The Republic of Cyprus joined the European Union on 1 May, 2004 and joined the Eurozone on 1 January, 2008.
Soon after independence in 1960 the Republic of Cyprus became a member of the United Nations, the Commonwealth, the Non-Aligned Movement and the Council of Europe. Cyprus subsequently became a member of other international organizations, including the Organization for Security and Cooperation in Europe, and the World Bank.
The country is located in the Mediterranean Sea, a short distance from Lebanon, Syria, Turkey and Egypt. Cyprus enjoys an idyllic Mediterranean lifestyle, beautiful beaches,340 days of sunshine a year and welcoming friendly people in a relaxed environment.
Cyprus offers a high standard of living, modern transport and infrastructure, excellent academic institutions (several accredited European Universities such as British), access to quality medical services, a stable government and a robust legal framework which is based on British law and fully harmonized with EU directives.
The country is ancient with rich history, known as the Jewel of the Mediterranean and the birthplace of Aphrodite, the ancient “Goddess of Love”. Although the official language is Greek and Turkish, English is spoken in all walks of life.
Not only does Cyprus have the lowest and most favorable tax rates in Europe, it also has many tax exemptions for non-residents. Non-residents are only liable to pay taxes in Cyprus for income generated in the country. Moreover, there is no withholding tax on interest income derived in Cyprus or dividends earned in the country. Cyprus has signed a Double taxation treaty with 43 countries to ensure that taxable income derived in Cyprus is credited from the country of tax residence of the individual.
Business and Banking
Cyprus is a favored business destination for international companies for its strategically geographical location between Europe, Middle East and Africa. Cyprus is considered a great hub for offshore banking not only for companies registered in Cyprus but for those which are registered in other tax jurisdictions such as UK, BVI, Seychelles, Belize, etc. The Cypriot banking system has a good understanding of International Trust law and the use of nominee services for those whom wish to have anonymity, privacy and desire the highest level of confidentiality. The Central Bank of Cyprus permits all major currencies to be held and traded in Cyprus.