Cyprus is known for its favorable business culture which looks inviting for foreign investors. The list of accounting and audit firms in Cyprus offer world class services to businesses and individuals, especially for company formation in Cyprus.
Being one of the popular tourist destinations,Cyprus becomes an ideal place for international firms. It has an advanced economy with a population of about 8.4 lakhs people. The island has high human development index (HDI), and good quality of life style.
So, let’s walk through the major reasons to invest in Cyprus:
Why live and work in Cyprus?
- British Non-EU who wishes to settle in Cyprus can apply for a Temporary Employment and Residence Permit at Migration Department.
- Taxable income up to €19 500
- Top marginal tax rate of 35% (for taxable income in excess of € 65.000)
- The latest personal tax incentive is 50% exemption
- The latest personal tax incentive in Cyprusis 50% exemption. The exemption is valid for five years in scenarios where the annual remuneration crosses €100.000
- Cyprus incorporation laws are quite practical and simpler
Reasons to invest in Cyprus and tax benefits:
- One of the major reasons to invest inCyprusis that, even foreign investors get to leverage the low tax rates just like the local businesses. This makes Cyprus one of the thriving business designations and the most flexible international financial centre.
- The re-domicile procedures to transfer the registration of a business from any foreign country are quite easy and faster in Cyprus. International companies get attracted to the taxation benefits in Cyprus which gives them hope for maximizing profits.
- Cyprus registered companies pay tax at the rate of 12.5% which is the lowest rate in EU.
- There is no tax applied on payments of interest or royalties except intellectual property.
- Cyprus has a total of 62 double tax treaties with different countries.
- Income up to 19500 is not chargeable for tax.