{"id":1525,"date":"2025-08-08T05:11:12","date_gmt":"2025-08-08T05:11:12","guid":{"rendered":"https:\/\/mbscorporateservices.com\/en\/?page_id=1525"},"modified":"2025-08-13T19:30:03","modified_gmt":"2025-08-13T19:30:03","slug":"cyprus","status":"publish","type":"page","link":"https:\/\/mbscorporateservices.com\/en\/our-jurisdictions\/cyprus\/","title":{"rendered":"Cyprus"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1525\" class=\"elementor elementor-1525\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1c2d53ad e-flex e-con-boxed e-con e-parent\" data-id=\"1c2d53ad\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-75af45af e-n-tabs-mobile elementor-widget elementor-widget-n-tabs\" data-id=\"75af45af\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;tabs_justify_horizontal&quot;:&quot;start&quot;,&quot;horizontal_scroll&quot;:&quot;disable&quot;}\" data-widget_type=\"nested-tabs.default\">\n\t\t\t\t\t\t\t<div class=\"e-n-tabs\" data-widget-number=\"1974420911\" aria-label=\"Tabs. Open items with Enter or Space, close with Escape and navigate using the Arrow keys.\">\n\t\t\t<div class=\"e-n-tabs-heading\" role=\"tablist\">\n\t\t\t\t\t<button id=\"e-n-tab-title-19744209111\" data-tab-title-id=\"e-n-tab-title-19744209111\" class=\"e-n-tab-title\" aria-selected=\"true\" data-tab-index=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"e-n-tab-content-19744209111\" style=\"--n-tabs-title-order: 1;\">\n\t\t\t\t\t\t<span class=\"e-n-tab-title-text\">\n\t\t\t\tCyprus\t\t\t<\/span>\n\t\t<\/button>\n\t\t\t\t<button id=\"e-n-tab-title-19744209112\" data-tab-title-id=\"e-n-tab-title-19744209112\" class=\"e-n-tab-title\" aria-selected=\"false\" data-tab-index=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"e-n-tab-content-19744209112\" style=\"--n-tabs-title-order: 2;\">\n\t\t\t\t\t\t<span class=\"e-n-tab-title-text\">\n\t\t\t\tTaxation in Cyprus\t\t\t<\/span>\n\t\t<\/button>\n\t\t\t\t<button id=\"e-n-tab-title-19744209113\" data-tab-title-id=\"e-n-tab-title-19744209113\" class=\"e-n-tab-title\" aria-selected=\"false\" data-tab-index=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"e-n-tab-content-19744209113\" style=\"--n-tabs-title-order: 3;\">\n\t\t\t\t\t\t<span class=\"e-n-tab-title-text\">\n\t\t\t\tEconomy of Cyprus\t\t\t<\/span>\n\t\t<\/button>\n\t\t\t\t<button id=\"e-n-tab-title-19744209114\" data-tab-title-id=\"e-n-tab-title-19744209114\" class=\"e-n-tab-title\" aria-selected=\"false\" data-tab-index=\"4\" role=\"tab\" tabindex=\"-1\" aria-controls=\"e-n-tab-content-19744209114\" style=\"--n-tabs-title-order: 4;\">\n\t\t\t\t\t\t<span class=\"e-n-tab-title-text\">\n\t\t\t\tLegislation of Cyprus\t\t\t<\/span>\n\t\t<\/button>\n\t\t\t\t\t<\/div>\n\t\t\t<div class=\"e-n-tabs-content\">\n\t\t\t\t<div id=\"e-n-tab-content-19744209111\" role=\"tabpanel\" aria-labelledby=\"e-n-tab-title-19744209111\" data-tab-index=\"1\" style=\"--n-tabs-title-order: 1;\" class=\"e-active elementor-element elementor-element-6b7eda1 e-con-full e-flex e-con e-child\" data-id=\"6b7eda1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-53305704 e-flex e-con-boxed e-con e-child\" data-id=\"53305704\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bd6a3ea elementor-widget elementor-widget-text-editor\" data-id=\"bd6a3ea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div id=\"tab-687dee5f0c0a7-1\" class=\"ui-tabs-panel ui-corner-bottom ui-widget-content\" role=\"tabpanel\" aria-labelledby=\"ui-id-1\" aria-hidden=\"false\" data-rocket-lazy-bg-86cda159-d275-4ecb-984e-c8b3a688cde9=\"loaded\"><div id=\"tab-687ea39d9251c-1\" class=\"ui-tabs-panel ui-corner-bottom ui-widget-content\" role=\"tabpanel\" aria-labelledby=\"ui-id-1\" aria-hidden=\"false\" data-rocket-lazy-bg-b5f728aa-83b6-4c2b-b8ae-8489bcc9bdd0=\"loaded\"><h4>The country<\/h4><p>Cyprus (Republic of Cyprus) is an island State of 1 300 000 inhabitants located at the eastern extremity of the Mediterranean Sea. Its politics are very complex, since it is divided into three blocks: the Republic of Cyprus, the Turkish Republic of Northern Cyprus and the British sector. Although located outside Europe, the country is part of the European Union.<\/p><h4>An onshore haven<\/h4><p>Cyprus is an onshore European destination of choice due to its very favourable tax regime and its membership of the European Union. Thus It is possible, if based in Cyprus, to trade with Europe (due to the import\/export system) and also to possess an EU VAT number. The country has adopted international Trust Laws, thus offering tax advantages to major enterprises located in Cyprus.<\/p><p>Cypriot law is modelled on British Common Law and onshore companies are regarded as IBC (<em>International Business Companies<\/em>) with limited liability, which must be established by a licensed lawyer, and the capital contributed must be at least EUR 1 000. It is possible for anonymity to be preserved by appointing a Director and shareholders. It is mandatory for an IBC to have its head office in Cyprus.<\/p><p>To avoid the taxation of profits, the management and control of the company must not be carried out in Cyprus. They will be treated as such if:<\/p><ul><li>Important decisions are made in Cyprus<\/li><li>The majority of the members of the IBC live in the country more than 183 days per year<\/li><\/ul><p>The country has 40 national and international banks, which are also operated on the British model, ensuring a good level of confidentiality.<\/p><h4>Useful information<\/h4><p>Cyprus is strongly discouraged for import-export operations in Europe because, given that the country is an island, products cannot pass through it in transit. Tax services still require transport documents. For any other activity, Cyprus is a destination of choice.<\/p><h4>The different types of companies<\/h4><p>6 different procedures and 8 days are needed to base a company in Cyprus.<\/p><table><tbody><tr><th>Types of companies<\/th><th>Capital<\/th><th>Number of partners<\/th><\/tr><tr><td>Private Limited Company<\/td><td>No minimum capital<\/td><td>Minimum of 1 shareholder, maximum of 50. Liability limited to contributions.<\/td><\/tr><tr><td>General Partnership<\/td><td>No minimum capital<\/td><td>Minimum of 2 partners, maximum of 20. Personal and unlimited liability.<\/td><\/tr><tr><td>Limited partnership<\/td><td>No minimum capital<\/td><td>Minimum of 2 partners, maximum of 20. At least one partner with unlimited liability, limited liability for the others<\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p><p>Links:<br \/><a href=\"http:\/\/www.mcit.gov.cy\/mcit\/drcor\/drcor.nsf\/index_en\/index_en?opendocument\" target=\"_blank\" rel=\"nofollow noopener\">Trade Register<\/a><a href=\"http:\/\/www.mcit.gov.cy\/mcit\/drcor\/drcor.nsf\/index_en\/index_en?opendocument\"><br \/><\/a><a href=\"http:\/\/www.mcit.gov.cy\/mcit\/drcor\/drcor.nsf\/index_en\/index_en\" target=\"_blank\" rel=\"nofollow noopener\">Companies Register<\/a><\/p><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div id=\"e-n-tab-content-19744209112\" role=\"tabpanel\" aria-labelledby=\"e-n-tab-title-19744209112\" data-tab-index=\"2\" style=\"--n-tabs-title-order: 2;\" class=\" elementor-element elementor-element-76a1913a e-con-full e-flex e-con e-child\" data-id=\"76a1913a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-7e346cbe e-flex e-con-boxed e-con e-child\" data-id=\"7e346cbe\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4ae40a95 elementor-widget elementor-widget-text-editor\" data-id=\"4ae40a95\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div id=\"tab-687ea39d9251c-2\" class=\"ui-tabs-panel ui-corner-bottom ui-widget-content\" role=\"tabpanel\" aria-labelledby=\"ui-id-2\" aria-hidden=\"false\" data-rocket-lazy-bg-b5f728aa-83b6-4c2b-b8ae-8489bcc9bdd0=\"loaded\"><div id=\"tab-689553a0ca49a-2\" class=\"ui-tabs-panel ui-corner-bottom ui-widget-content\" role=\"tabpanel\" aria-labelledby=\"ui-id-2\" aria-hidden=\"false\" data-rocket-lazy-bg-c04b4f62-2ea6-4be1-95c8-743babc3085a=\"loaded\"><h4>Different tax rates<\/h4><p>Cypriot companies are taxed at a rate of 10% and 20% for a company\u2019s immovable property assets. Moreover, certain actions are not subject to tax, such as the sale of immovable property and income from interest and dividends.<\/p><p>There is also a 15% sales tax (VAT). This rate is reduced to 8% for hotel services, taxis and buses, and 5% for gas, newspapers, books and pharmaceutical products. With regard to income tax:<\/p><table><tbody><tr><th>Personal income (EUR)<\/th><th>Tax rate<\/th><\/tr><tr><td>0 to 19 500<\/td><td>0%<\/td><\/tr><tr><td>19 501 to 28 0000<\/td><td>20%<\/td><\/tr><tr><td>28 001 to 36 300<\/td><td>25%<\/td><\/tr><tr><td>36 301 and above<\/td><td>30%<\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p><p>Reducing the amount of tax to be paid is quite simple, since there are deductions for donations to charities, rental income, insurance and life insurance contributions and premiums. With regard to the avoidance of double taxation, France and Cyprus signed an agreement in 1981.<\/p><p align=\"left\">Link: <a href=\"http:\/\/www.mof.gov.cy\/mof\/ird\/ird.nsf\/dmlmission_en\/dmlmission_en?OpenDocument\" target=\"_blank\" rel=\"nofollow noopener\">Cyprus Tax Office <\/a><\/p><p>\u00a0<\/p><h4>Key points on the accounting system<\/h4><p>The tax year in Cyprus year extends from 1 January to 31 December, and European Union accounting standards apply, together with international accounting standards.<\/p><p>It is mandatory for companies to keep accounts, prepare a balance sheet and send both to the Companies Register.<\/p><p>The accounts must contain: the sales and purchases of assets, debts and credits and payments and expenditure. An external auditor to the company must validate the findings of the annual general meeting of the company.<\/p><p>Links :<br \/><a href=\"http:\/\/www.treasury.gov.cy\/treasury\/treasury.nsf\/index_gr\/index_gr?OpenDocument\" target=\"_blank\" rel=\"nofollow noopener\">Cypriot Treasury<\/a><a href=\"http:\/\/www.treasury.gov.cy\/treasury\/treasury.nsf\/index_gr\/index_gr?OpenDocument\"><br \/><\/a><a href=\"http:\/\/www.mcit.gov.cy\/mcit\/drcor\/drcor.nsf\/aboutus_en\/aboutus_en?OpenDocument\" target=\"_blank\" rel=\"nofollow noopener\">Companies Register<\/a><a href=\"http:\/\/www.mcit.gov.cy\/mcit\/drcor\/drcor.nsf\/aboutus_en\/aboutus_en?OpenDocument\"><br \/><\/a><a href=\"http:\/\/www.icpac.org.cy\/icpac.nsf\/dttindex_en\/dttindex_en?OpenDocument\" target=\"_blank\" rel=\"nofollow noopener\">The Institute of Certified Public Accountants of Cyprus<\/a><\/p><p>\u00a0<\/p><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div id=\"e-n-tab-content-19744209113\" role=\"tabpanel\" aria-labelledby=\"e-n-tab-title-19744209113\" data-tab-index=\"3\" style=\"--n-tabs-title-order: 3;\" class=\" elementor-element elementor-element-6af0b55d e-flex e-con-boxed e-con e-child\" data-id=\"6af0b55d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-273de4a5 e-con-full e-flex e-con e-child\" data-id=\"273de4a5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7351692a elementor-widget elementor-widget-text-editor\" data-id=\"7351692a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div id=\"tab-687dee5f0c0a7-6\" class=\"ui-tabs-panel ui-corner-bottom ui-widget-content\" role=\"tabpanel\" aria-labelledby=\"ui-id-6\" aria-hidden=\"false\" data-rocket-lazy-bg-86cda159-d275-4ecb-984e-c8b3a688cde9=\"loaded\"><div id=\"tab-687ea39d9251c-3\" class=\"ui-tabs-panel ui-corner-bottom ui-widget-content\" role=\"tabpanel\" aria-labelledby=\"ui-id-3\" aria-hidden=\"false\" data-rocket-lazy-bg-b5f728aa-83b6-4c2b-b8ae-8489bcc9bdd0=\"loaded\"><div id=\"tab-689553a0ca49a-3\" class=\"ui-tabs-panel ui-corner-bottom ui-widget-content\" role=\"tabpanel\" aria-labelledby=\"ui-id-3\" aria-hidden=\"false\" data-rocket-lazy-bg-c04b4f62-2ea6-4be1-95c8-743babc3085a=\"loaded\"><h4>Different tax rates<\/h4><p>Cypriot companies are taxed at a rate of 10% and 20% for a company\u2019s immovable property assets. Moreover, certain actions are not subject to tax, such as the sale of immovable property and income from interest and dividends.<\/p><p>There is also a 15% sales tax (VAT). This rate is reduced to 8% for hotel services, taxis and buses, and 5% for gas, newspapers, books and pharmaceutical products. With regard to income tax:<\/p><table><tbody><tr><th>Personal income (EUR)<\/th><th>Tax rate<\/th><\/tr><tr><td>0 to 19 500<\/td><td>0%<\/td><\/tr><tr><td>19 501 to 28 0000<\/td><td>20%<\/td><\/tr><tr><td>28 001 to 36 300<\/td><td>25%<\/td><\/tr><tr><td>36 301 and above<\/td><td>30%<\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p><p>Reducing the amount of tax to be paid is quite simple, since there are deductions for donations to charities, rental income, insurance and life insurance contributions and premiums. With regard to the avoidance of double taxation, France and Cyprus signed an agreement in 1981.<\/p><p align=\"left\">Link: <a href=\"http:\/\/www.mof.gov.cy\/mof\/ird\/ird.nsf\/dmlmission_en\/dmlmission_en?OpenDocument\" target=\"_blank\" rel=\"nofollow noopener\">Cyprus Tax Office <\/a><\/p><p>\u00a0<\/p><h4>Key points on the accounting system<\/h4><p>The tax year in Cyprus year extends from 1 January to 31 December, and European Union accounting standards apply, together with international accounting standards.<\/p><p>It is mandatory for companies to keep accounts, prepare a balance sheet and send both to the Companies Register.<\/p><p>The accounts must contain: the sales and purchases of assets, debts and credits and payments and expenditure. An external auditor to the company must validate the findings of the annual general meeting of the company.<\/p><p>Links :<br \/><a href=\"http:\/\/www.treasury.gov.cy\/treasury\/treasury.nsf\/index_gr\/index_gr?OpenDocument\" target=\"_blank\" rel=\"nofollow noopener\">Cypriot Treasury<\/a><a href=\"http:\/\/www.treasury.gov.cy\/treasury\/treasury.nsf\/index_gr\/index_gr?OpenDocument\"><br \/><\/a><a href=\"http:\/\/www.mcit.gov.cy\/mcit\/drcor\/drcor.nsf\/aboutus_en\/aboutus_en?OpenDocument\" target=\"_blank\" rel=\"nofollow noopener\">Companies Register<\/a><a href=\"http:\/\/www.mcit.gov.cy\/mcit\/drcor\/drcor.nsf\/aboutus_en\/aboutus_en?OpenDocument\"><br \/><\/a><a href=\"http:\/\/www.icpac.org.cy\/icpac.nsf\/dttindex_en\/dttindex_en?OpenDocument\" target=\"_blank\" rel=\"nofollow noopener\">The Institute of Certified Public Accountants of Cyprus<\/a><\/p><p>\u00a0<\/p><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div id=\"e-n-tab-content-19744209114\" role=\"tabpanel\" aria-labelledby=\"e-n-tab-title-19744209114\" data-tab-index=\"4\" style=\"--n-tabs-title-order: 4;\" class=\" elementor-element elementor-element-7afa06e3 e-flex e-con-boxed e-con e-child\" data-id=\"7afa06e3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-73fc8555 e-con-full e-flex e-con e-child\" data-id=\"73fc8555\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4f633672 elementor-widget elementor-widget-text-editor\" data-id=\"4f633672\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div id=\"tab-687ea39d9251c-4\" class=\"ui-tabs-panel ui-corner-bottom ui-widget-content\" role=\"tabpanel\" aria-labelledby=\"ui-id-4\" aria-hidden=\"false\" data-rocket-lazy-bg-b5f728aa-83b6-4c2b-b8ae-8489bcc9bdd0=\"loaded\"><h4>Access to and functioning of the market<\/h4><p>Cyprus has signed the Basel Convention on hazardous waste and the International Coffee Agreement 2001. Since Cyprus is part of the European Union, the customs rules of the EU are applied on Cypriot territory.<\/p><p>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. On the other hand, products from foreign countries are taxed differently depending on their nature, but still at relatively low rates.<\/p><p>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 <em>Intrastat<\/em>, for trade within the <em>European Community<\/em>. An Entry Summary Declaration may also be requested.<\/p><p>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 &amp; Spencers. The primary transport mode of products 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.<\/p><p>Links :<br \/><a href=\"http:\/\/www.mof.gov.cy\/mof\/mof.nsf\/index_gr\/index_gr?opendocument\" target=\"_blank\" rel=\"nofollow noopener\">Cyprus Customs<\/a><br \/><a href=\"http:\/\/ec.europa.eu\/taxation_customs\/index_en.htm\" target=\"_blank\" rel=\"nofollow noopener\">European Union Customs<\/a><br \/><a href=\"http:\/\/www.ciba-cy.org\/\" target=\"_blank\" rel=\"nofollow noopener\">The Cyprus International Business Association<\/a><a href=\"http:\/\/www.ciba-cy.org\/\"><br \/><\/a><a href=\"http:\/\/en.oeb.org.cy\/\" target=\"_blank\" rel=\"nofollow noopener\">Cyprus Association of Businesses and Industries<\/a><\/p><h4>Labour legislation<\/h4><p>The average legal working week in Cyprus is 40 hours, for a minimum monthly salary of 700 Euros and a retirement age of between 63 and 65. The right to work in the country is based on the British standards in the <em>Terminator <\/em>Law (1967), which protects employees from unfair dismissal but which is, on the whole, more permissive than European law. The rate of union membership is 68%.<\/p><h4>Labour legislation<\/h4><table><tbody><tr><th>Type of rights<\/th><th>Text of Act<\/th><th>Validity of protection<\/th><th>Agreements signed<\/th><\/tr><tr><td>Patents<\/td><td>Patent laws<\/td><td>20 years<\/td><td>-The patent cooperation treaty<\/td><\/tr><tr><td>Brands<\/td><td>Trademark laws<\/td><td>7 years renewable<\/td><td>&#8211; Nice Agreement on the International Classification of Goods and Services<br \/>-The Madrid Agreement concerning the International Registration of Marks<\/td><\/tr><tr><td>Design<\/td><td>2003 Laws on industrial designs<\/td><td>25 years, renewable to a maximum of 25 years<\/td><td>\u00a0<\/td><\/tr><tr><td>Reproduction rights<\/td><td>Copyright laws<\/td><td>70 years after the author\u2019s death<\/td><td>&#8211; Berne Convention for the Protection of Literary and Artistic Works<br \/>&#8211; Convention for the Protection of Producers of Phonograms<br \/>&#8211; WIPO Copyright Treaty<br \/>&#8211; WIPO Performances and Phonograms Treaty<\/td><\/tr><tr><td>Industrial designs<\/td><td>2003 Laws on industrial designs<\/td><td>25 years, renewable to a maximum of 25 years<\/td><td>\u00a0<\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p><p>Links :<br \/><a href=\"http:\/\/www.lemoci.com\/011-47339-Chypre-Legislation-du-travail.html\" target=\"_blank\" rel=\"nofollow noopener\">Cyprus Employers and Industrialists Federation <\/a><br \/><a href=\"http:\/\/www.mlsi.gov.cy\/mlsi\/mlsi.nsf\/index_gr\/index_gr?OpenDocument\" target=\"_blank\" rel=\"nofollow noopener\">Ministry of Labour and Social Insurance<\/a><\/p><h4>Political data<\/h4><p>The Cypriot political landscape is very special. The island is divided into three, with each zone governed by different administrations:<\/p><ul><li>The Republic of Cyprus is the southern part of the island (50% of the territory) and is the only internationally recognized authority. It has a seat at the United Nations. This Government is the one referred to when speaking of Cyprus: it is a member of the EU and, in theory only, controls the entire island.<\/li><li>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.<\/li><li>The British part, representing only 10% of the territory, in reality consists of military bases.<\/li><\/ul><p>From the point of view of political organization, as with all information in this fact sheet, when we refer to Cyprus we are talking about the Republic of Cyprus.<\/p><p>Executive power is wielded by the President elected by universal suffrage (currently Dimitris Christofias), who appoints the Council of Ministers.<\/p><p>Legislative power is exercised by the House of Representatives, elected for five years under universal suffrage.<\/p><p>The major Cypriot political parties are :<\/p><ul><li>KISOS: Democratic Union of the Centre<\/li><li>AKEL: Communist Party<\/li><li>DIKO: Democratic Party<\/li><li>DISY: Democratic Rally<\/li><li>EURO.KO: European Party<\/li><li>ADIK: Fighting Democratic Movement<\/li><li>EDE: United Democrats<\/li><li>Green Party of Cyprus<\/li><\/ul><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Cyprus Taxation in Cyprus Economy of Cyprus Legislation of Cyprus The country Cyprus (Republic of Cyprus) is an island State of 1 300 000 inhabitants located at the eastern extremity of the Mediterranean Sea. Its politics are very complex, since it is divided into three blocks: the Republic of Cyprus, the Turkish Republic of Northern [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":1499,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1525","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/mbscorporateservices.com\/en\/wp-json\/wp\/v2\/pages\/1525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mbscorporateservices.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mbscorporateservices.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mbscorporateservices.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mbscorporateservices.com\/en\/wp-json\/wp\/v2\/comments?post=1525"}],"version-history":[{"count":5,"href":"https:\/\/mbscorporateservices.com\/en\/wp-json\/wp\/v2\/pages\/1525\/revisions"}],"predecessor-version":[{"id":1674,"href":"https:\/\/mbscorporateservices.com\/en\/wp-json\/wp\/v2\/pages\/1525\/revisions\/1674"}],"up":[{"embeddable":true,"href":"https:\/\/mbscorporateservices.com\/en\/wp-json\/wp\/v2\/pages\/1499"}],"wp:attachment":[{"href":"https:\/\/mbscorporateservices.com\/en\/wp-json\/wp\/v2\/media?parent=1525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}