Cyprus is situated in the eastern Mediterranean, lying at the hub of 3 continents and close to the busy trade routes linking Western Europe with the Arab World and the Far East. Cyprus's total area is 9.251 sq. kms and is comparable in size to Lebanon in the Middle East or Connecticut in the United States. The island's time zone is 7 hours ahead of New York and 7 hours behind Tokyo.

The island enjoys the best type of Mediterranean climate with about 300 days of sunshine per year. The bulk of the rain falls during the period from November to March. The coldest month is January with minimum and maximum mean temperatures of 6 degrees C and 13 degrees C, respectively, while in August, the hottest month, the corresponding minimum and maximum mean temperatures are 21 degrees C and 36 degrees C.

Cyprus's estimated population is 760.000 of which 85,2 percent belongs to the Greek Cypriot community and 11,6 percent to the Turkish Cypriot community, whilst the remaining 3,2 percent are foreign residents. Greek and Turkish are the official languages of the Republic but English is widely spoken and understood, and is regularly used in commerce and government. Apart from the capital, Nicosia, with an estimated population of 200.000, all major cities are located on the coast. Limassol is the second largest city and the island's biggest port. Larnaca and Pafos, which are popular holiday resorts, are the third and fourth largest cities, respectively.

On 1 January 2008, Cyprus adopted the euro. As a result, it is no longer possible to implement interest rate and foreign exchange policies that are tailored to the Cypriot economy.

The Cyprus economy recorded real G.D.P. growth of the order of 3,6% in the period of 2008. It is noteworthy that this growth was achieved in an environment of fully employment conditions, low inflation as well as relatively low fiscal deficit.

The Cyprus economy is characterised by robustness and macroeconomic stability which is evidenced by the favourable evaluations and comments of the European Commission, the International Monetary Fund and other international organisations.

The banking system in Cyprus closely follows the British pattern. The banks have many convenient branches, which are efficient, modern and well equipped with the latest technology. Non-Cypriot citizens may open foreign currency and local deposit accounts without difficulty. Many international banks have branches throughout the island. The legal tender is euro. The ultimate market the Central Bank, the banking system consists of 10 local commercial banks, 28 international banking units, 2 administered banking units, 3 specialised financial institutions and a number of leasing companies. Commercial banking arrangements and practices follow the British model.

Strong correspondent networks are maintained around the world by local and international banks. Most of them subscribe to SWIFT, Reuters, Telerate and other services. Thus they have easy access to the world banking network and are able to carry out traditional and specialised financial transactions.

There is a wide network of air-routes connecting Cyprus with Europe, Africa and Asia. The island's two international airports are situated near Larnaca and Pafos, some 50 and 150 kms, respectively, from Nicosia. They handle about 1.249 scheduled flights per week served by 36 international airlines as well as flights operated by 81 chartered airlines. The island is rapidly becoming a major international transit station for commercial air transportation with excellent connections within the entire region.

Seaborne traffic is served by a fully renewed port system comprising the multi-purpose ports of Limassol and Larnaca, the industrial port of Vassiliko and the 3 specialised oil terminals of Larnaca, Dhekelia and Moni. Fifty five shipping lines include Cyprus in their regular schedules to and from 5 continents. About 5.290 ships totalling 20,6 million net registered tons call at Cypriot ports each year.

Cyprus recognises the importance of telecommunications and has invested heavily in the development of this sector. As a result, the island may claim, in this respect, to be among the most developed countries in the world.

Apart from conventional services such as fixed telephony and telefax, other services available include access to the Internet, mobile telephony, the Short Messaging Service (SMS), mobile portal, ISDN, ATM/Frame Relay, voicemail, paging, maritime, TV transmission/reception, private leased circuits, audiotex and videoconferencing. Furthermore, a DSL (Digital Subscriber Line) technology based service operates on a full commercial basis. One of the broadband services available is a fast internet service offered on a fixed monthly fee basis. The national network utilises state-of-the-art technology such as digital switching and transmission systems and fibre optic cables.

In parallel to the network of submarine cable systems, CYTA also operates an extensive network of satellite earth stations which are linked to the INTELSAT, EUTELSAT and ASIASAT satellite systems, as will as to INTERSPUTNIK, SIRIUS and ARABSAT.

Cyprus maintains public elementary and secondary school systems of a very high standard. The educational system is complemented by vocational schools whose main responsibility is the training of skilled personnel for the tourism and manufacturing sectors. In every major city there exists a selection of good quality private schools which are addressed mainly to the needs of foreign speaking pupils. These schools offer tuition in English, French, Italian, Armenian and Arabic at reasonable fees.

Cyprus has a well-trained and versatile work force. The island ranks among the leading countries of the world in terms of the proportion of university graduates. Qualified professional, technical and clerical staff with wide experience and fluency in English and other languages are available for employment at reasonable remuneration.

The structure of Government is similar to other western democracies where human rights, political pluralism and private property are safeguarded. There is a multi-party system of democracy based on proportional representation.

The Head of State is the President of the Republic who is elected by universal suffrage for a five-year term of office. The Council of Ministers, which is appointed by the President, is the executive organ of the Republic. Legislative power lies with the House of Representatives whose members hold office for a period of five years. Cyprus is a member of the United Nations, and its specialised agencies, the Council of Europe and the Commonwealth. Cyprus is represented through full diplomatic missions in 31 countries, 9 major international organisations and several consulates general around the world.

The legal system is based on the same principles as those applicable in the United Kingdom and all statutes regulating business matters and procedures are based essentially on English law. Most laws are translated into English. The Continental system of administrative law, according to which the legality of administrative decisions can be judicially controlled, has been introduced and applied by virtue of the constitution.

Original criminal jurisdiction rests in District Courts for minor offences and in Assize Courts for more serious crimes. All appeals are heard by the Supreme Court which is also empowered to pronounce final judgement in all cases of constitutional and administrative law.

The relatively low cost of living in Cyprus has an added appeal for the potential buyer, offering a full, but comparatively inexpensive lifestyle. Recent statistics pointed to Cyprus as one of the most inexpensive countries in Europe. The local markets flaunt a wealth of colourful fresh fruit and vegetables, meat and fish, and Cyprus' modern supermarkets are fully stocked with a large range of local and imported goods. The cost of medical treatment in government hospitals is very low. Those wishing to consult doctors privately will find a wide choice of competent doctors, specialists and surgeons practicing on the island.