CYPRUS

Logistic and forwarding services in Cyprus

Cyprus

Capital City
Nikosia

Population
862’000

National languages
Greek, Turkish

Currency
Euro (EUR)

Gross national product (GNP)
€ 17.9 Mia.

GNP per person
€ 20,500

Financial exports to Switzerland
CHF 60.3 Mio.

Financial imports from Switzerland
CHF 14.3 Mio.

Bilateral relations Switzerland–Cyprus

Relations between Switzerland and Cyprus are friendly and diverse. They are focused on peacebuilding, on economic, scientific and cultural contacts and projects within the framework of Switzerland’s contribution to EU enlargement.

Economic cooperation

Relations between Switzerland and Cyprus are regulated in the bilateral agreements between Switzerland and the EU. The balance of trade between the two countries falls in favour of Switzerland, which exports pharmaceuticals, chemicals, machinery and watches, and imports precious metals, gemstones, watches, cars and airplanes as well as chemicals.
Tourism is an important economic factor in Cyprus: approximately 40,000 Swiss tourists visit the island every year.

 

Business language

English, French, Greek

Dimensions and weights

Metric system.

Currency

National currency of Cyprus: €
ISO code: EUR

Customs tariff (for non-EU goods)

Harmonised system, customs clearance based on the transaction value.

Import control

EU law only applies in the southern part of Cyprus. EU goods are freely available.
Signed invoices (three copies) in English or Greek with all standard information and an indication of the country of origin are necessary for the customs clearance of non-EU goods. Goods which are subject to an import ban can be found under the designation “Prohibitions and Restrictions” (information is available from chambers of industry and commerce) or professional associations. The import licences and the import ban on trees, plants, flowers and seeds, fresh fruits and vegetables no longer exist for the movement of goods within Europe. The import of animal and vegetable dungs (not including guano) is prohibited. Pesticides and medications must be authorised in Cyprus. There is a ban on the import and a requirement for special authorisation for weapons and munitions for military purposes (with the exception of deliveries to the Ministry of National Safety) and narcotics.
The import of originating products from Turkey is in principle possible again. Discussions with customers in Cyprus would be sensible.
The import of foreign currencies is in principle free; if you intend to re-export large amounts declaring them on arrival is advised. In the northern part of Cyprus a number of categories of goods may only be imported from Turkey to ensure exchange savings.
Standard VAT rate: 19% (reduced rate: 9/5%). Reimbursement of VAT paid is possible.

Terms of payment and tenders

Letter of credit (irrevocable, indivisible) is standard, documents against payment (D/P) can only be granted in the case of known importers. Handing shipping documents over to a bank is advisable.
Payments in advance are possible. Tenders in GBP or EUR, FOB or CIF. Invoices in EUR.
Tenders in English or French.

Designations of origin

All goods must be clearly and ineradicably labelled with the country of origin.

Packaging

There are labelling, standard and marking regulations (in Greek) for many goods, particularly foods, drinks, drugs and animals.
Packaging in hay, straw or other feed is prohibited unless the health certificate required for these types of packaging from the country of origin is included. Finished bales of straw are not affected by this.
The EU Directive sets out that packaging materials made of wood must be manufactured from round logs. This EU regulation goes beyond the necessary treatment set out in the ISPM 15 standard.

Product samples

With no retail value = duty free, except in the case of goods which are subject to excise duty.