Cyprus is an island country surrounded by the Eastern Mediterranean Sea and situated north of Egypt, south of Turkey, east of Greece and west of Turkey. Business students studying in Cyprus will discover that the northern part of Cyprus is officially called the Turkish Republic of Northern Cyprus. Because of this division, Cyprus has established Turkish and Greek as its official languages, with Cypriot Maronite Arabic and Armenia as minority languages.
Supported by a thriving tourism industry, Cyprus has a high, per capita income and an increasingly developed economy that ranks among the top 20 on the Human Development Index. Cyprus joined the EU in 2004 and the Eurozone in 2008. Consequently, the Euro is the currency in the Republic of Cyprus but not in northern Cyprus, where the Turkish lira is still used. Due to massive growth in Cyprus' real estate market over the past decade, students earning specialized business degrees oriented around investing, developing, selling and purchasing property in Cyprus will generally find the job market receptive and flexible in Cyprus.