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View Offshore Information by Country/Jurisdiction:

Belize	British Virgin Islands	Cyprus
Delaware Non-Resident LLC	Gibraltar Tax Exempt Company	Gibraltar Non-Resident
Irish Domestic Companies	Isle of Man	Jersey
Liechtenstein Foundations	Luxembourg Holding Company	Netherlands Antilles
Panama	UK Managed Ltd Company	UK Non-Resident LLP

Cyprus - Fact File

Sovereign nation state located in the southeastern part of the Mediterranean. Close ethnic and linguistic ties to Greece. Invaded by Turkey in 1974 resulting in the establishment of the non-UN recognized "Republic of Northern Cyprus". However, it is only Cyprus 'proper' that can afford offshore company/tax-planning opportunities. Capital: Nicosia. Population: 610,000. Size: 2,276 sq., miles. Languages: Greek, Turkish and English. Legal system: Based upon English common law. Economically more developed than Greece, but still poor by Western European standards, Ideal climate.

As a result of Cyprus having been accepted for European Union accession the old style 4.25% corporate tax on companies trading outside of Cyprus has had to be dropped in favour of a harmonised corporate tax rate of 10% for all Cypriot companies whether trading in or outside of Cyprus. Although ostensibly negative in reality the new harmonised tax system will make Cyprus one of the most attractive locations within the new expanded EU with only the Republic of Ireland having a similar universal corporate tax rate of 12.5%.

In addition, Cyprus should no longer be discriminated at a tax treaty level by countries such as the UK, USA, Germany and Canada which previously excluded the 4.25% tax companies from enjoying any double taxation treaty benefits. For those who consider the new tax regime onerous it should be noted that it is also possible to create a tax free Cypriot company by having management and control outside of Cyprus in tax free jurisdiction.

Star Ratings:

• Corporate registration efficiency: 4 / 5
• Cost: 4 / 5
• Confidentiality: 4 / 5
• Local banking facilities: 5 / 5
• Legal system: 4 / 5
• Political stability: 4 / 5
• Reputation: 4 / 5

Tax Planning Credentials

Although losing the old style 4.25% international trading companies Cyprus has deliberately positioned itself to remain an extremely attractive location within the EU. In fact, it could be argued that with a universal 10% tax rate, few restrictions on the export of surplus profits and the eventual benefits of the EU Parent/Subsidiary Directive 90/435 it is even bateau positioned than under the old discriminatory regime.

Companies

For tax planning purposes there are two main types of company the domestic 10% tax company and the special vessel registration company.

Benefits

• Pro-business environment.
• Corporate tax rate of only 10%.
• Excellent tax treaty network with Eastern Europe.
• Will become a full EU member state within the next 2 years.
• Individual tax rates are low by EU standards.
• Has one of the world's largest merchant fleets.
• Capable lawyers and accountants particularly in the field of vessel registration.
• Company law based on that of the UK.
• Virtually all business is conducted in English.
• Excellent communications.
• Company registration procedures are efficient and should take no more than 2-3 weeks.
• Special concessions for those making inward investment.
• Ability to register foreign company branches with the benefit of the 10% % tax provisions on all branch profits.

Double Taxation Treaty Network

Cyprus has over 30 double taxation treaties with many favorable provisions.

Company Incorporation

The basic incorporation package includes all items necessary to establish a basic fiscally beneficial resident or nonresident company:

Incorporation of the company with the payment of all minimum appropriate government duties and stamp duties.

Administration Services

Fully managed Cypriot Offshore Company This service includes the provision of a resident company secretary and professionally qualified individual directors to carry out the required management and control functions. The relationship is governed by a full management agreement with the company benefiting from the Cypriot double taxation treaty network and of course the 10% corporate tax rate.

Cypriot companies can also be managed and controlled outside of Cyprus paying no or little tax depending on the management location. All Cypriot companies must maintain accounts to trial balance and submit such accounts at the end of the fiscal year.

Popular Options

Please note that cypriot companies require local management and accountancy services and can only be supplied by our sister company company, The SCF Group . The SCF Group can provide a wide range of licensed management, legal and accountancy services throughout the world.