Cyprus

An island in the Mediterranean Sea. After Sicily and Sardinia, Cyprus is the third largest island in the Mediterranean Sea. Although the island is geographically in Asia it is politically a European country and is a member of the European Union.

Cyprus’ climate and natural advantages mean that there is always a steady supply of travellers seeking employment and residency on the island. Perhaps the biggest change that has occurred in recent years has been the accession of Cyprus to the European Union on 1 May 2004, opening up new employment opportunities for European citizens.

Main benefits of a Cyprus IBC:

• European jurisdiction compliant with tax transparency

Cyprus is not referred to as “offshore jurisdiction” or “tax heaven”, since it is an EU company. Cyprus has one of the lowest and one of the most favorable tax regimes in Europe, with its wide network of treaties. Cyprus has more than 40 Double Tax treaties signed with a variety of other countries.

• European VAT number

Cyprus tax resident company can obtain European VAT number, which is essential for trading within EU.

• No minimum or maximum share capital requirement in a private limited liability company:

Recommended share capital is EUR 1000 as a minimum share capital, divided into 1000 (one thousand) ordinary shares of nominal value EUR 1.00 (one euro) each. For higher amounts, a stamp duty of 0.6% applies. For example, if the share capital is €100000, stamp duty of €600 will apply. Share capital can be increased at any time after the incorporation of the company.