Greeks choose Cyprus for business

Nicosia and other cities in Cyprus have seen an influx of some 1,500 Greek companies over the last 20 months, largely a result of the financial crisis in Greece, as the island country grows into an attractive destination for Greek firms and job seekers.

Official data compiled by the Cypriot government showed that out of the 4,000 companies registered in the country?s electronic system for public contracts, 414 are Greek, up from 59 in 2009 and 248 in 2010.

There were 1,739 Greek citizens registered at the Republic of Cyprus?s Public Employment Agency in the first half of 2011.

The Central Bank of Cyprus also testifies that Greek investment there stood at 710.2 million euros in 2009, and this is certain to have risen since then.