Cyprus is one of Europe’s key tax havens and is only a four-hour flight from the UK. It’s a popular destination for those wanting to avoid capital gains tax and is becoming increasingly popular as a home for setting up offshore company structures. One of the key benefits of using a Cyprus offshore company is that Cyprus has double-tax treaties with well over 45 other countries, including most major Western ‘high-tax’ countries and most Central and Eastern European states. This is unusual for a tax haven and means that Cyprus is a very good choice for holding and investment companies. It’s also on the OECD ‘white list’ and has implemented numerous tax information exchange agreements.

Key Features

Cyprus IBC

Corporate Details

General

  • Type of Entity

IBC

  • Type of Law

English Common Law

  • Registered Office in Cyprus

Yes

  • Shelf company availability

Yes

  • Our time to establish a new company

5 Business days

  • Corporate Taxation

10%

  • Access to Double Taxation Treaties

Yes

Share capital or equivalent

  • Standard currency
Euro
  • Permitted currencies
Any
  • Minimum paid up

€1,000

  • Usual authorized

€5,000

Directors

  • Minimum number

1

  • Local required

No

  • Publicly accessible records

Yes

  • Location of meetings

Anywhere

  • Corporate directorship allowed

Yes

Members

  • Minimum number

1

  • Publicly accessible records

Yes

  • Corporate members allowed

Yes

  • Location of meetings

Anywhere

Company Secretary

  • Required

Yes

  • Local or qualified

No

Accounts

  • Requirements to prepare

Yes

  • Audit requirements

Yes

  • Requirements to file accounts

Yes

  • Publicly accessible accounts

No

Other

  • Requirement to file annual return

Yes

  • Migration of domicile permitted

No

Advantages

  1. A great degree of respectability amongst companies registered in other tax incentive or tax haven countries. (Cyprus is not black listed in any country in the world)
  2. Cyprus is not considered to be a tax haven or “laissez faire” country but a tax incentive country
  3. No withholding of tax on dividends
  4. No capital gains tax (except on sale of immovable property situated in Cyprus)
  5. Freely transferable accounts of any currency may be kept either in Cyprus or anywhere abroad without any exchange control restrictions
  6. No exchange control restrictions

Company’s foreign employees working in Cyprus are liable to personal income tax at a rate from 0 to 20% and if working outside Cyprus but receiving their salary through Cyprus at a rate from 0 to 2%