About Cyprus

Cyprus

Climate, Language & People

 

Cyprus: The birthplace of Aphrodite, Goddess of Love and Beauty! Even if you’ve been here before, there’s always a new world to discover. Cyprus lies at the crossroads of three continents, Europe, Asia and Africa, where East meets the West and a new experience awaits you under the sun every day; where Championship Golf courses, inviting beaches, and breathtaking mountain trails can be found around 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. Cyprus is also a member state of the United Nations and the Commonwealth and, as of 1 May 2004, a full member of the European Union.

Cyprus enjoys one of the healthiest climates in the world, with mild winters, long, warm summers, and over 320 days of sunshine a year, allowing residents to enjoy outdoor activities all year round. English is widely spoken, allowing foreign residents to easily blend in and feel at home. Cyprus telecommunications facilities rank third highest in the world. Direct-dial access to over 200 countries is provided, as well as modem and cellular phone networks and services, and advanced Internet connections, including ISDN. Radio, TV, and satellite services are readily available in English, with much international print media available in local newsagents. The cost of living in Cyprus is low compared to many other European destinations.

Tourism

Beaches, mountains and culture

 

The diversified tourism ranging from calm beaches, trading centers, intriguing mountains, and infrastructure has been bringing in numerous visitors from Europe and other parts of the world who want to experience the enthralling taste of the island’s life. This has led to the development of the property and tourism industry, scaling at great heights as Reuters had opined last year. The presence of international airports has enabled prompt entry and departure within very short times.

Eating out is a popular pastime among Cypriots, which is not surprising, given the number and variety of local and specialty restaurants available for all tastes and budgets. Traditional taverns, from simple and casual to upmarket rustic, serve local specialties including the sumptuous Cyprus meze, while ethnic restaurants specialize in a choice of foreign cuisines.

When you’re ready for a night in the town, evening entertainment in Cyprus ranges from bouzouki clubs to more international nightclubs with live music, numerous discos, and a variety of bars, usually divided between the modern city centers and the old heart of each town.

Why Cyprus

Reasons for choosing Cyprus

 

  • Population one million.
  • Democratic country with liberal market economy.
  • 10,000 years of valuable ancient history.
  • Big potential opportunities in oil & gas, which is estimated to be enough to support Europe for 100 years.
  • International banking system and an important international business and shipping centre.
  • Full member of the European Union since May 2004.
  • Amazing climate: summer season from April to October. 320 sunny days a year.
  • Crystal clear sea waters and air smelling of flowers. 52 blue flag beaches. Fresh fruits and vegetables all year round.
  • Lowest crime rate in Europe.
  • Almost everybody speaks English.
  • 2 New International Airports (Larnaca and Pafos).
  • 2 Sea Ports (Limassol and Larnaca).
  • Freehold and stable property prices.
  • Strategic location between 3 continents: Europe, Asia and Africa.
  • Easy and fast procedures to register companies.
  • Short distances between towns.
  • International schools, colleges, universities and kindergartens.
  • Tax advantages

Economy & health

Economy & health care

 

The fact that the regulations in the financial sector are becoming more and more complex and are not easy to comply with, doesn’t need any more vivid evidence nowadays. The effective laws on financial supervision and the implementation of the European directive “Markets in Financial Instruments Directive” (MiFID) in Cyprus and Greek legislation do have a major impact in the financial sector. We offer you quality support on various issues in this complicated field ensuring the successful completion of your projects. Our firm has developed a strong practice in banking and finance and has handled a significant number of high-value and profile transactions on asset-backed deals and refinancing.

The attractive tax system of Cyprus, together with its EU accession has helped Cyprus establish itself as an ideal holding company located in the EU. There are over 17,000 foreign companies that currently use Cyprus. Some of the main advantages of the taxation system are:

  • Cyprus’ current tax system is in full compliance with the EU and OECD.
  • Taxable profits of all Cypriot companies are taxed at the rate of 12.5%.
  • Gains from the disposal of securities are tax exempt.
  • Profits earned from a permanent establishment abroad are fully exempt from corporation tax.
  • Dividend income received in Cyprus from a foreign corporation is wholly exempt from taxes in Cyprus.
  • Interest income earned from trading activities, is subject to income tax at 12.5%.
  • No withholding tax on dividends and interest paid to non-residents of Cyprus.
  • Group relief provisions for companies resident in Cyprus.
  • Capital gains are not subject to tax, except on sale of immovable property situated in Cyprus.
  • No Import Tax

Shipping & Energy

Export services & Natural Gas

 

The maritime industry has been one of Cyprus’ most successful export services, with the island considered one of the top global hubs for ship owning and ship management services. Furthermore our integrated maritime cluster comprises of companies involved in marine insurance, equipment suppliers, telecommunications, and ship bunkering. The country is home as well to some of the world’s most influential names in shipping. Today, Cyprus is the largest third-party ship management centre in Europe and the largest crew management centre in the world, while the island’s international ship register is the third largest in Europe and the 10th largest in the world.

In 2011, Cyprus confirmed significant offshore reserves of approximately seven trillion cubic feet of natural gas. These reserves found in Cyprus’s Exclusive Economic Zone (EEZ) give rise to an ambitious energy strategy and create new challenges for our shipping industry. A whole new industry will be established in Cyprus to meet the needs of the offshore activities. It is anticipated that foreign shipping companies will relocate their offices and operations to our island in order to explore the benefits of the emerging East Mediterranean offshore market.