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THE ADVANTAGES OF CREATING CORPORATIONS AND OTHER LEGAL UNITS IN CYPRUS
- There is no preservation tax on bonus;
- The Profits of partnerships are fully tax excused;
- Where administration and control are outside Cyprus, profits of branches are fully tax exempt
- Tax assumptions include all operating expenses, as well as yearly allowances on set assets;
- There is no property tax on inheritance of shares in a Cyprus company;
- There is no capital gain tax, except on sale of fixed property located in Cyprus;
- There is no stamp duties on contracts entered by entities;
- The Foreign employees of offshore companies are excepted from social insurance contributions;
- Foreign workforce of offshore bodies providing services in Cyprus, are accountable to Cyprus income tax at a rate equal to half the normal Cyprus tax rates;
- Foreign employees of offshore bodies working outside Cyprus, but being paid of foreign funds, submitted through Cyprus are accountable to Cyprus income tax at a rate equal to one-tenth of the normal Cyprus tax rates;
- No import fee for the importation or purchase of cars, office and household equipment (except furniture and air-conditioning equipment) for the use of the offshore body and its foreign workforce;
- Free movable currency accounts (in any currency) may be kept both in Cyprus and abroad;
- No exchange control limitations;
- Work permits for foreign workers and residence permits for their families are willingly acquired.
If you are interested in tax planning, click here for further information and to contact tax Advisors.
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