International Finance Corporation A Member Of The World Bank Group Company Incorporation in Cyprus – Advantages of Offshore Company in Cyprus

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Company Incorporation in Cyprus – Advantages of Offshore Company in Cyprus

Under the new law, worldwide income taxation of foreign-controlled Cypriot offshore companies will no longer depend on where they are registered but where they are managed and controlled.

As a full member of the European Union, Cyprus offers a secure and well-regulated financial environment for international clients. Cyprus, by virtue of its highly favorable tax system, has emerged as the most favored jurisdiction in Europe for conducting international business. This coupled with the added advantage of EU Membership rightly justifies the World Bank’s characterization of Cyprus as a regional “miracle”.

Cyprus imposes the second lowest tax rates on individuals and the lowest taxes on corporate profits among euro area countries, according to data published by Eurostat. The maximum tax rate for individuals in Cyprus is 30%, while the average in the Eurozone is 42.4% and 37.5% in the EU. Regarding the tax on company profits, the rate in Cyprus is 10%, while the average in the Eurozone is 25.7% and in the EU 23.2%. In addition, Cyprus is one of the most profitable places of residence for Russian and Ukrainian companies.

It also offers a high level of banking, auditing, accounting and legal services, which has developed Cyprus into a successful international business and financial center. Companies registered in Cyprus but managed and controlled from abroad, will only be taxed in Cyprus on income generated in Cyprus.

Offshore companies in Cyprus will enjoy tax exemption on foreign dividends and interest and income from any permanent establishment abroad, as well as all foreign tax credits and offsets incurred overseas. They will not be entitled to benefits under the double taxation agreement, but will not be subject to the exchange of information regulations under the agreement. So an offshore company in Cyprus can be called an international business company today.

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