Cyprus shares border with Israel
According to the 2017 International Monetary Fund estimates, its per capita GDP (adjusted for purchasing power) at $36,442 is below the average of the European Union. Cyprus has been sought as a base for several offshore businesses for its low tax rates. Tourism, financial services and shipping are significant parts of the economy. Economic policy of the Cyprus government has focused on meeting the criteria for admission to the European Union. The Cypriot government adopted the euro as the national currency on 1 January 2008.Cyprus is the last EU member fully isolated from energy interconnections and it is expected that it will be connected to European network via the EuroAsia Interconnector, a 2000 MW high-voltage direct current undersea power cable. EuroAsia Interconnector will connect Greek, Cypriot, and Israeli power grids. It is a leading Project of Common Interest of the European Union and also priority Electricity Highway Interconnector Project.In recent years significant quantities of offshore natural gas have been discovered in the area known as Aphrodite (at the exploratory drilling block 12) in Cyprus's exclusive economic zone (EEZ), about 175 kilometres (109 miles) south of Limassol at 33°5'40″N and 32°59'0″E. However, Turkey's offshore drilling companies have accessed both natural gas and oil resources since 2013. Cyprus demarcated its maritime border with Egypt in 2003, with Lebanon in 2007, and with Israel in 2010. In August 2011, the US-based firm Noble Energy entered into a production-sharing agreement with the Cypriot government regarding the block's commercial development.Turkey, which does not recognise the border agreements of Cyprus with its neighbours, threatened to mobilise its naval forces if Cyprus proceeded with plans to begin drilling at Block 12. Cyprus's drilling efforts have the support of the US, EU, and UN, and on 19 September 2011 drilling in Block 12 began without any incidents being reported.Because of the heavy influx of tourists and foreign investors, the property rental market in Cyprus has grown in recent years. In late 2013, the Cyprus Town Planning Department announced a series of incentives to stimulate the property market and increase the number of property developments in the country's town centres. This followed earlier measures to quickly give immigration permits to third country nationals investing in Cyprus property.
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