Yiannos Mylonas Law Firm



Brief History of Cyprus

The Ottomans occupied Cyprus from 1571 until 1878, when the island was leased from the Sultan to the British in exchange for protection of Turkey from the Russian Tsar. Cyprus has been annexed as a British Colony in 1925, after ceased to be a part of the Ottoman Empire in 1914.

Many years have passed, until 1960, when in the 16th of August Cyprus gained its Independency and declared as the Republic of Cyprus, as a result of an armed struggle by the Cypriots against the British which lasted 5 years, from 1955 until 1959.

In 1974, after a military coup by the Greek Junta to over throw the elected President Archbishop Makarios, Turkey invaded Cyprus under the pretext of restoring Constitutional Order, and occupied almost 40% of the territory of the Republic of Cyprus. The order was restored but Turkish troops remained in their positions and refused to leave. As a result, the occupation continues until today in a line across Famagusta in the east to the Northern Part of Nicosia and across Morphou in the West.

The Republic of Cyprus joined the EU as a full Member on the 1st of May 2004. The self proclaimed "TURKISH REPUBLIC OF NORTHERN CYPRUS" ("TRNC") in the occupied part of Cyprus is an illegal pseudo state. It is not recognized by any country in the world except the occupying power Turkey which under international law remains responsible for the situation in the occupied part of Cyprus. "TRNC" is described as a subordinate local administration of the occupying power, namely Turkey.

Why Invest in Cyprus

Cyprus, a European Country, has a strategic location close to the busy trade routes linking Western Europe with the Arab World and the Far East. Cyprus has an excellent Mediterranean climate with plenty of sunshine. Greek is the official language but English and Russian are widely spoken.

Cyprus has been a member of the EU since 2004 and gained a Eurozone membership four years later, in 2008. Hence, it can provide a penetration to Europe and connect businesses in Asia and Africa with the European Union.

The strong currency and the tax incentives combined with a high standard of living have led to the development of Cyprus as an international business centre. Apart from that, the tax system of Cyprus, which consists of a corporate income tax rate of just 12.5%, one of the lowest in the EU, and its extensive double taxation treaties with a number of countries have opened up new horizons for doing business on a worldwide basis and in particular with Europe.

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