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2020 Cyprus Country Report

The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.

The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.

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VISAS & EMBASSIES<br />

As a member of the EU, under community laws EU nationals have the right to enter<br />

the country with an identity card or valid passport and to seek work. For non-EU<br />

nationals, employment permits have to be obtained before entering <strong>Cyprus</strong>. The nationals<br />

of many non-EU countries do not require a visa to enter <strong>Cyprus</strong> for a stay<br />

not exceeding three months. Details of visa-exempt countries and visa application<br />

procedures are available on the Ministry of Foreign Affairs website.<br />

COST OF LIVING:<br />

AVERAGE PRICES<br />

Travel & Living<br />

www.mfa.gov.cy<br />

VISITING THE OCCUPIED AREA<br />

Following the Turkish occupation of the north of the island in 1974, the island has<br />

been divided. In 2003 checkpoints opened for the first time allowing both sides to<br />

cross over with a passport or valid ID. It is perfectly safe to visit and explore the area.<br />

If travelling by car, insurance has to be purchased at the checkpoint. Various policies<br />

are available covering vehicles from three days to a full year. Cigarettes and alcohol<br />

cannot be taken from the north to the Republic of <strong>Cyprus</strong> and there are restrictions<br />

on certain foodstuffs, such as meat and dairy produce. There is a maximum limit<br />

of €260 of goods per person allowed to be brought across the UN-controlled buffer<br />

zone.<br />

Milk (1ltr)<br />

€1.38<br />

Tomatoes (1 kg)<br />

€1.99<br />

STANDARD OF LIVING<br />

Other factors that contribute to the enviable lifestyle of <strong>Cyprus</strong> include a superb road<br />

system with signs in both Greek and English, a reliable and efficient postal service,<br />

a large choice of schools, clubs, restaurants, gyms, theatres, cinemas, museums and<br />

art galleries. The local infrastructure is ideally suited for business people who need<br />

to get things done. Thanks to its modern road network, extensive port facilities and<br />

two international airports, travel and transport in and beyond <strong>Cyprus</strong> is fast, efficient<br />

and economical.<br />

Loaf of fresh white<br />

bread (500g)<br />

€1.58<br />

Bottle of midrange<br />

wine<br />

€7.00<br />

LARGE EXPAT COMMUNITY<br />

A notable British presence remains to this day and <strong>Cyprus</strong> has become home to a<br />

large expat community. Today, <strong>Cyprus</strong> has the second highest percentage of foreign<br />

citizens in the European Union, with 13% of the total population from other EU<br />

member states, and around 7% from non-EU countries according to a survey of the<br />

EU’s statistical office. The biggest group of expats living in <strong>Cyprus</strong> consists of British<br />

nationals, but there are also large communities of Americans, Russians and other<br />

Eastern European nationals. n<br />

Domestic Beer (0.5 l)<br />

€1.18<br />

Imported Beer (0.33ltr)<br />

€2.03<br />

Three-course meal<br />

for two in midrange<br />

restaurant<br />

€46.00<br />

AVERAGE RENT PER MONTH (€) AYIA NAPA LARNACA LIMASSOL NICOSIA PAPHOS<br />

Apartment (1 bedroom) in City Centre 500.00 516.67 801.85 514.83 404.67<br />

Apartment (1 bedroom) Outside of Centre 375.00 420.83 675.58 450.67 331.15<br />

Apartment (3 bedrooms) in City Centre 1,000.00 869.71 1,408.33 884.48 688.46<br />

Apartment (3 bedrooms) Outside of Centre 850.00 718.38 1,155.36 740.52 583.93<br />

AVERAGE BUY APARTMENT PRICE (€/SQM)<br />

Apartment in City Centre 1,500.00 1,575.00 2,721.43 1,616.67 1,700.00<br />

Apartment Outside of Centre 1,230.00 1,066.67 2,017.65 1,226.36 1,466.67<br />

Source: Numbeo, September <strong>2020</strong><br />

<strong>Country</strong> <strong>Report</strong> CYPRUS <strong>2020</strong> 165

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