United States Department of State

Cyprus United States Department of State

The Republic of Cyprus'(ROC) favorable climate towards foreign investment is derived from its strategic geographic location, low corporate and personal tax rates, its 55 double taxation avoidance treaties (including the United States), excellent telecommunications and transportation infrastructure, and its highly-educated English-speaking labor force. A good but unintended consequence of the 2013 financial crisis is that Cypriot businesses are actively pursuing foreign investors for projects that span from expanding and broadening tourism-related infrastructure to the modernization of the ports, as well as opportunities to invest in the banking sector. In most sectors, both local and foreign investors may establish a business in Cyprus with equal benefits. Turkish Cypriots welcome foreign investment and are eager to attract investments that include the potential of transferring of advanced technology and technical skills. Priority is also given to investments in export-oriented industries. The "Turkish Cypriot Investment Development Agency" ("YAGA") is a one stop shop for all investors.