Cyprus Market Report


two sides of the same coin Divided by history but united by ambition, Cyprus has evolved from a


strategically contested island into a thriving Mediterranean business hub. With a dynamic tourism rebound, growing financial and tech sectors, and the landmark City of Dreams Mediterranean resort reshaping its entertainment landscape, the Republic continues to attract global


investment. Yet, contrasting developments in the unrecognised north, where casinos proliferate under looser regulation, underscore the island’s ongoing political and economic duality.


Despite being the legendary birthplace of the ancient Greek Goddess of love, Aphrodite, historically, Cyprus has been plagued by troubles and tension. Its strategic position at the crossroads between Europe and Asia, plus its abundance of copper, has made it a desirable territory and, at one time, the richest country in the world. Located at the northeastern end of the Mediterranean Basin,


Cyprus is the third-largest island in the region, with an area of 9,251sq.km – a third of which is the Turkish Republic of Northern Cyprus (TRNC). Some 1.3 million people live here, made up pre- dominantly of Greek Cypriots. Te capital, Nicosia, has the


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largest population, followed by towns Limassol, Larnaca, and Paphos. As a former British colony, Cyprus became independent in 1960 and was established as a bi-communal state based on a partnership between the Turkish Cypriots and the Greek Cypriots. Te Constitution was set up, and the island was governed by


shared powers with a Greek Cypriot President and Turkish Cypriot Vice-President, plus seven Greek Cypriot ministers and three Turkish Cypriot ministers. Communal affairs such as edu- cation, culture, births, deaths, and some municipal duties were managed separately by the respective administrations in each community. Te partnership only lasted three years until the


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