Business in Cyprus

About Cyprus

cyprus-on-worldmap Cyprus is the third largest island in the Mediterranean Sea with an area of 9251 sq. km (about the size of Connecticut, USA). It is located about 200 km northwest of Israel, 380 km north of Egypt, and 800 km east of the Greek mainland. The latitude of Cyprus is 34°,33′ to 35°,34′ North and its longitude is 32°,16′ to 34°,37′ East.

With its sunny climate, beautiful beaches and rich history Cyprus is a prime holiday destination and has extensive tourist facilities to accommodate every taste and budget.

Virtually all major European airlines have daily flights to Larnaca or Paphos (the two Cypriot airports). Visitors can also easily reach Cyprus by boat from Greece, Egypt, Israel and other neighboring countries.

  • Capital: Nicosia
  • Dialing code: +357
  • Currency: Euro
  • Continent: Europe
  • Official languages: Greek

Taxation system advantages

  • Low Corporation Tax 12.5%
  • No withholding tax on dividends paid to non-resident in the Republic
  • Dividend income Received from a company resident in the Republic is not taxable
  • Tax losses can be carried forward against taxable income over a period of five years from the end of the tax year in which they were incurred
  • Gains from the disposal of securities are exempt from taxation
  • Extensive double tax treaties network (including Russia, Ukraine, India, UK etc.)

Other Advantages

  • Advantageous geographical location and time zone
  • Member of the EU since 2004 and Eurozone country since 2008
  • English language is widely spoken
  • International airports serving a high number of international and European airlines
  •  High standard of professional services provided by lawyers, accountants, auditors, tax advisors and bankers