VZCZCXYZ0000
RR RUEHWEB

DE RUEHNC #0056/01 0290735
ZNR UUUUU ZZH
R 290735Z JAN 10
FM AMEMBASSY NICOSIA
TO RUEHC/SECSTATE WASHDC 0477
RUCPDOC/USDOC WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUCPCIM/CIMS NTDB WASHDC
INFO RUEHAK/AMEMBASSY ANKARA 5599
RUEHTH/AMEMBASSY ATHENS 0106
RUEHBS/USEU BRUSSELS

UNCLAS NICOSIA 000056 
 
SIPDIS 
 
DEPT FOR EB/IFD/OIA AND EUR/SE 
DEPT PLS PASS USTR 
USDOC FOR ITA (HSMITH) AND 6000/TD/AC/PNUGENT 
 
E.O. 12958: N/A 
TAGS: EINV EFIN ECON ETRD ELAB OPIC KTDB USTR CY
SUBJECT: CYPRUS: 2010 INVESTMENT CLIMATE STATEMENT 
 
REFS: (A) 09 STATE 124006, (B) 09 NICOSIA 0021 
 
Per Ref A request, Post submits below the 2010 Investment Climate 
Statement (ICS) for Cyprus.  Each section covers both the 
government-controlled area in the south and the non-recognized "area 
administered by Turkish Cypriots" in the north of the island.  We 
will also e-mail a copy of this text to David J. Ahn and Thomas J. 
Walsh, as requested. 
 
BEGIN TEXT 
 
INVESTMENT CLIMATE STATEMENT ON CYPRUS, 2010 
 
Openness to Foreign Investment 
 
Government-Controlled Area: 
 
Cyprus, a full EU member since May 1, 2004, has a liberal climate 
for investments.  The sectors of niche tourism, energy, shipping, 
desalination and water management services offer excellent potential 
for inward investment.  At the same time, the Government of Cyprus 
offers incentives in the field of research and technology. 
 
International companies may invest and establish business in Cyprus 
on equal terms with local investors in most sectors.  Foreign 
investors can register a company directly with the Registrar of 
Companies, and are eligible to obtain any license, if needed, from 
the appropriate authority depending on the nature of investment. 
 
Since 2004, the GOC has eliminated most capital restrictions and 
limits on foreign equity participation or ownership, thereby 
granting national treatment to investors outside the EU.  Non-EU 
investors (both natural and legal persons) may now invest freely in 
Cyprus in most sectors, either directly or indirectly (including all 
types of portfolio investment in the Cyprus Stock Exchange).  The 
only exceptions concern the acquisition of property and, to a lesser 
extent, ownership restrictions on investment in the sectors of 
tertiary education, mass media, banking and construction (see "Right 
to Private Ownership and Establishment"). 
 
There is no mandatory screening of foreign investment.  Foreign 
investors can register a company directly at the Registrar of 
Companies through qualified accountants or lawyers, a procedure 
identical to that for local residents.  Similarly, foreign investors 
may now acquire shares in an existing Cypriot company directly, 
without prior authorization by the Central Bank.  They are expected, 
however, to inform the Registrar of Companies about any change in 
ownership status.  Foreign investors are required to obtain all 
permits that may be necessary under Cypriot law to do business in 
Cyprus.  For example, they may need to obtain a municipal permit to 
set up a kiosk or abide by prevailing health standards to own and 
operate a catering company, etc.  Furthermore, non-EU residents 
wishing to take up employment in Cyprus must obtain work permits 
issued by the Migration Department. 
 
In 2007, the GOC established the Cyprus Investment Promotion Agency 
(CIPA) tasked with attracting foreign investment, advising foreign 
investors, and providing assistance to them.  The CIPA operates as a 
private organization reporting to the Ministry of Commerce, 
Industry, and Tourism and works in tandem with the "Point of Single 
Contact," under the same ministry.  Through these two organizations, 
Cypriot authorities offer expedited processing by other GOC 
departments for larger projects (over USD 2.5 million) in line with 
country-sustainable growth, e.g. benefiting Cyprus' economic 
development goals and objectives.  Additional information, including 
a PDF "Guide for Foreign Investors," and information on expedited 
treatment of investment applications can be obtained from the two 
organizations directly: 
 
Point of Single Contact 
Ministry of Commerce, Industry & Tourism 
13-15 Andreas Araouzos 
1421 Nicosia 
Cyprus 
Tel. +357 22 409433, or 328 
Fax: +357 22 409432 
Email: onestopshop@mcit.gov.cy 
Website: www.businessincyprus.gov.cy 
(currently under construction) 
 
Cyprus Investment Promotion Agency 
Severis Building 
9 Makariou III Ave. 
4th Floor 
Nicosia 
1065 Cyprus 
Tel.: +357 22 441133 
Fax .:+357 22 441134 
E-mail: info@cipa.org.cy 
Website: www.cipa.org.cy 
 
Registering a Company 
 
The process of registering a company involves submitting an 
application for the approval of the legal entity's name at the 
Registrar of Companies or at the Point of Single Contact for a small 
fee (slightly more for an accelerated procedure).  The applicant may 
submit the form in person, through a lawyer or by mail (accompanied 
by a check in the name of the Registrar of Companies.  The company 
names already registered in Cyprus may be reviewed by visiting the 
following website: 
 
http://www.mcit.gov.cy/mcit/drcor/drcor.nsf/i ndex_en 
 
/index_en?opendocument 
 
After securing the legal entity's name, the relevant documents for 
the legal entity's registration (i.e. Memorandum of Understanding, 
Articles of Association, etc.) are to be submitted depending on the 
type of the legal form of the entity.  In case of registering a 
company (private or public) the documents are to be submitted 
through an advocate / lawyer practicing in Cyprus.  For a complete 
list of lawyers, please visit the Cyprus Bar Association's website: 
 
www.cyprusbarassociation.org 
 
Different types of legal entities may be registered at the 
Department of Registrar of Companies and Official Receiver. These 
types include: Company (Private or public), Branch Company, General 
or Limited partnership, European Company and Business Name. 
Additional information regarding "Legal Forms of Entities" and 
"Incorporation Fees" is available from: 
 
http://www.cipa.org.cy/cipa/cipa.nsf/All/6A15 D813808B2 
 
A2DC22571BC0027D098?OpenDocument 
 
Area Administered by Turkish Cypriots: 
 
Since 1974, the southern part of Cyprus has been under the control 
of the Government of the Republic of Cyprus, while the northern part 
has been administered by a Turkish Cypriot administration, which 
proclaimed itself the "Turkish Republic of Northern Cyprus" ("TRNC") 
and has not been recognized by any country except for Turkey. 
Turkish Cypriot authorities actively encourage foreign investment, 
giving preference to foreign investments facilitating the transfer 
of modern technology, know-how and new management technologies, as 
well as investment in export-oriented industries.  There are no 
particular restrictions for specific sectors, except for projects 
deemed threatening to "national security."   Complications arising, 
however, from the lack of international recognition of the "TRNC" 
and the continuing non-resolution of the Cyprus problem, especially 
regarding property, should be taken into consideration by the 
foreign investor (see section on "Protection of Property Rights" for 
additional information). 
 
The authorities in the area administered by Turkish Cypriots 
established YAGA - the Turkish Cypriot Investment Development Agency 
- in 2007 with the aim of creating a one-stop-shop for both local 
and foreign investors. 
 
"North Cyprus Investment Development Agency" 
Tel: 90 392 228 9378 
Website: http://www.investinnorthcyprus.org 
E-mail: ayse.donmezer@investinnorthcyprus.org 
 
 
Conversion and Transfer Policies 
Government-Controlled Area: 
 
In recent years, Cyprus has progressively lifted restrictions on the 
transfer of funds in and out of the country pertaining to foreign 
investors.  Currently, there are no restrictions on remittances for 
investment capital, earnings, loan repayments, lease payments or 
other business transactions. 
Area Administered by Turkish Cypriots: 
 
There is no limitation on the transfer of goods and proceeds from 
the area administered by Turkish Cypriots.  Foreign investors have 
the right to take part in the operation and/or management of a 
company, to repatriate all investments and all capital (if 
anticipated in the initial article of association of the company), 
to take part in profits, and to transfer and reinvest profits, 
including the trade of currency.  The foreign investor may make use 
of all the rights guaranteed by the domestic legal framework. 
 
 
 
Expropriation and Compensation 
Government-Controlled Area: 
 
In the government-controlled area, nationalization has never been 
government policy and it is not contemplated in the future.  Private 
property is only expropriated for public purposes in a 
non-discriminatory manner and in accordance with established 
principles of international law.  In cases where expropriation is 
necessary, due process is followed and there is transparency of 
purpose.  Investors and lenders to expropriated entities receive 
compensation in the currency in which the investment is made.  In 
the event of any delay in the payment of compensation, the 
Government is also liable for the payment of interest based on the 
prevailing 6-month LIBOR for the relevant currency. 
 
Area Administered by Turkish Cypriots: 
 
The "TRNC constitution" guarantees the right of private property in 
the area administered by Turkish Cypriots and does not discriminate 
between citizens and aliens.  Furthermore, Turkish Cypriot 
authorities state that nationalization has never been part of their 
policy and that they do not contemplate any such action in the 
future.  However, Turkish Cypriot authorities do not grant any 
protection for Greek Cypriot properties in the north.  For 
information pertaining to the risks associated with investing in 
Greek Cypriot property in the north or in Turkish Cypriot property 
in the government-controlled area, please see the section on 
"Protection of Property Rights." 
 
The 1974 events have resulted in a number of claims of U.S. persons 
in the area administered by Turkish Cypriots, even though U.S. 
interests were not specifically targeted.  The most well-known case 
concerns a U.S. copper mining company that was forced to terminate 
its operations in 1974.  The company's property and assets were 
confiscated in 1975 without compensation by military and civilian 
authorities representing Turkey and the Turkish Cypriot 
administration. 
 
Foreign investors have the legal right to claim any damages that 
have been made by non-legal means or by incorrect performance of 
responsibilities by state representatives of governmental bodies. 
We have no information regarding the effectiveness of this 
approach. 
 
 
Dispute Settlement 
Government-Controlled Area: 
 
There have been no cases of investment disputes or outstanding 
expropriation/ nationalization cases in recent years.  Effective 
means are available for enforcing property and contractual rights. 
Under the Arbitration Law of Cyprus, an arbitrator is appointed when 
the parties' attorneys cannot settle a dispute between the parties 
to an agreement.  The court may enforce an arbitral award in the 
same way as a judgment.  In 1979, Cyprus became a signatory to the 
New York Convention on the Recognition and Enforcement of Foreign 
Arbitral Awards and a foreign award may be enforced in Cyprus by an 
action in common law.  Cyprus is also a signatory to the Convention 
on the Settlement of Disputes Between States and Nationals of Other 
States. 
 
Area Administered by Turkish Cypriots: 
 
The foreign investor may make use of all the rights guaranteed by 
the domestic legal framework. 
 
 
Performance Requirements and Incentives 
 
Government-Controlled Area: 
 
Cyprus offers many advantages to foreign investors, including a 
strategic geographical location, favorable business climate, low 
corporate and personal tax rates, relatively stable macroeconomic 
environment, modern legal, banking, and financial system, excellent 
telecommunications and infrastructure, a highly-educated labor 
force, and widespread knowledge of English.  These advantages have 
encouraged thousands of foreign investors to set up companies in 
Cyprus, structuring their investments through a holding company on 
the island or investing here directly.  As a result, the number of 
annual company registrations continues to grow, particularly since 
EU accession in 2004. 
 
A low level of taxation is one of Cyprus's major advantages.  At 10 
percent, Cyprus's corporate tax rate is currently the lowest among 
the EU's 27 countries.  Cyprus's other tax advantages include: 
 
-- one of the EU's lowest top statutory personal income tax rates at 
30 percent; 
 
-- an extensive double tax treaties network with over 40 countries, 
enabling lower withholding tax rates on dividend or other income 
received from the subsidiaries abroad; 
 
-- no withholding tax on dividend income received from subsidiary 
companies abroad under certain conditions; 
 
-- no withholding tax on dividends received from EU subsidiaries. 
 
A full description of Cyprus's investment incentives will be 
available soon from the following website, currently under 
construction: 
 
Website: www.businessincyprus.gov.cy 
 
Cyprus does not have a rigid system of performance requirements for 
foreign investment across the board and has signed the WTO's 
Trade-Related Investment Measures (TRIMS) agreement.  Applications 
by non-EU residents for investment in Cyprus are judged on their own 
merit. 
 
Area Administered by Turkish Cypriots: 
 
The area administered by Turkish Cypriots offers generous incentives 
for investing on "state property."  Specifically, after an initial 
screening, investments granted an Incentive Certificate may benefit 
from the leasing of "state-owned" land and buildings at very 
preferential rates. 
 
However, prospective investors should be knowledgeable about the 
risks associated with the purchase, lease or use of property.  The 
"TRNC Constitution" -- Article 159 (1) (b), May 7, 1985 - defines 
"state property" as: "All immovable properties, buildings and 
installations which were found abandoned on 13 February 1975 when 
the "Turkish Federated State of Cyprus" was proclaimed or which were 
considered by law as abandoned or ownerless after the 
above-mentioned date, or which should have been in the possession or 
control of the public even though their ownership had not yet been 
determined ... and ... situated within the boundaries of the "TRNC" 
on 15 November 1983 ...  notwithstanding the fact that they are not 
so registered in the books of the Land Registry Office." 
 
It must be stressed, though, that the Republic of Cyprus outright 
rejects such claims and, specifically, it does not recognize title 
changes effected in the north by the Turkish Cypriot administration 
since 1974.  As stated under the "Protection of Property Rights" 
section of this report, potential investors should be cautious and 
obtain independent legal advice concerning purchasing or leasing 
property in the north. 
 
The area administered by Turkish Cypriots also offers the following 
investment incentives: 
 
-- Investment Allowance.  The "TRNC State Planning Organization 
(SPO)" offers an investment allowance in the form of Incentive 
Certificates equivalent to: (a) 200 percent on the initial fixed 
capital investment for investments in Priority Development Regions, 
such as the regions of Guzelyurt (Morphou) and Karpaz (Karpasia) and 
(b) 100 percent on the initial fixed capital investment in other 
sectors. 
 
-- Exemption from Custom Duties and Funds.  Importation of machinery 
and equipment for an investment project are exempt from every kind 
of custom duty, in accordance with the Incentive Certificate. 
Regulations on importation of raw materials and semi-finished goods 
are specified by the "Prime Ministry" and subject to the approval of 
the "Council of Ministers." 
 
-- Zero VAT Rate.  Both imported and locally purchased machinery and 
equipment is subject to a zero VAT rate, in accordance with the 
Incentive Certificate. 
 
-- Fund Credits.  Long term and low rate investment credits are 
available from the Investment and Export Incentive Fund. 
 
-- Exemption from Construction License Fee and Reduced Mortgage 
Fees.  Investments granted an Investment Certificate are exempt from 
all kinds of construction license fees and taxes and also benefit 
from reduced stamp duty and mortgage fees. 
 
-- Other Tax Allowances.  (a) A 50 percent allowance is given on the 
Initial Investment Allowance.  This rate can increase up to 100 
percent for priority sectors and regions, with a "Council of 
Ministers" decision.  (b) Annual wear and tear allowances for 
machinery and equipment (10 percent); motor vehicles (15-25 
percent); industrial buildings and hotels (4 percent); shops and 
residences (3 percent), furniture and fixtures (10 percent).  (c) 
Other tax allowances include a VAT exemption for exports of all 
goods and services and a 20 percent exemption from corporate tax for 
exports of goods and services. 
 
-- "State owned" land and building lease 
 
-- Fund credits 
 
The North Cyprus Investment Development Agency was created in late 
2007 with the responsibility of approving all investment and 
providing incentives.  Contact information: 
 
"North Cyprus Investment Development Agency" 
Tel: 90 392 228 9378 
Website: http://www.investinnorthcyprus.org 
E-mail:  ayse.donmezer@investinnorthcyprus.org 
 
 
Right to Private Ownership and Establishment 
 
Government-Controlled Area: 
 
Aside from real estate acquisition issues, outlined in the next 
section, several other restrictions infringe on the foreign 
investor's right to private ownership and establishment in Cyprus. 
For example, current Cypriot legislation restricts ownership of 
local electronic mass media companies (e.g. TV and radio stations 
but excluding print media) to a ceiling of 25 percent of each local 
media company for EU investors, and to just 5 percent of each local 
media company for non-EU investors. 
 
Furthermore, under the Registration and Control of Contractors Laws 
of 2001 and 2004, the right to register as a building contractor in 
Cyprus is reserved for citizens of EU member states.  Non-EU 
entities are not allowed to own a majority stake in a local 
construction company.  Non-EU physical persons or legal entities may 
bid on specific construction projects but only after obtaining a 
special license by the Council of Ministers. 
 
Finally, there is a restriction, applying equally to Cypriot as well 
as foreign investors, regarding investment in the banking sector. 
The Central Bank's prior approval is necessary before any individual 
person or entity, whether Cypriot or foreign, can acquire over 9.99 
percent of a bank incorporated in Cyprus (whether listed on the 
Cyprus Stock Exchange or not). 
 
Area Administered by Turkish Cypriots: 
 
Registered foreign investors may buy property for investment 
purposes.  Foreign natural persons also have the option of forming 
private liability companies and foreign investors can form mutual 
partnership with one or more foreign or domestic investors. 
 
 
Protection of Property Rights 
Government-Controlled Area: 
 
Cypriot law imposes significant restrictions on the foreign 
ownership of real estate by non-EU residents.  Non-EU persons and 
entities may purchase only a single piece of real estate (not to 
exceed three donums, or roughly one acre) for private use (normally 
a holiday home).  Exceptions can be made for projects requiring 
larger plots of land (i.e., beyond that necessary for a private 
residence), but they are difficult to obtain and are rarely granted. 
 
 
Specifically, the Acquisition of Real Estate (Aliens) Cap and the 
Amending Laws of 2003, in force since May 1, 2004, 
provides that non-EU member State citizens, legal entities 
registered in non-EU countries, and EU registered legal entities 
controlled by non-EU citizens (as per the definition below), can 
acquire real estate subject to the approval of the relevant District 
Administration Offices.  In case the real estate concerned exceeds 
two donums (one donum = 1338 square meters), approval may be granted 
only for residential purposes (not exceeding an area of three 
donums), professional or commercial premises, and industrial sectors 
deemed beneficial for the Cypriot economy and relate to the 
production of products or the utilization of new technology and/or 
technological know-how. 
 
The definition of a legal entity controlled by non-EU citizens is as 
follows: 
 
-- 50 percent or more of its board members are non-EU citizens; 
 
-- 50 percent or more of its share capital belongs to non-EU 
citizens; 
 
-- control belongs by 50 percent or more to non-EU citizens; 
 
-- Either its Memorandum or Articles of Association provides 
authority to a non-EU citizen securing that the company's activities 
are conducted based on his/her will during the real estate 
acquisition period.  In the case that the authority is provided to 
two or more persons, a legal entity is considered to be controlled 
by non-EU citizens if 50 percent or more of the people granted such 
authority are non-EU citizens. 
 
For additional information and application forms for the acquisition 
of property by non-EU residents, the various District Administration 
Offices can be contacted through the Ministry of Interior website: 
http://www.moi.gov.cy/da 
 
The legal requirements and procedures for acquiring and disposing of 
property in Cyprus are complex but professional help by real estate 
agents and developers can ease the burden of dealing with the GOC 
bureaucracy.  This procedure involves Central Bank verification that 
funds from abroad are to be used by non-EU residents to purchase 
real estate.  It also involves final approval by the Council of 
Ministers, which is given routinely for holiday homes. 
 
The Government's Department of Lands and Surveys prides itself in 
keeping meticulous records and in following internationally-accepted 
procedures (which have changed little since British colonial times). 
 Non-residents are allowed to sell their property and transfer 
abroad the amount originally paid, plus interest or profits without 
restriction. 
 
Property claims across the buffer zone constitute one of the 
thorniest aspects of the Cyprus problem.  As a result, investors are 
well-advised to consider the risks associated with Greek Cypriot 
property in the north and Turkish Cypriot property in the 
government-controlled area.  Several high-profile cases have already 
been brought before the European Court of Justice and other 
international bodies, while other cases are still pending. 
 
The following GOC website provides additional information on the 
risks of investing in the northern part of Cyprus: 
 
http://www.mfa.gov.cy/mfa/properties/occupied area_pro 
 
perties.nsf/index_en/index_en?OpenDocument 
 
Furthermore, there are politically-oriented restrictions to 
investing in Turkish Cypriot property in the government-controlled 
area of Cyprus.  The Turkish Cypriot Property Management Service, 
established in 1991, administers properties of Turkish Cypriots who 
are not ordinarily residents of the government-controlled area. 
This service acts as the temporary custodian for such properties 
until termination of the abnormal political situation.  The TCPMS is 
mandated to administer properties under its custodianship "in the 
manner most beneficial for the owner."  Most importantly, ownership 
of TC properties cannot change (unless for inheritance purposes) 
except in exceptional cases when this is beneficial for the owner or 
necessary for the public interest. 
 
On the intellectual property front, the Government-controlled area 
of Cyprus has a modern set of laws, which it continues to upgrade. 
Enforcement is typically quite diligent, although it could be 
improved further.  The Adoption of the Copyright Law in 1994 and the 
subsequent adoption of the Patents Law in 1998 were important legal 
 
milestones in this context, helping Cyprus comply with its 
obligations under the WTO TRIPS agreement. 
 
Area Administered by Turkish Cypriots: 
 
Property remains one of the key outstanding issues that constitute 
the Cyprus problem.  The absence of a political settlement and the 
lack of international recognition for the "TRNC" pose an inherent 
risk for the foreign investor interested in buying or leasing 
property in north Cyprus.  Potential investors should be cautious 
and obtain independent legal advice concerning purchasing or leasing 
property in the north.  Unless the property in question was in 
Turkish Cypriot hands prior to 1974, it will be very unlikely that 
the title to the land will be free and unchallengeable.  Property 
issues will be at the heart of any settlement of the Cyprus problem 
and will involve the return of property and/or compensation to those 
displaced in 1974.  The Republic of Cyprus does not recognize title 
changes in the north since 1974.  Estimates of the percentage of 
land in the north that belonged to Greek Cypriots pre-1974 run as 
high as 85 percent.  Determining the history of land in the north 
can be difficult.  Foreign buyers of land may also face legal 
challenges from those displaced in 1974 either in Republic of Cyprus 
courts or courts in their country of residence.  In response to the 
ECHR's 2005 ruling in the Xenides Arestis case that Turkey's 
"subordinate local authorities" in Cyprus had not provided an 
adequate local remedy for Greek Cypriot claims, Turkish Cypriot 
authorities established a "Property Commission" to handle claims by 
Greek Cypriots (please see website below).  In 2006 the "Property 
Commission" began reviewing Greek Cypriot claims and had reportedly 
received over 500 applications by the end of 2009. 
 
http://www.northcyprusipc.org/ 
 
On January 19, 2010, the UK Court of Appeal enforced an earlier 
court decision taken in the Government-controlled area backing a 
Greek Cypriot person's efforts to claim trespassing (the Orams case) 
effectively voiding property transfers of Greek Cypriot property in 
the Turkish Cypriot controlled sector.  As a result of the ruling, 
the Orams -- a British couple, who had bought the land and built a 
holiday home on it -- have been ordered to pay compensation and 
court fees, demolish the home, halt all improvements on the 
property, and deliver it to its legal owner.  This ruling by the 
Cypriot court is enforceable against the Oram's assets in the UK per 
the UK Court of Appeal and the European Court of Justice.  Lawyers 
believe that the effect of this case is that assets of any 
individual in an EU member state could be attached in settlement of 
property cases in north Cyprus based on court decisions in the 
Republic of Cyprus. 
 
The UK Foreign and Commonwealth Office website 
 
(http://www.fco.gov.uk/en/about-the-fco/count ry- 
 
profiles/europe/cyprus) notes: 
 
"The ownership of many properties is disputed across the island, and 
particularly in northern Cyprus, with many thousands of claims to 
ownership of properties from people displaced during the events of 
¶1974.  Purchase of these properties could have serious financial and 
legal implications.  The European Court of Human Rights has ruled in 
a number of cases that owners of property in northern Cyprus prior 
to 1974 should continue to be regarded as the legal owners of that 
property.  Purchasers could face legal proceedings in the courts of 
the Republic of Cyprus, as well as attempts to enforce judgements 
from these courts elsewhere in the EU, including the UK.  Potential 
purchasers should also consider that a future settlement could have 
consequences for property they purchase in Cyprus (including 
possible restitution of the property to its original owners)." 
 
Foreign investors have the right to claim any damages that have been 
made by non-legal means or by incorrect performance of 
responsibilities by state representatives of governmental bodies, in 
accordance with the law. 
Intellectual property rights are not adequately protected in the 
area administered by Turkish Cypriots, where laws in this area are 
inadequate and antiquated and enforcement sorely lacking. 
 
 
Transparency of Regulatory System 
Government-Controlled Area: 
 
In the government-controlled area, existing procedures and 
regulations affecting business (including foreign investment 
regulations, outlined in section A.1.) are generally transparent and 
applied in practice without bias. 
 
In some cases, U.S. companies competing on government tenders have 
expressed concerns about lack of transparency and the appearance of 
bias in decisions made by the technical committees responsible for 
preparing specifications and reviewing tender submissions.  The U.S. 
Embassy monitors these tenders closely to ensure a level playing 
field for U.S. businesses. 
 
Area Administered by Turkish Cypriots: 
 
The area administered by Turkish Cypriots has made strides in recent 
years in terms of adopting a more transparent regulatory system. 
However, the level of transparency still lags behind European or 
U.S. standards.  A common complaint among businessmen in north 
Cyprus is that the court system is overloaded, resulting in long 
delays. 
 
 
Efficient Capital Markets and Portfolio Investment 
 
Government-Controlled Area: 
 
Cyprus has modern and efficient legal, banking and financial 
systems.  EU accession on May 1, 2004 was instrumental in 
establishing an efficient capital market in Cyprus, through the 
abolition of such restrictions as the interest rate ceiling in 2001, 
and exchange controls for residents. 
 
Credit to foreign and local investors alike is allocated on market 
terms.  The private sector has access to a variety of credit 
instruments, which has been enhanced through the operation of 
private venture capital firms.  The banking sector is generally 
sound and well-supervised. 
 
Since its official launch in 1996, the Cyprus Stock Exchange (CSE) 
has gone through two boom-and-bust cycles - the first during 
1998-2001 (largely attributable to endogenous factors and 
shortcomings), and the second during 2005-2008 (mainly resulting 
from exogenous factors).  The CSE is currently the EU's 
third-smallest stock exchange, ahead of Malta and Slovakia, with a 
capitalization of around Euros 7.3 billion (USD 10.7 billion) as of 
January 2010.  Since 2006, the CSE and the Athens Stock Exchange 
(ASE) operate from a joint trading platform, allowing capital to 
move more freely from one exchange to the other, even though both 
exchanges retain their autonomy and independence.  The joint 
platform has increased capital available to Cypriot firms and 
improved the CSE's liquidity. 
 
Foreign investors may acquire up to 100 percent of the share capital 
of Cypriot companies listed on the CSE with the notable exception of 
companies in the banking sector.  The Central Bank's prior approval 
is necessary before any individual person or entity, whether Cypriot 
or foreign, can acquire over 9.99 percent of a bank incorporated in 
Cyprus (whether listed on the CSE or not). 
 
On January 1, 2008, Cyprus joined the Eurozone, adopting the Euro as 
the national currency.  For a small country like Cyprus, this 
development has many significant long-term economic benefits, 
including a higher degree of price stability, reduction of currency 
conversion costs and exchange rate risk, and increased competition 
through greater price transparency.  However, more than a year after 
adopting the Euro, Cyprus continued having stubbornly high interest 
rates (highest in the Eurozone in January 2010). 
 
Area Administered by Turkish Cypriots: 
 
The financial system in the area administered by Turkish Cypriots is 
linked closely with that of Turkey.  The Turkish Lira (TL) is the 
main currency in use although the Euro, U.S. dollar and British 
Sterling are frequently used.  The vast majority of borrowing comes 
from domestic sources and Turkey.  There is no stock exchange in the 
area administered by Turkish Cypriots. 
 
Currently, there are 24 commercial banks plus a Development Bank 
operating.  Seven are branches of Turkish banks.  Total bank 
deposits are around USD 6 billion as of 2008. 
 
 
Competition from State-Owned Enterprises (SOEs) 
 
Government-Controlled Area: 
 
Cyprus has no Sovereign Wealth Fund but it does have about a dozen 
organizations exclusively or majority-owned by the State providing 
common utilities, and other essential services.  These are 
autonomous organizations (commonly referred to locally as 
"Semi-Government Organizations") but they are subject to control and 
supervision by the Executive, as well as the House of 
Representatives.  The most important of these organizations are: 
 
-- Cyprus Airways 
-- Cyprus Broadcasting Corporation 
-- Cyprus Land Development Corporation 
-- Cyprus Ports Authority 
-- Cyprus Sport Organization 
-- Cyprus State Fairs Authority 
-- Cyprus Telecommunication Authority 
-- Cyprus Theatre Organization 
-- Cyprus Tourism Organization 
-- Electricity Authority of Cyprus 
-- Natural Gas Public Company of Cyprus 
 
These organizations are active in different fields respectively, as 
suggested by their names, and each is different in terms of 
structure, scope, corporate culture, etc.  They have independent 
boards of directors, typically including politically-affiliated 
individuals.  They invariably publish annual reports and submit 
their books to independent audits. 
 
In years past -- prior to Cyprus' EU accession -- many of these 
organizations used to enjoy state-sanctioned monopolies in their 
respective fields.  However, Cyprus' EU accession on May 1, 2004 
ushered in a new era allowing competition from the private sector, 
particularly in sectors with large commercial potential such as 
telecommunications, and air transport.   However, in some progress 
towards a more competitive environment has been relatively slow, and 
there are still a few hurdles to be overcome, especially in some 
sectors.  For example, power generation for households remains off 
limits to private competition until 2013, thanks to a derogation 
from the EU, while power generation for industrial consumers has 
opened up partially. The importation of natural gas was made a 
monopoly of a semi-government enterprise in 2009. 
 
For more information on each of these organizations, please visit: 
 
http://www.cyprus.gov.cy/portal/portal.nsf/Al l/F24141 
 
09880E837BC2256FA3002FEA11?OpenDocument&a=1&z = 
 
For more information on the Commission for the Protection of 
Competition, responsible for the harmonious operation of the market 
and fair competition, please visit: 
 
http://www.competition.gov.cy/competition/com petition. 
 
nsf/index_en/index_en?opendocument 
 
 
Corporate Social Responsibility (CSR) 
 
Government-Controlled Area: 
 
In recent years, CSR awareness among both producers and consumers is 
growing in Cyprus.  Leading foreign and local enterprises tend to 
follow generally-accepted CSR principles, while firms pursuing these 
practices tend to be viewed more favorably by the public. 
 
 
Political Violence 
There have been no incidents of politically-motivated serious damage 
to foreign projects and or installations since 1974.  However, it 
behooves the foreign investor who is interested in Cyprus to have at 
least a basic understanding of the existing political situation on 
the ground. 
 
Cyprus has been divided since the Turkish military intervention of 
1974, following a coup d'etat directed from Greece.  Since 1974, the 
southern part of the island has been under the control of the 
internationally recognized Government of the Republic of Cyprus. 
The northern part of the island is administered by a Turkish Cypriot 
administration.  In 1983, that administration proclaimed itself the 
"Turkish Republic of Northern Cyprus" ("TRNC").  The "TRNC" is not 
recognized by the United States or by any other country except 
Turkey.  The two parts are separated by a buffer zone patrolled by 
United Nations forces.  A substantial number of Turkish troops 
remain on the island. 
 
There has been no serious inter-communal violence since 1974, other 
than an isolated incident in 1996 resulting in the deaths of two 
Greek-Cypriot civilians during a demonstration in the buffer zone. 
The partial lifting of travel restrictions between the two parts of 
the island in April 2003 has allowed movement of persons - over 16.5 
million crossings to date -- between the two parts of the island. 
In August 2004, new EU rules allowed goods produced in the north to 
be sold in the south provided they were produced or "substantially 
transformed" in the north.  Shortly thereafter, the Turkish Cypriot 
"authorities" adopted a new regulation "mirroring" the EU rules and 
allowing certain goods produced in the south to be sold in the 
north.   Nevertheless, trade between the two communities remains 
rather limited.  In 2009, Green Line (GL) trade from the Turkish 
Cypriot community (TCC) to the Greek Cypriot community (GCC) 
amounted to Euros 6.0 million, down 16 percent from 2008.  In the 
same year, GL trade in the opposite direction (from the GCC to the 
TCC) amounted to Euro 811,637, down 41 percent from 2008. 
 
The Green Line Regulation provides special rules for trade across 
the buffer zone.  The maximum allowable ceiling on the total value 
of goods contained in the personal luggage of persons crossing the 
Green Line is currently Euros 260 (USD 390).  Details on the Green 
Line Regulation are available from: 
 
http://www.europa-eu-un.org/articles/en/artic le_7955_ en.htm 
 
On May 1, 2004, the Republic of Cyprus joined the European Union as 
a full member.  The EU acquis communautaire has been temporarily 
suspended in the northern part of the island due to the unresolved 
political situation. 
 
A plan for the reunification of the island, drafted under the 
auspices of the UN and dubbed "the Annan Plan," was submitted to the 
two communities for approval in separate but simultaneous referenda 
on April 24, 2004.  The plan was approved by the majority of Turkish 
Cypriots but rejected by the majority of Greek Cypriots. 
Negotiations for the resolution of the Cyprus problem between the 
Greek Cypriot and Turkish Cypriot leaders continue to the present 
day. 
 
 
Corruption 
Government-Controlled Area: 
 
In the government-controlled area of Cyprus, corruption, both in the 
public and private sectors, constitutes a criminal offense. 
Furthermore, under Cyprus's Constitution, the Auditor General 
controls all disbursements and receipts and has the right to inspect 
all accounts on behalf of the Republic.  In his Annual Report, the 
Auditor General identifies specific instances of mismanagement or 
deviation from proper procedures in the civil service.  Since 1991, 
Cyprus has also introduced the institution of the "Ombudsman," who 
oversees the acts or omissions of the administration. 
 
Cyprus cooperates closely with EU and other international 
authorities on fighting corruption and providing mutual assistance 
in criminal investigations.  Cyprus has signed the European 
Convention on Mutual Assistance on Criminal matters and is in the 
process of ratifying it.  Cyprus also uses the foreign Tribunal 
Evidence Law, Chapter 12, to execute requests from other countries 
for obtaining evidence in Cyprus in criminal matters.  Additionally, 
Cyprus is an active participant in the Council of Europe's 
Multidisciplinary Group on Corruption.  As such, it has already 
signed and ratified (in 1999 and 2001, respectively) the Criminal 
Law Convention on Corruption and has joined the "Group of States 
Against Corruption-GRECO."  Furthermore, it diligently attends GRECO 
meetings. 
 
Additionally, Cyprus's democratic regime, relatively transparent 
procedures and open, lively press act as a further deterrent against 
corruption in the civil service.  The Embassy is not aware of any 
U.S. firms identifying corruption as a significant obstacle to 
foreign direct investment in Cyprus; however, in some cases, U.S. 
companies competing on government tenders have expressed concerns 
about lack of transparency and the appearance of bias in decisions 
made by the technical committees responsible for preparing 
specifications and reviewing tender submissions. 
 
Area Administered by Turkish Cypriots: 
 
Although the Embassy is unaware of any recent complaints from U.S. 
businesses involving corrupt practices in the north, anecdotal 
evidence suggests that corruption and patronage continue to be a 
factor in the economy, despite "government" efforts to introduce 
standards of transparency in licensing and tendering. 
 
 
Bilateral Investment Agreements 
Government-Controlled Area: 
 
The Government of Cyprus has 15 bilateral agreements for the 
encouragement and reciprocal protection of investments with the 
following countries: Armenia, Belgium, Bulgaria, Belarus, China, 
Egypt, Greece, Hungary, India, Israel, Lebanon, Poland, Romania, and 
the Seychelles.  Another 40 bilateral investment agreements are 
currently under negotiation.  Cyprus does not have a bilateral 
investment protection agreement with the United States; however, the 
Cypriot Ministry of Foreign Affairs and the U.S. State Department 
have exchanged letters on the reciprocal protection of investments. 
 
 
Cyprus has entered into bilateral double tax treaties with a total 
of 40 countries.  The main purpose of these treaties is the 
avoidance of double taxation of income earned in any of these 
countries.  Under these agreements, a credit is usually provided for 
tax levied by the country in which the taxpayer resides for taxes 
imposed in the other treaty country.  The effect of these 
arrangements is normally that the taxpayer pays no more than the 
higher of the two rates.  Cyprus has such agreements with Armenia, 
Austria, Azerbaijan, Belarus, Belgium, Bulgaria, Canada, China, the 
Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, 
India, Ireland, Italy, Kuwait, Kyrgyzstan, Malta, Mauritius, 
Moldova, Norway, Poland, Romania, Russia, Singapore, Slovakia, 
Slovenia, South Africa, Sweden, Syria, Tajikistan, Thailand, 
Ukraine, United Kingdom, the United States, and Yugoslavia. 
Treaties with Algeria, Estonia, and Kazakhstan are at various stages 
of negotiations. 
 
The Republic of Cyprus has Trade Centers (under the Ministry of 
Commerce, Industry and Tourism) in eleven locations outside Cyprus, 
including one in New York City handling trade with the United States 
of America, Canada, and Latin America.  The full list of these 
offices can be downloaded from: 
 
http://www.mcit.gov.cy 
 
Contact details for the New York Trade Center follow: 
 
Mr. Aristos Constantinou 
Commercial Counsellor 
Cyprus Trade Centre in New York 
13 East 40th Street 
New York, NY 10016 
Tel: 212-213-9100 
Fax: 212-213-2918 
E-mail: ctcny@cyprustradeny.org 
http://www.cyprustradeny.org 
 
 
OPIC and Other Investment Insurance Programs 
 
The U.S. Overseas Private Investment Corporation (OPIC) is not 
active in Cyprus, but OPIC finance and insurance programs are open 
and may be useful when bidding on BOT contracts in the 
government-controlled area.  The Government of Cyprus has started a 
campaign to attract U.S. corporate investors.  Cyprus is a member of 
the Multilateral Investment Guarantee Agency (MIGA). 
 
 
Labor 
Government-Controlled Area: 
 
The labor force in the government-controlled area of Cyprus is 
estimated at 391,000 persons.  The breakdown by broad sector is: 
agriculture and mining, 8.2 percent; industry and construction, 20.5 
percent; and services, 71.1 percent (including 28.0 percent in trade 
and tourism). 
 
At the end of 2009, unemployment in Cyprus exceeded 6.0 percent, the 
highest it has been since 1977 due to the effects of the global 
economic downturn.  Still, unemployment in Cyprus compares favorably 
with the Eurozone average of 10 percent. 
 
Cyprus has a high per capita rate of college graduates, including 
many U.S. university graduates, and offers an abundant supply of 
white-collar workers.  English is widely spoken, a legacy of 
Cyprus's experience as a British colony (until 1960). 
 
In response to labor shortages in recent years, more women have 
joined the labor force (women are now about 44.0 percent of the 
labor force, compared with 33.4 percent in 1980) and a growing 
number of Cypriots are repatriating from abroad.  In 2008, Cyprus 
hosted about 65,000 legally-registered foreign workers, including 
about 15,000 live-in domestic servants.  There are also many illegal 
workers -- more than 30,000 according to one unofficial estimate 
--with the rate of illegal immigration increasing. 
 
The legislated minimum wage (effective September 2009) for sales 
assistants, clerks, paramedical, and child care staff is currently 
around USD 1,186 per month, rising to USD 1,260 after six months' 
employment.  Neither amount is sufficient to provide a decent 
standard of living for a worker and family.  All other occupations, 
including unskilled workers, are covered under collective bargaining 
agreements between trade unions and employers within the same 
economic sector, and the wages set in these agreements are 
significantly higher than the legislated minimum wage.  Existing 
legislation requires that foreign workers receive at least the 
minimum wage.  The starting minimum wage for foreign domestic 
servants, however, is USD 330 per month plus USD 88 for lodging if 
the worker is not a live-in. 
 
Currently, about 70.0 percent of the labor force is unionized 
(compared to 80.0 percent in 1980), which gives the unions a strong 
say in collective agreements.  Head-on confrontations between 
management and unions do occur, although long-term work stoppages 
are rare.  A recent study by Harvard University covering 60 
countries found that union power in Cyprus was perceived to be "the 
strongest in the world," while labor relations were "relatively 
peaceful."  International business companies are not required to 
hire union labor.  Wages and salaries economy wide are adjusted for 
inflation twice a year through an automatic Cost of Living Allowance 
(COLA).  COLA has been in existence for many years, helping preserve 
labor peace but also undermining competitiveness.  Efforts are 
currently underway to amend the way COLA is calculated. 
 
Residency and Employment Permits 
 
Non-EU residents wishing to establish a company in Cyprus need to 
obtain a residence and employment permit by the Civil Registry and 
Migration Department.  The process of applying for and obtaining 
such permits can be complex.  A Temporary Residency application 
(without the right to work in Cyprus) requires a bank guarantee and 
a full medical insurance certificate, valid for one year, along with 
multiple forms that need to be filled out.  Applying for an 
employment permit is more complicated, involving, for example, a 
requirement on the part of the employer to place an ad in local 
media, as well on EURES (the EU's seasonal employment portal) for 
the specific position.  Only if there are no other applicants from 
Cyprus or the rest of the EU after six weeks can the GOC consider 
the non-EU applicant.  Applying for permanent residency requires 
continued presence in Cyprus for over 10 years, being over the age 
of 30 and having a clean police record.  Such applications are 
reviewed on a case-by-case basis by an inter-agency committee, 
comprising of Ministry of Commerce, Ministry of Interior, Ministry 
of Labor and other officials. 
 
Exceptionally wealthy investors, for their part, may apply to the 
GOC for permanent residency status, provided they meet the following 
criteria (approved in November 2007). 
-- Direct investor applicants must have in Cyprus direct investments 
(e.g. real estate, factories) in excess of Euros 26 million. 
 
-- Business applicants must have established in Cyprus companies 
with a total turnover of over Euros 86 million the year preceding 
the application. 
-- Bank depositor applicants must have bank deposits in Cyprus in 
excess Euros 17 million for a minimum five-year term. 
 
-- Alternatively, an applicant must have over Euros 26 million 
invested in a combination of the above. 
 
Area Administered by Turkish Cypriots: 
 
The labor force in the area administered by Turkish Cypriots is 
estimated at 92,000.  The breakdown of employment by sector is as 
follows: 6.0 percent in agriculture, 9.8 percent in manufacturing 
and utilities, 12.0 percent in construction, and 72.0 percent in 
services (including in trade and tourism).  The minimum wage 
effective September 2009 was 1,237 Turkish Lira (TL) per month 
(around USD 840).  The rate of unemployment is estimated at around 
9.8 percent. 
 
There is ample supply of university graduates. Foreign persons 
obtain work permits through their employer. Foreigners have the 
option of importing their key personnel, and employers can hire 
trainees and part-time workers.  Full-time working hours are 40 
hours per week. 
 
 
Foreign-Trade Zones/Free Ports 
Government-Controlled Area: 
 
Cyprus has three Free Zones (FZs).  The first two, located in the 
main seaports of Limassol and Larnaca, are used only for transit 
trade, while the third, located near the international airport in 
Larnaca, can also be used for repacking and reprocessing.  These 
areas are treated as being outside normal EU customs territory. 
Consequently, non-EU goods placed in FZs are not subject to any 
import duties, VAT or excise tax.  FZs are governed under the 
provisions of relevant EU and Cypriot legislation.  The Department 
of Customs has jurisdiction over all three areas and can impose 
restrictions or prohibitions on certain activities, depending on the 
nature of the goods.  Additionally, the Ministry of Commerce, 
Industry and Tourism has management oversight over the Larnaca FZ. 
 
 
Companies given permission to locate in the Larnaca FZ take 
advantage of the fact that the FZ operates outside the normal 
jurisdiction of Cyprus Customs.  This allows the company to import 
raw materials or goods for transshipment without paying the normal 
import duty and VAT.  The only limitation is that the goods must be 
sold or re-exported strictly outside the EU.  If the company wants 
to do business with the local market, it must obtain permission from 
Customs and pay the appropriate duties. 
 
The procedure for applying is straightforward.  Interested companies 
apply to the Ministry of Commerce, Industry, and Tourism (contact 
info given below), laying out their investment plans.  The Ministry 
reviews the application and makes a recommendation.  An inter-agency 
Council, with participation from the Central Bank of Cyprus and the 
Ministry of Finance, reviews the application and the Ministry of 
Commerce, Industry and Tourism issues approval.  Contact information 
follows: 
 
Mr. George Michael 
Commerce and Industry Officer A' 
Ministry of Commerce, 
   Industry and Tourism 
1421 Nicosia 
Tel. 357-22-867235 
Fax. 357-22-375120 
E-mail: mcindustry2@cytanet.com.cy 
Website: http://www.mcit.gov.cy 
 
Area Administered by Turkish Cypriots: 
 
Regulated by the "Free-Ports and Free Zones Law", there exists a 
free port and zone area in Famagusta. 
 
Operations and activities permitted in the Free Port and Zone are as 
follows: 
 
-- Engaging in all kinds of industry, manufacturing and production. 
 
-- Storage and export of goods imported to the Free Port and Zone. 
 
-- Assembly and repair of goods imported to the Free Port and Zone. 
-- Building, repair and assembly of all kinds of ships. 
 
-- Banking and insurance services. 
 
Incentives provided to businesses established in the Free Port and 
Zone are as follows: 
 
-- All income derived from activities and operations undertaken by 
investors in the Free Port and Zone are exempt from Corporate and 
Income Tax. This exemption does not apply to the exports of goods 
and services not manufactured and undertaken in the Free Port and 
Zone and that are directed to the "TRNC". 
 
-- No limit on repatriation of profit and capital 
 
-- Exemption from custom duties and indirect taxes. 
 
-- Permission to employ foreign expert, engineer and technical 
personnel. 
 
 
Foreign Direct Investment Statistics 
 
Government-Controlled Area: 
 
In the run-up to EU accession (May 1, 2004), Cyprus dismantled most 
investment restrictions, attracting increased flows of Foreign 
Direct Investment (FDI), particularly from the EU.  According to the 
latest United Nations Conference on Trade and Development (UNCTAD) 
"World Investment Report 2008," Cyprus ranks among the world leaders 
in terms of attracting foreign direct investment on a per capita 
basis. 
 
In 2008, the inflow of FDI (including "brass plate" companies) 
reached USD 4.0 billion.  The geographic origin of this investment 
was 36.2 percent from the EU; and 49.8 percent from non-EU countries 
in Europe.  In terms of sectoral allocation, incoming FDI in 2008 
went to the following sectors: construction 1.4 percent; trade and 
repairs 15.2 percent; transport and communication 5.5 percent; 
financial intermediation 48.0 percent; and real estate and business 
activities 29.7 percent. 
 
The flow of U.S. investment in Cyprus reached USD 42.0 million in 
2008 or 1.0 percent of Cyprus' total inward FDI.  The stock of U.S. 
investment in the island was USD 434.8 million at the end of 2008. 
Projects involving U.S. investment in recent years have included 
real estate and various business activities, including a well-known 
U.S. coffee retailing franchise, a university, an information 
technology firm, an equestrian center, a hair products manufacturing 
unit, a firm trading in health and natural foodstuffs, an oil field 
products manufacturer, and a financial services company.  U.S. 
investors may benefit from Cyprus's abolition of EU-origin 
investment restrictions, provided they operate through EU 
subsidiaries. 
 
Additional information on foreign direct investment statistics can 
be obtained from: 
 
http://www.cipa.org.cy 
 
Area Administered by Turkish Cypriots: 
 
No detailed statistics on investment in the area administered by 
Turkish Cypriots are available.  However, it is clear that most 
foreign direct investment in north Cyprus since 1974 has come from 
Turkey - both from the government and the private sectors.  The 
sectors, which have attracted most investment are tourism and real 
estate. 
 
Web Resources 
------------- 
 
Government-Controlled Area 
-------------------------- 
 
American Embassy in Nicosia: 
 
http://cyprus.usembassy.gov 
 
Commercial Section in Nicosia: 
 
http://www.buyusa.gov/cyprus/en 
Government of Cyprus portal: 
 
http://www.cyprus.gov.cy 
 
Ministry of Foreign Affairs: 
 
http://www.mfa.gov.cy/mfa/properties/occupied area_pro 
 
perties.nsf/index_en/index_en?OpenDocument 
 
Point of Single Contact (Ministry of Commerce, Industry and 
Tourism): 
 
http://www.businessincyprus.gov.cy 
 
Cyprus Investment Promotion Agency: 
 
http://www.cipa.org.cy 
 
Ministry of Interior: 
 
http://www.moi.gov.cy/da 
 
Ministry of Finance: 
 
http://www.mof.gov.cy/mof/mof.nsf/Main?OpenFr ameset 
 
Central Bank of Cyprus: 
 
http://www.centralbank.gov.cy 
 
Department of Merchant Shipping: 
 
http://www.shipping.gov.cy 
 
Cyprus Bar Association: 
 
http://www.cyprusbarassociation.org/news_en.p hp 
 
The UK Foreign and Commonwealth Office: 
 
http://www.fco.gov.uk/en/about-the-fco/countr y- 
 
profiles/europe/cyprus 
 
Green Line Regulation: 
 
http://www.europa-eu-un.org/articles/en/artic le_7955_ en.htm 
 
Government of Cyprus portal on state-owned organizations: 
 
http://www.cyprus.gov.cy/portal/portal.nsf/Al l/F241410 
 
9880E837BC2256FA3002FEA11?OpenDocument&a=1&z= 
 
Commission for the Protection of Competition: 
 
http://www.competition.gov.cy/competition/com petition. 
 
nsf/index_en/index_en?opendocument 
 
 
Area Administered by Turkish Cypriots 
------------------------------------- 
 
"TRNC State Planning Organization:" 
 
http://www.devplan.org/ 
 
Turkish Cypriot Chamber of Commerce: 
 
http://www.ktto.net/english/about.html 
 
"North Cyprus Investment Development Agency:" 
 
http://www.investinnorthcyprus.org 
 
"TRNC Central Bank": 
 
http://www.kktcmb.trnc.net/ 
 
END TEXT 
URBANCIC