General Information

Between East and West, Cyprus has long been considered an interesting platform for business. Although the domestic market is small, the island has been able to attract foreign investors interested not only in its geographical position, but also in its low taxation, or its English-speaking workforce; English being the language of business.

In recent years, many programmes have been opened and will continue to be opened, particularly in the energy and infrastructure sector, which provides opportunities for investors, as can digitalisation, health or tourism. The investment fund sector is also undergoing significant development.

Moreover, Cyprus is forced to import a lot in order to meet the domestic demand usually driven by tourism, a key sector of the economy.

These main suppliers are European. In 2024, France came in 15th position (source:   France Diplomatie).

Payment Methods & Banking Details

Swift and SEPA transfers are the most commonly used payment methods. To secure your transactions, we recommend using bank guarantees (in particular stand-by letters of credit) or credit insurance. Although the SBLC and other bank guarantees are still the most widely used, documentary credit can also be used, particularly when a new relationship is established.

Within the current context, it is also advised to attempt to obtain a payment in advance or, at least, a deposit payment on account.