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In Cyprus
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Cyprus Encouragement Laws
Cyprus tries to encourage investments from foreign investors.
- Among other reasons for the attraction that Cyprus holds for foreign investors are:
- A developed infra-structure including speedy and efficient access to all of Europe, east and west as well as to countries of the Middle East.
- A skilled work force, with a very good command of English.
- A developed scientific and technological infra-structure.
- A low crime rate.
- A low cost of living compared to the West.
- A low rate of corporation tax - 10% and additional tax benefits for investors.
Cyprus Approval of Investments
- As a general rule, there is no upper limit on the financial investment permitted or the percentage of the investment - and the investment may be up to 100% of the total project.
- Nevertheless, a distinction is made between an investment made by companies from the EU and companies that are not from the EU.
- An investment by EU residents:
- An investment is permitted that is up to 100% of the shares in companies that are traded on the Cypriot Stock Exchange.
- Investments of companies investing in banks are allowed up to a maximum of 50%.
- An individual who invests in a bank may acquire only up to 9.9%.
- Investments from non - EU residents:
- In commerce and services, up to a maximum of 49%.
- In industry, up to a maximum of 49%.
- In the services sector, up to 100%.
- Foreign residents may purchase real estate with a maximum area of 2,670 square meters. A special permit is required for a larger area.
- An investment in real estate must be made in foreign currency.
Cyprus Tax Benefits
- Dividends paid by a Cypriot company to a company overseas are exempt from deduction of tax at source.
- Activity in the free trade zone of Larnaca is exempt from customs duties.
- 20% of salaries of non-residents are tax exempt for the first 3 years, up to an annual exemption of CYP 5,000.
- Ships registered under a Cypriot flag have zero tax on profits and dividends received from a ship owning company.
- Capital gain from sale of a Cypriot ship, or sale of shares in a ship owning company are tax exempt.
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