Cyprus has become a centre of international arbitration
Nowadays, thousands of foreign businesses in Europe, Asia and USA, are using Cyprus as a base for international activities. This is due to the strategic position of the island, the favourable tax system, the modern banking and legal system and the highly educated specialists in this field of practise.
At conference on International Arbitration held in Cyprus in March 2011, the president of the Republic of Cyprus stated that Cyprus has become a regional centre for international arbitration, as we have a special legal framework for the conduct of international commercial arbitration.
Due to this framework of conduct, disputes concerning the internalization of commercial transactions which have their base in different states and are subject to more that one law and codes, can now be simplified by carrying out the arbitration in Cyprus. The arbitration procedure also offers fast solutions to sectors where the economic chain is problematic.