The outlook for the Cyprus market looks good for 2008. According to a recentnewspaper article (Financial Mirror) Citibank analysts recommend severalbanks – Marfin Popular Bank, Bank of Cyprus, Hellenic Bank, and National Bankof Greece-Ethniki – in the Greece-Cyprus region as top buys showing that theregion enjoys and will enjoy a good year in the year ahead.

Cyprus, one of the most dynamic in the European Union, has enjoyedconsistently higher GDP growth rates than the EU average with GDP per capitaover 80% of EU 15. Having a low unemployment rate, one of the lowest corporatetax rates in Europe and beneficial tax treaties makes the region an attractivecentre for investments from throughout the world. Recent development to grantlicences for oil and gas exploration in the areas between Cyprus and Egypt lookpromising. In the turbulent financial market since the subprime crisis, theCyprus market has shown better performance than most European markets.

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