International Business Entities established in
Cyprus enjoy a great number of advantages. A summary of the most
important advantages is given below.
| • |
A highly developed accounting and banking system. |
| • |
A unique geographical position with excellent climate. |
| • |
No withholding of tax on dividends. |
| • |
Net profits are subject to tax at the
rate of 10% only. |
| • |
Full tax exemption on profits of foreign
companies branches if the
their management and control is exercised in Cyprus. |
| • |
Net profits of such branches are subject
to tax at the rate of on 10% if their management and control
is exercised in Cyprus. |
| • |
All expenses incurred for the earning
of income, as well as annual allowances on fixed assets, are
allowed as a tax deduction. |
| • |
No estate duty on inheritance of shares
in a Cyprus International Business Entity with foreign participation.
|
| • |
Full capital gains tax exemption on
capital gains, except on sale of immovable property situated
in Cyprus. |
| • |
Foreign employees of International
Business Entities providing their services in Cyprus are liable
to Cyprus Income Tax at reduced rates. |
| • |
Foreign employees of International
Business Entities working outside Cyprus but receiving their
salaries out of foreign funds remitted through Cyprus are exempted
from Cyprus income tax. |
| • |
Freely transferable currency accounts
(in any currency) can be kept both in Cyprus and abroad. |
| • |
No exchange control restrictions. |
| • |
Residence and work permits for the
foreign employees and resident permits for their families can
be readily obtained. |
| • |
EU membership since May 2004. |
| • |
The islands population is basically
bilingual. Greek is the native language of over 80% of the population,
but English is very widely used in all professional fields.
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Planet earth is becoming a small village. Globalisation
is a process which leads to dynamic economic and social developments.