1. European Union Member State
From the 1st of May 2004 Cyprus was accepted as a member of the European Union, fully adopting the Euro as official currency since the 1st January 2008. As a member of the European Union, Cyprus businesses have full access to the EU markets with all privileges entailed.
Cyprus benefits from a long list of double taxation treaties, including a particularly favourable treaty with the Russian Federation, as well as low tax rates. Cyprus investment holding companies enjoy the additional tax advantage of dividend income and profit from the sale of shares being exempt from taxation. Cyprus has no withholding tax imposed on dividend income, interest, or royalty payments effected to non-Cypriot beneficiaries. Profits from oversea establishments are tax exempt.
Cyprus is considered the crossroads between three continents – Europe, Africa and Asia. The island is an ideal investment gateway to the European Union, as well as a portal for investment outside the EU, particularly into the Middle East, India and China. The perfect location for partnerships among the continents, providing the gateway for businesses and investments to reach new markets.
4. Efficient Banking and Professional Services
Banking and professional service sectors are both highly developed in Cyprus. Qualified and well-trained professionals can provide reliable legal and financial advice/services for all aspects of business – both local and international.
5. High Quality of Life
Cyprus provides a wonderful environment and comfortable standard of living. Famous for hospitality with an abundance of arts and culture to explore in the sunshine, from kite surfing in the summer to skiing in the winter you will never grow bored of the island. Known as the 5th safest country in the world, Cyprus is the perfect place for families to reside in safety.
Governments have continued to put in progressive measures for reform and growth that has led to an impressive recovery of the Cypriot economy, achieved much earlier than anticipated. Cyprus constitutes today a success story for the EU, a fact enhanced by continuous upgrades from credit rating agencies, such as Standard & Poor’s, Fitch and Moody’s. By continuing to enhance and develop key economic sectors Cyprus has reinforced its competitiveness as an attractive investment destination.
The maritime industry has been one of Cyprus’s most successful export services, this is evident as today, Cyprus is the largest third-party shipping management centre in Europe, with the largest crew management centre in the world. The island is considered one of the top global hubs for ship owning and ship management services and is home to some of the world’s most influential names in shipping.
8. Foreign Direct Investment (FDI) Ranking
Cyprus has continued to progress in efforts to attract FDI. As a result, Cyprus is currently one of the most attractive locations for FDI, ranked highly among other countries in the world. This high ranking provides clear proof of increased FDI performance as well as potential.
9. Range of Excellent Legal and Accounting Services
Legal framework and accounting in Cyprus are based on English common law principles. The legal and regulatory framework is widely recognised as an effective and business friendly system that ensures reliability and transparency. Cyprus legal system is also fully compliant with the EU, the Financial Action Task Force on Money Laundering (FATF), OECD, FATCA, the Financial Stability Forum laws and regulations and EU AML directives.
10. Advanced Telecommunications Network and Infrastructure
As Cyprus continues to grow, emphasis on the importance of telecommunications has developed. Cyprus is connected to many advanced technology submarine cables which enable high connectivity to Europe, the middle east and Africa. Transportation has also developed, with many modern roads, networks and multipurpose port facilities – establishing Cyprus as a commercial financial centre. The Island also has two international airports allowing one to be in London, Moscow or Dubai in roughly four hours.
As Cyprus continues to develop the island receives a high amount of international interest, currently there is interest in around 30 major developments including housing, golf courses, luxury marinas, education and energy. With a growing number of *projects on the way the government is expecting a 3% growth this year.
12. Expanding Opportunities
The restructuring of Cyprus’ economy is presenting many opportunities and advantages for serious investors who can move in early. Investors can reap the benefits of the efforts made by the government, determined to succeed in regaining the growth of previous years. More work remains to be done, but the remarkable progress made so far, the attractive incentives as well as the ever-expanding opportunities emerging in the wake of the reforms have certainly been recognised by foreign investors.
SkyPrime Group are happy to assist individuals who wish to invest in Cyprus