Cyprus, despite the strong competition, has established itself as a reputable place to conduct international business. Apart from the tax incentives, there are a number of other factors that make Cyprus an attractive venue for the establishment of a company.

Non-tax advantages:

  • Anonymity of the beneficial owners of a company
  • Not a tax haven but a tax incentive country
  • Reliable banking institutions
  • Excellent telecommunications system
  • Frequent air connections
  • Strategic geographical position
  • English is widely spoken
  • Skilled professional staff at all levels
  • Availability of foreign schools
  • Crime free environment
  • Operating costs are very low compared to other European countries
  • Cyprus companies enjoy the reputation and privileges attached to a European company
  • No exchange control restrictions
  • Good climate.

Tax advantages

  • Lowest corporate tax rate in the European Union
  • Sophisticated network of double taxation treaties
  • Existing IBCs can continue to be taxed at 4,25% until the year 2005
  • No withholding of taxes for payment of dividends to non residents
  • Holding companies if properly structured can escape taxation all together
  • Non resident companies are taxed only on the income derived in Cyprus
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