The tertiary or services sector is growing rapidly, today accounting for almost three-quarters of all employment on the island and around 77% of GDP (the tourism sector alone accounts for almost 10%of the island’s workforce!). The tertiary sector includes tourism, transport and communications, trade, banking, real estate, insurance, accounting, public administration, education, health and legal services.

The banking sector is well developed and caters for a wide variety of financial needs of both businesses and individuals. The commercial banks and specialized financial institutions offer full and varied local, national and international services on individual and corporate level. They offer a wide range of services including insurance, leasing, hire purchase finance, factoring, mutual fund management, investment and consulting as well as custody and asset management services.

Insurance cover on the island is both modern and comprehensive. The many insurance companies, both local and international operating in Cyprus, can deal with all aspects of risk management. Cypriots and foreigners residing on the island enjoy the benefits of a well developed insurance industry with all types of risk accepted mainly through agents and intermediaries.

A significant number of multinational companies and international banking units are already operating in Cyprus, further enhancing the productive and positive nature of the national economy.

Furthermore, Cyprus possesses a modern Stock Exchange giving momentum to the stock market that is stimulated further by the island’s sound economy. Overseas investors may invest in the same manner as Cypriot investors can.

Local business and financial consultants have typically trained at European or US universities and many have worked overseas before setting up in Cyprus. They offer advice on the whole spectrum of modern business and investment. Overall, the professional services sector plays a significant, and rapidly expanding, role in the Cyprus business landscape. The comprehensive range of services and the professional attitude of Cypriot service providers account for the transformation of the island into a highly reputable international business centre.