the whole, more permissive than European law. The rate of union membership is 68%.

Intellectual Property Regime in Cyprus

Type of rights Legislation Validity of protection Agreements signed
Patents Patent laws 20 years -The patent cooperation treaty
Brands Trademark laws 7 years renewable – Nice Agreement on the International Classification of Goods and Services
-The Madrid Agreement concerning the International Registration of Marks
Designs 2003 Laws on industrial designs 25 years, renewable to a maximum of 25 years
Reproduction rights Copyright laws 70 years after the author’s death – Berne Convention for the Protection of Literary and Artistic Works
– Convention for the Protection of Producers of Phonograms
– WIPO Copyright Treaty
– WIPO Performances and Phonograms Treaty
Industrial designs 2003 Laws on industrial designs 25 years, renewable to a maximum of 25 years

Links :
Ministry of Labour and Social Insurance

Cyprus Political Data

The Cypriot political landscape is peculiar. The island is divided into three areas, with each zone governed by different administrations:

  • The Republic of Cyprus is the southern part of the island (50% of the territory) and is the only internationally recognized authority, having a seat at the United Nations. This Government is the one we refer to when speaking of Cyprus. It is a member of the EU and, in theory only, controls the entire island.
  • The Turkish Republic of Northern Cyprus, as its name suggests, governs the north of the Island (40%). This region is only officially recognized by Turkey.
  • The British area represents only 10% of the territory, in reality it consists only of military bases.

From the point of view of political organization, as with all information in this fact sheet, when we refer to Cyprus we are talking only about the Republic of Cyprus.

Executive power is wielded by the President appointed by general election (currently Nicos Anastasiades), who appoints the Council of Ministers.

Legislative power is exercised by the House of Representatives, elected for five years under universal suffrage.

The major Cypriot political parties are:

  • KISOS: Democratic Union of the Centre.
  • AKEL: Communist Party.
  • DIKO: Democratic Party.
  • DISY: Democratic Rally.
  • EURO.KO: European Party.
  • ADIK: Fighting Democratic Movement.
  • EDE: United Democrats.
  • Green Party of Cyprus.
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