WHY
CYPRUS
A significant number of international businessmen and investors have established their private and business residence by moving their family and business in Cyprus.
Cyprus with its warm and stable climate and convenient geographical position is considered as an attractive place for both business and residence. The investment landscape in Cyprus is beneficial due to the island’s well-qualified labour force, attractive taxation and a reliable transport and telecommunications system. The size and rate of growth of this sector, which has been the fastest growing in recent years, has transformed Cyprus into a “service economy” – an ideal bridge between East and West.
Cyprus’ rich heritage, diverse culture, and legendary hospitality mean that one and all are warmly welcomed and made to feel at home on the island. Its leisure profile, meanwhile – spanning beautiful beaches, fresh air, wonderful Mediterranean climate, and cosmopolitan cities – is unsurpassed in terms of offering low-cost but high-standard living.
The island’s modern, free-market, service-based economy, and advantages tax and business conditions, make it a favoured destination for professional pursuits.
Further to existing, mature pillars of the economy, spanning financial and professional services, shipping, tourism, commerce, and more, the discovery of substantial hydrocarbon reserves in the island’s Exclusive Economic Zone is attracting great attention, and has resulted in a surge of foreign direct investment and development.
Concurrent to these bountiful business opportunities, Cyprus is a safe and stable location, replete with superior English education opportunities and world-class properties, making it an ideal location for families and students.
A PRIME LOCATION
A PRIME CULTURE
A PRIME CIVILISATION
Experience at first hand one of the oldest civilizations of the Mediterranean, one that goes back 10,000 years.
A crossroad of mighty civilisations throughout its long history, the island is like a large open air museum where you can see evidence of its checkered past. Ancient Greeks, Romans, Egyptians, Phoenicians, Venetians, Ottomans and British all left their mark, making the island a mosaic of different cultures and periods.
The cult of Aphrodite, the ancient Greek mythological goddess of love and beauty, flourished here and people came from miles around to take part in celebrations in her name.
The island was the first country the Apostles Paul and Barnabas visited in their mission to spread Christianity and the first to come under Christian administration. When Cyprus became part of the Byzantine Empire, art and architecture flourished here, especially in the 12th century, considered to be the Golden Age of Byzantine painting in Cyprus.
Cyprus:
The Island
RECREATION FOR ALL
No matter your age or interests, Cyprus has something for everyone.
Modern amenities abound, from gourmet restaurants and contemporary shopping malls, to fitness classes, and social organisations permitting creative pursuits, inclusive of music and theatre, and arts and crafts.
Of course, Cyprus’ stunning and easily accessible landscape of high mountain peaks, low valleys, and vast coastline is a unique proposition for those seeking outdoor recreation.
There are 48 signed trails traversing 200 kilometres of countryside nationwide. Experienced walkers rave about the island’s varied terrain and seasonal diversity. Indeed, the challenging terrain of the Troodos mountains also offers a refreshing break from the summer heat, and a great introduction to the region’s rural villages.
Those seeking a more leisurely pace should head for the shady forest trails, whilst the most breath-taking coastal views can be seen from the multitude of walks that weave through the Akamas peninsula.
GEOGRAPHY
Cyprus is situated in the Eastern Basin of the Mediterranean Sea and is the third largest island in the Mediterranean (after the Italian islands of Sicily and Sardinia) and the world's 81st largest. It is located at a confluence of Western Asia, Middle East, Southern Europe, and Northern Africa.
Cyprus measures 240 kilometres latitudinally and 100 km longitudinally. The physical setting for life on the island is dominated by the mountain masses and the central plain they encompass, the Mesaoria. The Troodos Mountains cover most of the southern and western portions of the island and account for roughly half its area. Coastal lowlands, varying in width, surround the island.
Total Area: 9,250 km2
Land: 9,240 km2
Water: 10 km2
Coastline: 648 km
Lowest point: Mediterranean Sea 0 m
Highest point: Olympus 1,952 m
MUSEUMS & GALLERIES
Cyprus' 10,000 year old history has brought up innumerable finds over the years, so much so that it is said if you scratch the soil anywhere on the island you are bound to unearth a relic from the past.
All the island's main cities have an archaeological museum to house the regional findings, with pride of place taken by the main archaeological museum in the capital, Nicosia. Quite a few private and state galleries will guide you through the most recent years of arts and culture of the island up until today.
A number of specialist museums exist on the island where you can admire some exquisite examples of icons and ecclesiastical objects that have survived over time. You can also find small folk art museums all over the island where 19th and early 20th century Cypriot folk art and crafts, can be seen displayed often in beautifully restored old buildings, in whose rooms the way of life in years gone by is recreated.
CYPRUS: THE BIRTHPLACE OF APHRODITE, GODDESS OF LOVE AND BEAUTY!
Even if you have been here before, there's always something new to discover. Cyprus lies at the crossroads of three continents, where East meets West and a new experience awaits you under the sun every day. Where Championship Golf courses, inviting beaches, and breathtaking mountain trails neighbour luxurious hotels.
The island is enriched with a culture that combines elements of the West and the East, bringing together the best of both worlds. Paphos, declared a World Heritage Site by UNESCO because of an abundance of ancient treasures, invites us all to discover its ancient heritage.
Cyprus:
ECONOMY
A BUSINESS HUB WITH OVER 340 DAYS OF SUNSHINE A YEAR
A unique and unrivalled proposition for investing and living, the full EU-member of Cyprus is poised on the cusp of three continents – namely, Europe, Africa, and Asia – and enjoys the bounty of this exclusive position that no other country can boast.
With two first-class international airports and excellent flight connections, the island is perfectly placed for working and travelling within the EU, and beyond.
AN EXCEPTIONAL INVESTOR OPPORTUNITY
Capital gains tax exemption
Full exemption from capital gains tax for sale of property (land/buildings) to an independent party provided that:
The property has been bought until 31/12/2016
The property is acquired by purchase (excludes donations/gifts/exchanges)
Transfer fees exemption
A 50% exemption from transfer fees applicable to all transfer applications effected until 31/12/2016
No thin capitalisation rules
There are no limitations on financing schemes in terms of debt to equity requirements
Capital gains on sale of securities: 100% exemption
The definition of securities includes shares, bonds, debentures as well as other options on titles
No withholding tax on outward payments (dividends, interest, royalties)
If the shareholder is other Cy company then there is no withholding tax even on sale
This can be utilised by the creation of double tier CY company structure of properties
Tax free corporate re-domiciliation permitted
This allows the moving of the seat of incorporation into Cyprus as well as away from Cyprus as necessary without any tax burden
TAX IN CYPRUS
Cyprus with an excellent infrastructure and a large number of trained and qualified professionals and strategic geographical position, is an attractive financial centre which combines the advantages of a traditional offshore centre with those of the full membership of the European Union. The business of its kind in Cyprus is dedicated to add real substance in their tax planning, in the form of completed operations on the island.
Despite the fact that there are a number of countries that have established themselves as reliable financial centers in the European Union which are able to offer some very attractive tax advantages, none of these countries have managed to combine these benefits to the same extent as Cyprus, which apart from the wide network of double taxation agreements and the full implementation of EU directives, has been put in an enviable position in both the European Union and globally.
The main features of the tax laws that determine the attractiveness of optimizing international tax structures are as follows:
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One of the lowest corporate tax rates in the European Union: 12.5%
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Extensive network of double taxation
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Access to all tax EU directives
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There is no taxation on profits made from selling Securities
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No tax is withheld on telegraphic transfers abroad
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Infinite store profit in Cypriot companies where shareholders are not tax residents in Cyprus (either directly or indirectly)
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Minimum exemptions on dividends received by a Cyprus company subsidiaries abroad and profits of permanent establishments situated abroad.
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Advanced tax system
INVESTING IN KNOWLEDGE
With Cyprus being a full EU member, its citizens are permitted the luxury of investing in their knowledge and future at one of Europe’s historic and prestigious education institutions.
Indeed, many High Net Worth Individuals are further attracted by the prospect of acquiring Cypriot citizenship through the investment programme precisely so that they can offer their children the opportunity to study at a renowned European institute.
From primary school to university, EU citizens have the right to attend any school for free or with significantly reduced tuition compared with international rates.
Of course, Cyprus’ education landscape itself is being enriched year by year, with existing universities and colleges constantly expanding their programmes, as well as establishing exclusive partnerships with renowned European counterparts, making local institutions just as attractive.
OPTIMUM CORPORATE CONDITIONS
Companies headquartered in Cyprus benefit from a favourable tax regime and full European status.
The island boasts one of the lowest corporate tax rates worldwide at just 12.5% (alongside numerous additional tax advantages), which is one of the key reasons that Cyprus has become a favoured investment destination.
Moreover, Cyprus’ business environment is brimming with advantageous qualities, inclusive of its strategic location at the crossroads of three continents, its superior legal, banking and accounting services, its highly educated and skilled workforce, and its excellent infrastructure and telecommunications network.
CYPRUS ECONOMY
Euro zone - Free Market Economy - International Banking System - Double tax treaties with 55 countries
CYPRUS:
AN EU MEMBER
On the 1st May, 2004, Cyprus became a full member of the European Union. Cyprus' new EU path brings with it the added benefits of heightened security, increasing employment opportunities and the lowest property prices for comparable EU locations. Investing in Cyprus has long proved to be a sound decision as prices have been steadily increasing.
WHY CYPRUS?
Member of the European Union
Strategic Geographic Location - Europe, Asia and Africa
Warm climate with 320 days of sunshine per annum
High standard but low cost of living
Numerous historical and archaeological sites
New Marinas & Golf courses
Supported by a highly skilled workforce and educated labor
Sophisticated infrastructure
Attractive Tax regime - Tax incentives
Excellent health care
British based Legal system
Freehold property ownership
English-speaking population
Upgraded Airline connections and Telecommunications
Good business and financial services
Low crime rate
