Cyprus
NEWS
FACT FILE
Location Cyprus is an island in the eastern Mediterranean Sea.
Time Zone Greenwich Mean Time +2.
Population 862,000.
Capital Nicosia.
Airport Larnaca Airport and Pafos Airport.
Language Greek and Turkish are the official languages but English is widely spoken.
Currency Euro as of 1 January 2008.
Dialing Code +357.
Centre's Expertise Financial centre, double tax treaties, tax incentives, lowest tax in EU.
Political System Democratic Republic member of the EU.
Legal System Based on common law and harmonised to Acquis Communautaire.
Personal Income Tax Depending on income. 35% over €60,000. 50% reduction of tax on emoluments of high income non-resident executives taking up employment in Cyprus.
Corporate Income Tax 12.5% on profits.
Exchange Restrictions None.
Tax Treaties For full details, please go to www.ifcreview.com/TIEA
Permitted Currencies Any.
Minimum Authorised Capital No minimum.
Minimum Share Issues One.
Shelf Companies Available.
Incorporation Time Scale Subject to name approval, one to three days with acceleration fee.
Incorporation Fees Depends on the authorised share capital, capital duty applicable at the rate of 0.6%
Annual Fees Annual return filing fee (€17) plus €350 annual levy.
Minimum Number One.
Residency Requirements Resident director advisable for tax purposes.
Corporate Directors Yes.
Meetings/Frequency Annual.
Disclosure There is a public registry but use of nominees possible.
Bearer Shares No.
Minimum Number One.
Public Share Registry There is a public registry and electronic search also available.
Meetings Frequency Annual general meetings or resolutions in lieu of.
Annual Return Yes.
Audit Requirements Yes, small companies – as defined – are exempt.
Registered Office Yes.
Domicile Issues Redomicilation in and out possible.
Company Naming Restrictions Any word that the registrar considers undesirable or that is similar or identical to an existing company name, or that implies illegal activity or royal or government patronage. Any words, among others, which include ‘asset management’, ‘assurance’, ‘bank’, ‘credit’, ‘dealer’ etc.
ARTICLES
Cyprus’ Revamped Citizenship by Investment Programme
  Because Cyprus’ citizenship scheme requires investment only, and no donation to a government fund, the acquisition of citizenship in Cyprus offers the investor exceptional value for money and unprecedented access to Europe (the European Union and E (19/09/2017)
Investment Migration Programs: An Attractive Option in the Age of Fiscal Transparency
  Wealthy individuals are becoming increasingly interested in investment migration programs amid growing security concerns over the automatic exchange of information under the Common Reporting Standard (CRS). (03/09/2017)
Case Study: The Cyprus Citizenship by investment Program
  Martinos Typographos examines the Cyprus Citizenship by Investment offerings in an insightful case study. (01/03/2015)
Cyprus Alternative Investment Funds (AIFs)
  Stelia Korniliou examines the legal, regulatory and operational framework providing for Cyprus Alternative Investment Funds. (01/03/2015)
FATCA and the Cyprus - US Connection
  With FATCA now in force, Emily Yiolitis and Aki Corsoni-Husain highlight how Cyprus complies with the US regulations through the signing of a Model 1 IGA. (01/08/2014)
Steadying the ship of the Cyprus Economy
  Stelios Havatzias examines the successful Cyprus shipping industry, and considers why the jurisdiction has a real reason to feel optimistic amid the negative press of recent times. (01/01/2014)
Cypriot Banking Crisis – Not Applicable to All
  Grant Stein discusses the banking crisis in Cyprus, which unfolded this year, leaving banks in Cyprus greatly exposed to systemic risk with a combination of bad lending and large holdings of Greek sovereign debt. (01/06/2013)
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FURTHER BACKGROUND INFORMATION
  Cyprus Tax Treaties
  Cyprus currently has 51 DTC agreements in place. - read more...
  IFC Invest Cyprus: The Definitive Guide to the Cypriot Financial Sector
  Free digital edition now available. - read more...
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