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CYPRUS AS AN INTERNATONAL BUSINESS CENTRE

Cyprus is strategically located at the crossroads of three continents bringing together Europe with the Middle East and North Africa for business and commerce.


The country’s European Union Membership (May 2004) and the elimination of exchange rate risk following the adoption of the Euro (January 2008) have built up investor confidence.


Cyprus has been included in the OECD “White List” (April 2009) for having substantially implemented internationally agreed tax standards. 


Other incentives:

  • Stable and reliable economy.
  • Resilient and effectively supervised banking sector.
  • Simple and efficiently managed tax system.
  • Familiar and trustworthy legal system (based on British Practice).
  • Extensive network of double taxation treaties
  • Proactive business-friendly government policies

CYPRUS TAX

 

Cyprus is considered a Low Tax Country.

 

The following factors can be considered:

 

  • Lowest corporate tax rate in the EU at 10%
  • Extensive double tax treaties network enabling considerable tax advantages.
  • Full utilization of losses at company and group level.
  • No tax on profits from the sale of securities.
  • No tax on dividend income emanating from Cyprus and received by non tax-residents of Cyprus.
  • No tax in Cyprus on profits from a permanent establishment outside Cyprus subject to certain conditions.
  • No tax on profits as a result of group re-organizations subject to certain conditions.
  • No exchange controls on the movement of capital and payments.

ADVANTAGES OF SETTING UP A COMPANY IN CYPRUS:

  • Excellent double taxation treaties
  • Excellent communications
  • Good banking facilities
  • No exchange controls
  • No disclosure necessary
  • Low annual tax rate of 10%
  • Particularly good for holding companies and import/export companies
  • Personal tax residency possible

 

 

CYPRUS IS FULLY ALIGNED WITH:

  • The EU’s acquis communautaire and Code of Conduct.
  • The Organization for Economic Co-operation and Development.
  • The Financial Action Task Force.
  • The Financial Stability Forum.

CYPRUS TRANSPORTATION

There is a wide network of air-routes connecting Cyprus with Europe, Africa and Asia. The island’s two international airports are situated near Larnaka and Pafos, some 50 and 150 kms, respectively, from Nicosia. They handle over 650 scheduled flights per week served by 37 international airlines as well as flights operated by 60 chartered airlines. The island is rapidly becoming a major international transit station for commercial air transportation with excellent connections within the entire region.

 

One hundred shipping lines include Cyprus in their regular schedules to and from 5 continents. About 5.000 ships totalling 18 million net registered tons call at Cypriot ports each year.

 

Limassol and Larnaka ports are the island’s main sea gateways handling well over 6 million tons or two-thirds of the total volume of sea-borne cargo, including the entire traffic in transit.

 

CYPRUS TELECOMMUNICATIONS

Cyprus recognizes the importance of telecommunications and has invested heavily in the development of this sector. As a result, the island may claim, in this respect, to be among the most developed countries in the world.

 

Apart from conventional telecommunications services (telephony, telex, telefax and telegraphy) the Cyprus Telecommunications Companies offers services such as: the packet switched data network, mobile telephony (GSM and NMT900), voicemail, paging, maritime, TV transmission/reception, private leased circuits, audiotex, videoconferencing, access to the Internet and the X400 message handling system. Furthermore, the Integrated Services Digital Network (ISDN) has recently begun operating on a full commercial basis.

 

An equally impressive satellite telecommunications network complements this extensive fibre optic cable network.