Cyprus, a prime financial business center

A member of the European Union since May 2004, being positioned at the crossroads of Europe, the Middle East and North Africa, along with its top quality telecommunications services, Cyprus is a convenient base for international operations. The political, social and economic stability of the island, all add to its benefits, consequently providing another reason for international companies to carry out their business transactions through Cyprus.

Today, the tertiary (services) sector is considered the backbone of the island’s economy; hence Cyprus has been established as a prime and reputable center for international business and services.

Some of the benefits that Cyprus brings to International Businesses are:

• Favorable tax regime including 12.5% corporation tax
• Simplified administrative procedures for acquiring necessary permits
• Low set up and operating costs
• Highly qualified, well-educated and multilingual labor force
• Double tax treaties with 40 countries
• Freedom of movement of foreign currency
• Efficient legal, accounting and banking services
• European standard of living

The tax legislation in Cyprus contributes to it being a prime financial center, as it maintains one of the lowest and most preferential tax regimes in the European Union.

All the above characteristics accompanied by other advantages such as Cyprus open market economy, heavy investment in education, efficient transit center, and pleasant work environment, make Cyprus an undeniable and prominent force for international enterprise wishing to maintain a springboard to the region.