Cyprus is the third largest island in the Mediterranean Sea with an area of 9.250 Sq km and has a strategic location at the crossroads of Europe, Asia and Africa. The climate is warm with a light rainy season between November and March. The population currently exceeds 700.000 and the Capital is Nicosia. The official language is Greek but English is spoken widely. The legal system in Cyprus is based on the English Common Law with recent amendments to incorporate European Union Directives. The banking system follows the British model and is of a very high standard.

Cyprus enjoys a European standard of living and has a per capital income at around US$16.000 and a strong economy. On the 1st of May 2004 Cyprus joined the European Union as a full member. Cyprus has developed into an important international financial center due to its geographic location, an extensive network of double taxation treaties with more than 30 countries and an advantageous tax environment.