Cyprus - An international Business Center

The freedom of foreign currency movement from the central bank Of Europe and the establishment of Euro as a common currency has helped global business to move into European countries which are considered to be Business Centers, off ering a place for high level of services and low tax system.

Cyprus has succeeded establishing its place as Business Center and attracted more than ninety thousand international corporations.

Over the last twenty fi ve years Cyprus was considered to be an attractive place for international business and has set up a remarkable system both in the private and the government sector, helping international corporations to find a solution, in rendering building premises for their offices , for recruiting competent human resources, for Legal services, for Business Advisors and Tax Consultants and for government services.

Cyprus has been a full European Member State and has set up the lower 10% corporation tax among other European Member States and has entered into Double Taxation Treaties with thirty eight countries worldwide, including Greece.

More the ninety thousand International Corporations including Shipping and other Multi National Corporations have set up a Permanent establishment in the Inland.

Cyprus is a remarkable place both for long summer holidays as it is a famous destination for most European Citizens especially English, with more than 1.5 Million Tourist per year.

In a fast changing world where globalization of economies plays the key to success corporations and clever business men are moving towards markets with higher level of demand for their products, lower level of competition and lower level of taxation.

Cyprus is diff erent from other fi nancial international Business Centers in that off ers the lower 10% corporation tax in Europe and thirty eight Double Taxation Treaties with most well known countries.

Cyprus is not considered to be an off shore paradise center and has made legal changes to get synchronized with Europe and International Law. International Trade Laws as well Money Laundering Laws have place Cyprus to be considered a Financial Business Center with true and fair recognition from Europe and well know countries.

It Is remarkable to view the following motives for setting an International Cyprus Company:

  • 1. Lower 10% corporation tax in Europe

  • 2. With the right tax planning corporation tax can get lower than 10% On the taxable profits.

  • 3. Cyprus companies under no circumstances are considered to be Paradise corporations and have passed all legal barriers for international recognition.

  • 4. Cyprus invoices and expense vouchers are very well recognized From all European Countries as fully deductable for vat and tax purposes.

  • 5. Cyprus companies are not taxed in accordance with article 15 p.3 and the special tax regime 3% set on by Greek Law 3091 / 2002.

  • 6. Cyprus Tax Law does not include negative articles for transactions between Cyprus and Off shore companies.

  • 7. All foreign non Cypriot shareholders of Cyprus companies pay nil Corporation dividend tax if they reside in Cyprus for less than 183 days per year.