Cyprus is situated in the eastern Mediterranean at the cross-roads of three continents – Europe, Asia and Africa. It covers an area of 9251 sq. km. Its climate is warm with about 340 sunny days a year and a light rainy season between November and March. The population is estimated at 800.000 and the capital is Nicosia.
The official languages are Greek, Turkish and English, with the latter being widely spoken by most of the population and in commercial and government sectors as well. The island is served by two international airports, the main one in Larnaka and the second in Paphos.
An independent republic since 1960 and a member state of European Union, Cyprus has a relatively high standard of living with a per capita income in excess of US$40.000 at the end of 2021. The legal system is based on English law and has been amended to incorporate European Union Directives.
Τhe island has excellent telecommunications and banking facilities that are made available through banking units and specialized financial institutions operating on the island.
A favourable tax regime is available to the international investor. The following are some of the provisions of the Tax legislation:
o Corporation tax at 12.5%
o Investment income from dividends and profit on sale of securities is exempt from tax
o Dividends from Cyprus companies to non-resident shareholders are free from any withholding tax
o Carrying forward of tax losses and setting-off against future profits
o Group relief provisions
In addition, Cyprus maintains an extensive network of double tax treaties with over 63 countries worldwide and negotiations are underway to conclude treaties with a number of other countries.
Over the years, Cyprus has developed into an important financial center and is the natural choice for international business.
