With more than 300 warm, sunny days per year and a short, mild winter punctuated by sporadic showers, Cyprus boasts an almost perfect Mediterranean climate. Perfect for events by the sea.
Cyprus has an excellent commercial foundation thanks to its excellent broadcast communications. The island’s common legal system, which is based on English law, and its unavoidable use of the English language further strengthen its favorable and persuasive business base.
Although Limassol, with its port, and Larnaca, with the main airport, are also important in terms of their business ability, Nicosia, the capital and chief regulatory center, is also the key business city.
Numerous international banks as well as a number of local banks have established offshore financial units on the island and provide various forms of support to foreign or offshore firms. Despite the fact that most distinctions between “offshore” and “inland” were eliminated in 2003, business legislation created excellent offshore systems for a variety of businesses, such as dispatching companies, insurance companies, and “offshore financial service” firms. English trust law is proof that acts for beliefs also occur.
Up until 2003, there was little tax collection on offshore substances, and Cyprus is unique among low-tax countries in that it has tax arrangements with more than 40 countries. These include many Eastern European countries as well as the former CIS, which is why Cyprus has developed particularly strong ties with that region.
The Cypriot Parliament raised the standard enterprise fee rate from 10% to 12.5% in 2013. Despite this, take note that it is now the EU’s lowest organization charge rate (equal to Ireland’s). In addition to a 2% wage charge demand (meant to finance beneficiaries) and an “extraordinary contribution” denoted by a guard, which applies the 12.5% corporate duty rate to the difference between organization profit and premium installments, the rate is applicable to both coastal and offshore organizations. As of 2013, the new system was operational.
