Cyprus Employer of Record
Country Overview Video
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The island of Cyprus is located in the Mediterranean Sea, 70 kilometers (45 miles) south of the coast of Turkey and 100 kilometers (62 miles) west of Syria. The majority of the population of the southern two-thirds of the island is Greek. Turks make up most of the population of the northern third, which calls itself the Turkish Republic of Northern Cyprus. Although a United Nations buffer zone separates the Greek and Turkish areas, Turkey is the only country to recognize the Turkish Republic as a separate country, and there are ongoing efforts to bring both Greek and Turkish Cyprus together under a single, universally recognized government. The entire island became a member of the EU in 2004, and the euro has been the official currency since 2008, although the Turkish lira is used in the north. Cyprus’ beaches and warm weather attract millions of visitors each year, making tourism one of the pillars of its economy. It is also an international finance center. Many corporate entities are domiciled on the island, as well, with a number establishing corporate headquarters there. The energy sector is likely to play an important role in Cyprus’ future, thanks to the discovery of large offshore natural gas reserves in 2013.