In recent years Cyprus has evolved into a business hub, mostly because of foreign investments that aid the Country’s growth and call for the operation of different businesses to manage them. Although a small country, Cyprus appears to be a preferable option for investors. The island provides good reasons for investment to both companies and individuals.
Individuals could benefit from investing in Cyprus through the acquisition of Permanent Residency. It can be acquired by investing a minimum of 300,000EUR in Property. The scheme grants the applicant and their family visa-free entry to Cyprus, permanent residency, and the right to reside in the country and open a business. The permanent residency is valid for life but the applicant can also apply for Cypriot citizenship and a passport after 7 years. A point to consider is that Cyprus offers personal tax exemptions for new residents and non-domiciled individuals.
Companies can enjoy a tax system that agrees with EU and international regulation but also provides for one of the lowest corporate income tax rates. Not only is the tax rate low, but there are ways to reduce the tax payable. Cyprus has agreed to more than 60 treaties preventing double taxation. The law also provides for a number of tax exemptions. For example, foreign-sourced dividends, profits of foreign branches, and foreign exchange gains excluding Forex.
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