CYPRUS REPUBLIC DESK

WHY CYPRUS?

Strategic EU and eurozone location:

As a member of the European Union and the eurozone, Cyprus is the ideal gateway for businesses looking to penetrate new markets and expand into Europe, Africa and the Middle East, and has put in place EU-harmonized legislation and regulation designed to enhance the business opportunities on the island.

Lowest EU corporate tax rate:

Cyprus offers the lowest corporate tax rate in the European Union at 10 per cent, as well as an extensive network of double tax treaties with over 40 countries.

Highly developed international business centre for financial services and corporate formation:

Financial intermediation and related sectors currently account for a quarter of Cyprus’ GDP and the island offers excellent possibilities for low-cost financing of investment transactions and international activities. The island now hosts some 230 000 companies from Cyprus and across the world.

Advanced ICT infrastructure well connected to the international backbone:

With an advanced telecommunications network and excellent regional and global connectivity, served by an extensive submarine fiber optic cable network, and access to major satellite systems, Cyprus is considered one of the most important telecommunication hubs in the Eastern Mediterranean and the Middle East region.

Multilingual and highly educated workforce:

Greek, Turkish and English are almost universally spoken, with English as the primary language of business, while Cyprus ranks among the top countries in the world for University degree holders in relation to the population.

Macroeconomic stability with sustained economic performance:

Cyprus recorded one of the EU’s lowest dips in GDP growth in 2009, with its economy contracting by 1.7 per cent. The island is expected to return to positive growth in 2010.

Reputable international shipping centre:

Cyprus is a highly reputable international shipping centre, ranking among the 10 leading maritime nations in the world; with a merchant fleet exceeding 19 million gross tonnage and about 1000 vessels.

Regional hub for transport and logistics:

Situated at the intersection of major international and regional shipping lanes, granting access to trade routes linking Europe, Asia, the Middle East and Africa, Cyprus’ strategic position, international connections and broad range of top-end facilities give it maximum advantage as a logistics and transshipment hub in the region.

Business friendly, accessible government committed to fostering an open and competitive business environment:

The government’s dynamic pro-business attitude and liberal economic policies means investors are top priority and business decisions are prompt and clear. Cyprus is now one of the most attractive locations for foreign investments in the world, according to UNCTAD.

Cost effective, highly professional location:

With salary levels at around two-thirds to half those in the rest of the eurozone, Cyprus’ excellent work ethic and highly motivated workforce make it a very cost-effective location, and the island’s broad network of highly qualified legal, accounting and banking professionals can provide expert and reliable advice on all aspects of business and commercial law, both local and international.

High standards of living and low daily running costs:

Cyprus offers real quality of life, an excellent range of reasonably priced properties for purchase or rent, top class health facilities and a diverse range of cultural and leisure activities, all at a fraction of the cost in other Western European locations.