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Discover Cyprus – Top 10 Good Reasons to Move and Develop Your Business in Cyprus!
1) Ideal Weather: The sub-tropical Mediterranean climate of Cyprus is ideal for anyone who wants to get away from the cold. The sizzling summer is compensated by a large variety of beautiful beaches and despite some rain during the winter season, 5-7 hours of sunshine are assured almost everyday of the year. Forget the cold especially in the southern cities where averages range from 13-27 degrees Celsius all year-round. As a result, the people are very warm and friendly and the food is exceptional.
2) Exceptional Natural Environment: Stunning Scenery, beautiful clean beaches and brilliant golf courses (4 of which are championship standard). Cyprus offers a great variety of natural environments that give way not only for enjoyable breaks but also for developing long-lasting partnerships with clients through sports and team building activities.
3)Blessed Strategic Position and Cultural Heritage: Cyprus’ position, lying on an axis of movement, both north-south and east-west, stands at the crossroads of three continents, Europe, Asia and Africa. This strategic position is great for any business seeking to develop strategic alliances and international trading partnerships. As a result of the small country’s position it has also developed a great cultural heritage which as a result, today, paired with the modern youth offers much in terms of cultural and scenic entertainment.
4) Prosperous and Stable Economy: The Cypriot economy is prosperous and has diversified in recent years offering a great stability in macroeconomic terms. According to the latest IMF estimates, its GDP per capita (adjusted for purchasing power) at 28,381 USD, just above the average of the European Union. Cyprus has also adapted the EU currency since 2008, further simplifying commerce and administration.
5) Professional Services and Qualified Workforce: Cyprus is a destination which greatly covers the demand for professional service in terms of tax, banking and finance to local and international businesses that choose to expand and grow their activity. The country offers a highly qualified and multilingual labor force also for those seeking grow in the services industry.
6) EU Membership: In 2004 Cyprus joined the EU with 9 other countries. As an onshore destination with great tax rates, Cyprus allows for those who register a company in Cyprus to do business in the EU and with other EU countries more easily, quickly and cost effectively. And of course, there are no customs tax is charged on goods that are sold or transported between member states. Being an EU member state, access is possible to ‘European Structural Funds’ for development.
7) Ideal Tax Environment: Not only can the country boast its flat cyprus corporate tax rate at 10% but a great network of double tax treaties. As Cyprus has been busy developing agreements with more than 45 it has achieved great tax sparing advantages as a fully legal EU onshore environment. It’s numerous double tax treaties, aimed successfully at reducing rates for taxes on interest received, on royalties, taxes on dividends and taxes on the sale of shares of subsidiaries, securities and shares. Cyprus is today one of the most favorable countries not only for European member residents but also international businesses to register a Cyprus company and operate a business. Cyprus is also an ideal tax environment for private individuals. On the personal level the Cypriot system has also introduced many allowances which apply to all privates but especially to non-residents in terms of Cyprus personal income tax rates. The Cyprus capital gains taxes arising from the disposal of companies of property within the family are also generally tax exempt. And finally, for business seeking to increase their workforce, with overall costs of approximately 20% of overall salary costs, employee taxes (value paid by employer and employee together) which provide for fully covered social security services are also a strong motivator.
8) Strong Social Insurance and Medical Assistance Advantages: EU retirees are eligible for medical treatment at no cost. EU citizens from other countries who contributed to another EU country’s social security scheme for at least two years are eligible for coverage in Cyprus. Those receiving an invalidity pension or those injured on the job are eligible for free medical treatment. high level medical care is available where facilities are comparable to other industrialised countries.
9) Advanced Telecommunications Network and Infrastructure: The infrastructure of Cyprus is ideally suited for businesspeople who need to get things done. The country has a modern road network, extensive port facilities and two international airports. Travel and transport in Cyprus and internationally between the country and other countries is fast, efficient and economical. Considerable investments have been made for transforming the island into a telecommunications hub in its geographical region. In addition to the seven satellite earth stations which provide satellite communications, Cyprus is connected to a number of advanced technology submarine cables which provide excellent connectivity to Europe, the Middle East and Asia.
10) Low Crime rates and familiar legal system. Cyprus enjoys some of the lowest rates of theft and crime in Europe alongside the colder Denmark and Norway. Due to its British colonization until 1960, Cyprus functions under the common law system. This system is not only more transparent to many businesses and managers who choose Cyprus as their destination for trade but it also offers advantages for the structuring of trust organizations through nominees.