Cyprus, A Small Island With Great Opportunities
European Union country
Cyprus has become a member of the European Union since 2004 and a member of the Eurozone since 2008. The accession has led to major changes, thus making Cyprus a much more attractive place to live, invest and carry on business, all of which require the involvement of legal services.
After the accession to the European Union, European citizens who wish to reside and work in Cyprus may do so easily, by applying for an Eu Registration certificate.
Attractive taxation system
The transparent and efficient tax system equipped Cyprus with great advantages, giving significant motivation to investors to consider Cyprus for their business.
The personal income tax rates progressively reach a maximum of 35% on taxable income in excess of €60,000, whereas income of up to €19,500 is not subject to any tax.
Individuals, who do not have their domicile in Cyprus are not taxed on their income from dividends and interest.
There is also a 50% exemption from Cyprus personal income tax on the remuneration from any employment exercised in Cyprus by an individual who was not a resident of Cyprus before the commencement of the employment. The exemption is available for 10 years where the annual remuneration exceeds €100,000.
The Cyprus holding company is another incentive for people wishing to invest in Cyprus.
Cyprus tax resident companies also enjoy many benefits because of the various double taxation treaties, as well as by the corporate income tax rate, which is as low as 12.5% on the profits, this rate being among the lowest in Europe.
In Cyprus, there is no Inheritance tax on shares held in Cyprus companies. Nor there is tax on wealth.
Cyprus Investment Program
Another incentive given by the Cyprus government is the Cyprus Investment Program, which offers investors and their families, the chance to benefit further from their investments and obtain the Cyprus citizenship or permanent residence upon fulfillment of certain investment criteria.
Cyprus, has recently become a very attractive region because of its hydrocarbons potential and natural gas found in the Cyprus EEZ.
Important geostrategic location
Cyprus geostrategic position, being situated at the gateway to three continents and its proximity to the oil routes of the area make it even more attractive.
A safe and nice place to live
In Cyprus, the past few years, there has been a growth in the interest in purchasing immovable property. This is attributed to the beautiful position of the island, the beneficial economy, the fact that Cyprus is a great place to live, with hospitable people while at the same time is a prosperous place to invest. The registration services for immovable property in Cyprus, are simple and effective and ensure completion of declarations in a very short period of time.
Since 2004, European citizens may register immovable property in their names without the need to obtain any permit to this effect, whereas non-European citizens may still register property in their names, provided they obtain permit from the Council of Minsters through a simple, easy and fast procedure.
Capital Gains that arise from the sale of immovable property held outside Cyprus or from shares in companies that own immovable property located outside Cyprus are exempt from Capital Gains Tax. If the preconditions for exemption are not met there is a fixed rate of 20% on the net profit.
Cyprus is a very beautiful, stable, safe and prosperous place to live and invest, where people can enjoy the nice weather, the hospitable environment, together with the various opportunities and prospects that this favorable jurisdiction has to offer and therefore it is fairly described as a small paradise in the Mediterranean.