Cyprus, a sun-soaked paradise with pristine beaches and delectable Mediterranean cuisine, is not just a vacation spot. As an EU member state, Cyprus boasts top-notch infrastructure and a strategic location, offering frequent flights to European cities and global destinations. Cyprus stands out thanks to its enticing tax incentives and business-friendly climate, making Cyprus the ideal choice for both individuals and corporations.
Simplified Cyprus Company Setup and Business Environment in Cyprus
The facilitation of foreign direct investment is central to Cyprus’ economic development strategy, resulting in consistent growth in investment activity over the past thirty years. Cyprus, based on English common law, boasts an attractive tax framework, a highly skilled workforce, and enjoys the same rights as other EU nations, with the euro as its currency. Setting up a Cyprus company is a straightforward process, often taking less than a week.
Cyprus Strategic Geographic Location
Cyprus, as an EU member, occupies a unique geographical position at the crossroads of Europe, Asia, and North Africa. This makes it a secure gateway for European businesses to expand into these regions. Simultaneously, Cyprus extends opportunities for non-European businesses and entrepreneurs seeking access to the European market.
Cyprus’ Taxation Advantages
Cyprus’ appealing tax regime is a key draw for both individuals and corporations. Individuals find Cyprus a tax-efficient location, offering flexible tax residency and non-domicile tax status. Cyprus corporations benefit from a low corporate tax rate of 12.5%, one of the most favorable rates in Europe, all while adhering to EU standards and OECD guidelines. Cyprus maintains access to EU directives and an extensive network of over 65 double taxation treaties worldwide.
Cyprus Residence Permits
For non-EU individuals, Cyprus offers two pathways to residence permits. First, a Permanent Residence Permit can be obtained through a 300,000 euro investment and proof of an annual income of €50,000, with no language requirements. Another option is to establish a Cyprus international company, granting residence permits to employees and their families, with the possibility of applying for Cyprus citizenship after seven years of residency within any ten-year period.
Cyprus Yellow Slip for EU/EEA Individuals
EU and EEA individuals can apply for a Cyprus Residence Registration Certificate (Cyprus Residence Permit or the “Cyprus Yellow Slip”), enabling them to migrate, live, and work in Cyprus.
Cyprus tax Advantages for Individuals
Both EU and non-EU individuals who choose to become tax residents in Cyprus can minimize or even eliminate their personal taxes. Cyprus tax residents benefit from various tax exemptions and reductions, including those related to profits, dividends, interest, property, and inheritance.
Flexible Banking in Cyprus
Cyprus’ banking sector has regained strength and stability following the economic crisis. With over 40 Cypriot and international banks operating in the country, managing Cyprus-based company accounts from abroad is hassle-free.
Need Assistance with Cyprus Relocation or registering a Cyprus company?
If you’re interested in moving to or conducting business in Cyprus, please don’t hesitate to reach out to us with your inquiries. Contact details can be found below.
Tel. +357 22 340000
Email: [email protected]
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Accordingly, no person, entity, or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.