One of the best destinations for value investing
Cyprus is well placed literally and metaphorically as the gateway between Europe and the rest of the world. Its strategic location and relative neutrality in relation to many of the Middle Eastern nations has made it rather of a crossroads and it has been helpful in some delicate diplomatic proceedings.
Cyprus is a large island located in the Eastern Aegean area of the Mediterranean at the hub of 3 continents that links, Middle East, Africa & Asia. It is 4 hours from London, 3 hours from Moscow & Dubai and an hour away from Athens, by air.
The Companies Law, states that,
International Trust, is defined by law as a trust wherein:
A Cyprus company formation is an excellent, tax-efficient way to conduct legitimate international business, conforming to EU directives and on the OECD's white list of jurisdictions, which have substantially implemented the internationally agreed standards for tax cooperation. Cyprus is also an ideal location to set up a company for investment to the EU, Europe, Russia and CIS, Middle East and Africa.
A minimum capital is not required to register a company. Company registration takes approximately 3 working days or lesser depending on document submission. Shelf companies are allowed in Cyprus and are ready to be incorporated.
A copy of the annual financial statements must be attached to the annual return, with an auditors report. The documents filed with the Registrar of Companies must be in Greek (or Turkish) and are open to public inspection. By concession, the financial statements filed with the Annual Return may be in English.
Accounting, audits & tax need to be conducted regularly through an independent firm resident in Cyprus. Accounting year-end is deemed to be 31st December, unless notice of another date is given.
There are lots of other tax exemptions in Cyprus. All of the following are free of income tax:
The Republic of Cyprus is a Member State of the European Union and a member of the Eurozone. Cyprus is an independent, sovereign Republic with a presidential system of government and a written constitution, which safeguards the rule of law, political stability, human rights and the ownership of property. Cyprus is a member of the British Commonwealth, Council of Europe, IMF, UN, World Bank and WTO and is signatory to many international conventions and treaties.
The European Union regulations play a role in the strong legal framework of Cyprus. Having been a British Colony, the English common law has influenced the legal structure of Cyprus, making it a leading international finance centre.
The following authorities regulate Cyprus Financial Institutions:
Cyprus is a member of the United Nations and most of its agencies, as well as the Commonwealth of Nations, World Bank, International Monetary Fund and Council of Europe. In addition, the country has signed the General Agreement on Tariffs and Trade (GATT) and the Multilateral Investment Guarantee Agency Agreement (MIGA).
Licences or permits are required for certain business activities in Cyprus, with the licensing authority depending on the activity. The costs of business licences will vary according to the activity being undertaken, as will the licensing authority. For construction projects, the town planning permit costs EUR 3,251 and a building permit EUR 3,500.
An attractive opportunity has been placed for investors to obtain Cyprus/EU citizenship or permanent residence. Strict diligent procedures and confidentiality safeguards are implemented. Investors do not require residing in Cyprus and they do not become tax residents, unless they are residing for over 183 days in Cyprus.
Clean criminal records and completion of specific financial criteria will fetch Cyprus Citizenship to a non-Cyprus resident. Citizenship is extended to the immediate family, also termed as dependents of the applicant. The Cyprus Passport offers full rights of a EU citizen inclusive with free travel, residence and investment in any EU country.
Non-Cyprus investors, purchasing property of at least 300,000 Euros and posing a secure and stable annual income transferred on a regular basis from abroad are entitled to apply for Permanent Residence.Compare Jurisdictions Talk to a consultant