Cyprus in Business

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Gateway to 3 continents

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Gas & Oil Reserves

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Excellent Transport System

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Offshore Financial Centre

Welcome to Cyprus!

Whatever the language, you are assured of a very warm welcome in Cyprus.

Cyprus today is firmly established as a reputable international financial centre, the ideal bridge between East and West. Many European, American and Asian enterprises have chosen Cyprus as their headquarters for their international activities. Cyprus is perfectly placed for international business; approximately 4 hours by plane to London and Dubai, 9 hours to Beijing, 5 hours to Mumbai, 3 hours to Moscow, 4 hours to St.Petersburg and 2,5 hours to Kiev.

The Cypriot economy has healthy groundings and its prospects are characterized as extremely positive, a fact that encourages the establishment of foreign enterprises in Cyprus. As EU member, Cyprus offers a unique experience to investors and trading partners. Cyprus has gained this enviable position through its favorable tax system, its strong pro-business attitude, the multi-lingual and highly skilled human capital, its excellent infrastructure facilities and services and its continuously upgrading of the level of energy.

On the taxation side it offers a combination of low corporation tax together with a wide network of double tax returns to investors. At the same time its EU harmonized legislation as well as strong ties with Eastern Europe make it the ideal gateway to European investments.


Business information about Cyprus

The strategic location of Cyprus, at the crossroads of the three continents, makes it a favorable place for both business and pleasure. Being at the heart of busy shipping and air routes has not only made the island a major trading post, but also contributed significantly to its growth as a reputable international business and services centre. There are over 40 direct scheduled and charter flights operating to and from Cyprus through two new international airports in Larnaca and Pafos.

Cyprus boast an excellent highway (motorway) between Paphos and Nicosia and the journey time from Paphos to Nicosia is less than 2 hours. The distance between
Paphos and Larnaca will take 1,5 hour and between Paphos and Limassol  45 minutes. Also, a major road network is about to be created, connecting Paphos and Polis.

The sea ports for travelling or shipping business are located in Limassol and Larnaca.There is also a range of port and marina facilities. The Government of Cyprus has recently given the go-ahead for four new marinas in Limassol, Larnaca, Paphos and Ayia Napa.

Cyprus has an excellent telecommunications system with state-owned company Cyta and a number of private telecommunications companies providing land-lines, cellular services as well as internet connection.

The Banking, Legal and Accounting Services in Cyprus closely follow the British pattern. Many Cypriot Banks have branches or rep offices throughout the world and International Banks also have branches on the island. Non-Cypriot citizens have the privilege to open foreign currency and local deposit accounts very easily.

Major credit cards such Visa, MasterCard and other are widely used. Transactions and payments are simply made through foreign deposit account.

Cyprus has succeeded in differentiating itself from other financial centers. It provides a unique combination of favorable participation exemption provisions on income emanating from international activities, applies a wide network of double tax treaties and zero withholding taxes on any type of payments made anywhere in the world.

The tax system of Cyprus is in full compliance with EU requirements and also within the OECD requirements against harmful tax practices. Our finance specialist can advice you about the tax system.

DOUBLE TAX TREATY NETWORK AND EU DIRECTIVES

Cyprus has an extensive network of Double Taxation Treaties (DTT). Several others are under negotiation. Where there is no DTT, when appropriate a Cyprus company can benefit from the EU Directives to eliminate withholding taxes when collecting income from the EU. Unilateral tax credit on foreign taxes withheld at source is also available.

The Treaty network covers EU, including UK, France, Germany, Austria, Denmark ,Greece, Hungary, Bulgaria, Czech Republic and Slovakia, Poland, Ireland, Malta, Italy, Norway, Romania, Sweden, Russia, (Armenia, Belarus, Kurdistan, Moldova, Tajikistan, Turkmenistan and Ukraine), Yugoslavia (Serbia and Montenegro); USA; China; Canada; Singapore; India; South Africa, as well as Middle East countries such as Egypt, Syria, Kuwait and Qatar.

The legal system in Cyprus is modeled on the British system. EU citizens can now buy more than one property in Cyprus. The Land Registry system is one of the most advanced and reliable systems in the world, being based on the British equivalent. Purchasers of property in Cyprus will be far more secure with regards to matters such as title deeds than they might be in other Mediterranean countries. All legal information regarding the legal procedures associated with purchasing property in Cyprus is available from OTHONOS DEVELOPERS SELLS DEPARTMENT

Compared to many countries Cyprus has flexible property buying procedures. People of Cypriot origin and EU citizens who acquire permanent or temporary permit can register in their name as many properties they want.

A non-EU citizen is entitled to FREEHOLD ownership of a villa, apartment, or a piece of land with maximum allowed extend of 4,000 sq.meters.

Foreign companies can acquire premises for their business or for holiday home for their directors or their foreign employees.

OTHONOS DEVELOPERS will assist you in the process of obtaining a residence permit in Cyprus. As a member of the EU, all citizens of other EU and EEA (European Economic Area) countries do not require a visa to enter Cyprus and have the same rights of residence as Cypriot citizens. They are also entitled to the same conditions of employment and social insurance. EU citizens just have to complete an application form at the immigration office as a matter of formality, before automatically receiving your permit. Applications forms are available from any local immigration office. EU citizens can register as many properties as they wish in their name.

Legal entities established in EU countries that have their headquarters and registered office in Cyprus, do not require permission to buy any immovable property in Cyprus as well as any other legal entities.

The Cyprus government has adopted a range of policies that allow third country/ non - EU individuals and offshore entities to obtain a Residence Permit in Cyprus, a Cyprus Passport (EU) and Citizenship. Buying a home in Cyprus is the key to this. In July 2009 the Department of Interior of Cyprus adopted a new law regarding immigration. The law allows non-EU citizens to apply for, and be granted and immigration permit to those who legally purchase property in Cyprus over €300,000.,/

For detailed information and how Othonos Developers can help you move to Cyprus please, contact us.

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