Republic of Cyprus

Capital: Nicosia               HDI: 0.845 (32nd)

Language: Greek, Turkish

GDP (PPP): $27.42 billion

Population: ~ 1.2 million

Currency: Euro

Cyprus is one of the most geographically outlying members of the European Union, and its location and developed transportation make it a bridge between the economies of the Middle East and Europe. With a Greek speaking majority that effectively controls one half of the island and a Turkish speaking minority that controls the other half, the resulting situation is that the nation’s economic activities take place in the part of the country that is government-controlled. This part of Cyprus has a much higher standard of living and is much more developed. The country’s economy is recently recovering from a financial crisis that was caused by the wider European debt crisis and in 2015 has finally returned to economic growth. Their main industries have long been tourism and financial services, and the government is currently looking to diversify the economy and attract more foreign business. A huge draw is that the country has the lowest corporate tax rate in the EU, set at 10%.





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