Industry and Employment
A large part of living in North Cyprus is the industry and economy where a great deal of it revolves around that of tourism and because of the generally mild climate that can even be enjoyed during the winter months.
The small amount of rainy days North Cyprus receives throughout the year is one big reason that it is a tourism magnet. The bright sun, the vast beaches of sand, the beautiful blue sea and many mountains along with the rich historical sights and construction from far in the past bring tourists from all around, both near and far.
You will find plenty to do in Cyprus no matter what the weather might be and no matter what your taste is and this reflects on the economy as well. Statistics that have been released show that the beautiful Cyprus is a rapidly growing island, one that between the years of 1977 to the year 2003 has increased as much as 112%.
Many of the employees of Cyprus are employed in the service sector, which does not come as a huge surprise with the large amount of tourists that visit this breathtaking island. Statistics also show that Cyprus places 16th world wide in terms of per capita income, enjoying approximately 3.8% with a five year growth rate. During the past twenty years the economy has made a transition from that of agriculture, to light manufacturing and services. The that includes tourism has reached around seventy percent (70%).
A large part of the population is responsible for bringing the corners of the world together and a large amount of the locals who live on Cyprus use English as the common language, a fact alone that helps to bolster tourism. Since Cyprus’ joining of the European Union trade has also become a big portion of their economy and as being a part of the European trade Union a lot of trade is done with the United States. This results in enjoying excellent trade in a certain amount of areas with the United States such as in the area of telecommunications.
Cyprus has also placed as the fourth largest ship registry with just under below three thousand ships in number. The ships registry includes over forty-three countries, including such names as Germany, Greece and Russia.
International State Fair in Cyprus
A United States Embassy is in the district of Nicosia sponsors a pavilion for American products, at an International State Fair that is held in Cyprus every single year. To add to this there is also a Commercial Award dinner that is held, where United States and other countries have the ability to promote their products. The United States exports many items, such as American tobacco, and tobacco products, machinery and other items, including data processing items. Items that are imported from Cyprus by the United States, are clothing and footwear, as well as steel tubes and pipes, and a variety of different food items as well as some dairy products.
One of the employment efforts that so many enjoy and benefit from on the island is the ability to be self employed or bring a business in from another country and register it in Cyprus. Having it approved requires a small fee and there are businesses that offer these helpful services, offering the benefits of this process for business owners which would include having an attorney file the papers for the new business in Cyprus. There will be a registration fee that will be based on the capital of the company, after the name of the business has been approved. Many companies are available to individuals, just like in many other places where they will help you in finding employment and help with placing resumes with the proper businesses, to land you that well deserved job. This service is available for individuals who are seeking full time employment on beautiful North Cyprus, as well as the tourists or part time visitors of Cyprus, and to those individuals owning and renting real estate in North Cyprus.
Investments In North Cyprus In February of 1997, the policy on foreign investment was revised where the government revised its policy and it is since this time that foreign ownership is one hundred percent in some cases and the Cyprus stock exchange has also been liberalized. This has caused a change in policy on treaties on double taxation with 26 countries, to include the United States. This has also removed exchange restrictions on current international transactions. These changes that occurred have also changed the policy with non-residents and foreign investors, this allows that they are free repatriate proceeds from investments made in Cyprus.
A seven year plan has been put together by the government of Cyprus to strengthen tourism and tourism services on the Cyprus island, this included golf courses, marinas as well as a new convention center which was built at Limassol and it included the retraining of service personnel in the restaurant and hotel industries. The idea in mind for this plan was to heighten the tourism of several groups of tourists, including groups such as medical, sports and religious tourists. It is expected to be a trigger for investments that are made in Cyprus.
It has been seen in rewards in having a great response from tourists and repeated tourism for holiday homes. With this plan, the government has seen a noticeable increase in tourism and also in the potential and firm real estate buyers for the island which certainly make it a well sought out place to own a year round home, a leisurely vacation property, or even an investment property.
This plan the Government put in place has also noticed it has bolstered other areas of the industry, such as the transportation industry, the hotel industry, travel industry, and the retail industry on the growing island of Cyprus.
