Situated at the crossroads of Europe, Asia and Africa, Cyprus’s geographical location has long been considered as an advantageous gateway in international trade. The strategic position of the island helps to attract over 2.5 million tourists from all over the world each year, making tourism the main industry. In recent years the island has also become a significant hub for financial services, law and international shipping and offers countless investment opportunities. With the discovery of gas fields located of the island’s southern coast, the importance of the island continues to increase.
A low corporate tax rate of 12.5% and double tax treaties with over 48 countries makes the tax system in Cyprus very attractive. The island’s effective and transparent tax system is fully compliant with EU laws and regulations. In addition to this, royalties, dividends and profits from overseas permanent establishments are all exempt from tax, which gives investors an economical advantage on their overseas ventures. Recent amendments to individual tax and property tax have also made the tax system more favorable for both residents and investors.
The Republic of Cyprus became a full member of the European Union in 2004, which in turn launched a new era of economic, political, social and environmental growth. In 2008, the island then joined the European Monetary Union, which enabled investors to freely access the EU market whilst benefiting from lower costs and greater price transparency throughout the Eurozone, thus increasing confidence in the security and reliability of the financial environment. This confidence continues today as Cyprus continues to enjoy growth in numerous sectors.
Cyprus enjoys an advanced and efficient infrastructure. A modern road network ensures transport across the island is simple and fast. International airports in Larnaca and Paphos provide flights to and from Europe and the Middle East, and extensive shipping facilities in Limassol and Larnaca serve the island’s prevalent import and export markets. Substantial investment has been made to advance the technological infrastructure of the island. Cyprus has a well-established telecommunications network, recognized as one of the best in the region
For those lucky enough to reside in Cyprus, a clean and healthy environment is on the top of the list of the benefits of living on the island. Cyprus offers an enviable lifestyle with a high standard of living. An ideal balance of work and family life is unique to the island and ingrained in its culture. A combination of excellent weather, beautiful surroundings, safety and hospitality, make the experience of living on the island one to be desired and enjoyed.