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Geopolitical stability and business friendly government

Advantages & opportunities to investing offshore via Cyprus (EU):

Cyprus Interior

Cyprus is a liberal open market economy, with great flexibility for conducting business and a system set up for encouraging foreign investment. The country revised its policy on foreign direct investment almost two decades ago, permitting 100% foreign ownership in certain cases. Regulations on foreign portfolio investment in the Cyprus Stock Exchange have been liberalised. Additionally, Cyprus passed a modern banking law, incorporating all the provisions and directives of the EU for the prudential supervision of credit institutions. Business growth is facilitated by a relatively transparent and efficient regulatory framework. The financial sector has also become more open and efficient with strict but sensible supervision, and the government has taken measures to improve its public finance.

The country's legal system is based on the constitution of 1960. Unicameral House of Representatives elected for a five-year term by direct universal suffrage; at present, only 56 members sit in the legislature; an additional three special representatives of the Maronite and Armenian minorities are elected in a separate vote. Head of State in Cyprus is a directly elected president with executive powers, who serves a five-year term. The Republic of Cyprus; the internationally recognised government of the island, but its writ does not run in the unrecognised north. All references to Cyprus refer to the area controlled by the Republic of Cyprus.

Cyprus Exterior – Europe & Global

"Cyprus has very healthy geopolitical relationships with countries in the region; EU, Europe, Russia and CIS, Middle East, North Africa, as well as with many more around the world, such as the USA, Australia, Canada, India, and China. This includes many bilateral and economical agreements."

Cyprus has been a full European Union member state since 2004 and in the euro zone since 2008, whilst enjoying excellent geopolitical relationships with neighbouring countries in the Middle East and North Africa (Arab and Israeli), as well as Eastern European countries, Russia and CIS. Indeed, it is these healthy relationships and close connections that make Cyprus such a popular destination for investment, trade, professional services, business, and tourism, whilst allowing the country to thrive economically. Bilateral relations with nations further away are also very healthy, such as with the USA, Canada, Australia, South Africa, India and the People's Republic of China, among others.

Over the last decade, Cyprus has successfully completed a programme of reforming financial sector legislation in line with international best practice and has implemented a simplified, effective and transparent tax system which is fully compliant with the EU, Organisation for Economic Co-operation and Development (OECD), Financial Action Task Force (FATF), and Financial Stability Forum (FSF). Since EU accession, Cyprus has harmonised local regulations to the Acquis Communautaire, allowing the country to further develop as a key financial and fund centre.

Cyprus has concluded double taxation treaties
Cyprus has concluded double taxation treaties with over 50 countries, including the China, Canada, India, Ireland, EU countries, Japan, Russia and CIS, Singapore, South Africa, the UAE, USA, and the UK, among others, whilst negotiations are underway with a further 40 countries. Indeed, this extensive list of double tax treaties (and still more to come) is the one of the key tax advantages to registering a company in Cyprus.

Below is a list of Cyprus Double Taxation Treaties and each treaties date of application:

Country

Date of signature tax treaty/protocol

Date of when tax treaty came into force

Date of when the tax treaty was published in the official
Republic of Cyprus Gazette (Number and date)

Austria

20 Mar 1990

10 Nov 1990

2500 27 Apr 1990

Bulgaria

30 Oct 2000

3 Jan 2001

3461 30 Dec 2000

Belarus

29 May 1998

12 Feb 1999

3273 9 Oct 1998

Belgium

14 May 1996

8 Dec1999

3365 19 Nov 1999

Canada

2 May 1984

3 Sep1985

2053 31 May 1985

China

25 Oct1990

5 Oct 1991

2578 22 Feb 1991

Denmark
Treaty
Notes
New Agreement

26 May 1981
11 Oct 2010

10 Aug 1981
10 Apr 1982

1704 17 Jul 1981
2034 24 Sep 1982

Egypt

18 Dec1993

14 Mar1995

2865 11 Mar 1994

France

18 Dec1981

1 April 1983

1468 9 Jul 1982

Germany
(new Agreement)

9 May 1974
18 Feb 2011

11 Oct 1977
2011

1199 27 Jun 1975

2011

Greece

30 Mar1968

16 Jan 1969

651 10 May 1968

Hungary

30 Nov1981

24 Nov 1982

862 7 May 1982

India

13 Jun 1994

21 Dec 1994

2921 4 Nov 1994

Ireland

24 Sep1968

12 Jul1970

726 19 May 1969

Italy
Treaty
Protocol
(Additional Protocol)

24 April 1974
7 Oct 1980
4 Jun 2009

9 June 1983

1586 5 Sep 1980
4 Jun 1982
4125 4 Jun 2010

Kuwait
(New Agreement)

15 Dec 1984
5 Oct 2010

25 Sep 1986

2026 18 Jan 1985

Lebanon

18 Feb 2003

14 Apr 2005

3976 8 Apr 2005

Malta

22 Oct 1993

11 Aug 1994

2860 25 Feb 1994

Mauritius

21 Jan 2000

12 Jun 2000

3410 2 Jun 2000

Norway

2 May 1951

1 Jan 1955

11 Jun 1956

Poland

4 Jun 1992

9 Jul 1993

2735 4 Sep1992

Romania

16 Nov 1981

8 Nov 1982

1757 26 Feb 1982

Russia
(Amendment Protocol)

5 Dec1998
7 Nov 2010

17 Aug 1999

3306 26 Feb 1999

South Africa

26 Nov 1997

8 Dec1998

3214 16 Jan 1998

Sweden

22 Oct 1988

14 Nov1989

2377 20 Jan 1989

Syria

15 Mar 1992

22 Feb 1995

2863 4 Mar 1994

Singapore

24 Nov 2000

8 Feb 2001

3641 30 Dec 2000

Thailand

27 Oct 1998

4 April 2000

3394 17 Mar 2000

United Kingdom
Treaty
Protocol

20 Jun1974
2 Apr 1980

1 Nov1974

1107 5 Jul 1974

USA

19 Mar 1984

31 Dec 1985

1944 4 April 1984

Serbia*

29 Jun1985

8 Sep1986

2073 23 Aug1985

Montenegro*

29 Jun1985

5 Nov 2008

2073 23 Aug1985

Slovenia*
(New Agreement)

29 Jun1985
12 Oct 2010

8 Sep 1986

2073 23 Aug1985

Slovakia**

15 April 1980

30 Dec 1980

1599 3 May1980

Czech Republic**
(new
agreement)

15 April1980
28 April 2009

30 Dec 1980
26 Nov 2009

1599 3 May1980
4114 13 Nov 2009

Azerbaijan***

29 Oct 1982

26 Aug 1983

26 Nov 1982

Armenia

17 Jan 2011

Pending

Pending

Kyrgyzstan***

29 Oct 1982

26 Aug 1983

26 Nov 1982

Moldavia

28 Jan 2008

03 Sept 2008

4098 29 Aug 2008

Tanzikistan***

29 Oct 1982

26 Aug 1983

26 Nov 1982

Uzbekistan***

29 Oct 1982

26 Aug 1983

26 Nov 1982

Ukraine***

29 Oct 1982

26 Aug 1983

26 Nov 1982

Seychelles

28 Jun 2006

27 Oct 2006

25 Oct 2006

San Marino

27 April 2007

18 July 2007

4088 13 July 2007

Qatar

11 Nov 2008

20 Mar 2009

4099 14 Nov 2008

United Arab Emirates

27 Feb 2011

Pending

Pending


Notes:
* The treaty between Cyprus and the Socialist Federal Republic of Yugoslavia is still in force.
** The treaty between Cyprus and the Czechoslovak Socialist Republic is still in force. The said treaty has ceased to apply between Cyprus and Chech Republic as from 1.1.2010, date of application of the provision of the new agreement.
***The treaty between Cyprus and the Union of Soviet Socialist Republics is still in force.


Full explanations for Double tax treaties with Cyprus can be found at the Cyprus Ministry of Finance, click here
with over 50 countries, including the USA, UK, Canada, India, Ireland, EU countries, Russia, CIS, Singapore, Japan, China, South Africa and the UAE, among others, whilst negotiations are underway with a further 40 countries. Cyprus has also signed agreements on the promotion and protection of investments with over 20 other countries. These bilateral agreements contain guarantees against discriminatory treatment, safeguards for the repatriation of capital and profits in a freely convertible currency and compensation provisions in the event that property is expropriated, among other clauses. Countries with which Cyprus has such agreements include: Armenia, Belgium/Luxembourg, Bulgaria, Czech Republic, China, Egypt, Greece, Hungary, India, Israel, Lebanon, Libya, Malta, Moldova, Poland, Romania, San Marino, Seychelles, Serbia and Montenegro, and Syria. In addition, the Cyprus Securities and Exchange Commission has signed a Multilateral Memorandum of Understanding with the regulatory authorities of the European Community Member States through the Committee of the European Securities Regulators. Bilateral MoUs also exist between Cyprus and many other countries.
The Cyprus Securities and Exchange Commission has signed a Multilateral Memorandum of Understanding with the regulatory authorities of the European Community Member States through the Committee of the European Securities Regulators. Bilateral MoUs also exist between Cyprus and the following national organisations:
  • Australian Securities & Investments Commission
  • Austrian Securities Authority
  • Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)-Germany
  • Bulgarian Financial Supervision Commission
  • Comissão do Mercado de Valores Mobiliários-Portugal
  • Czech Securities Commission
  • Egypt Capital Market Authority
  • Hellenic Republic Capital Market Commission
  • Hungarian Financial Supervisory Authority
  • Isle of Man Financial Supervision Commission
  • Israel Securities Authority
  • Jersey Financial Services Commission
  • Malta Stock Exchange
  • Polish Securities and Exchange Commission
  • Romanian National Securities Commission
  • Slovak Republic Financial Market Authority
  • Dubai Financial Services Authority
  • Federal Financial Markets Service of Russia


Memberships. Cyprus is a full member of the following major international organisations:
  • European Union (2004) and Eurozone (2008)
  • The Council of Europe (1961)
  • United Nations (1960)
  • The World Trade Organisation (1995)
  • The World Bank (1962)
  • The Commonwealth (1961)
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Advantages & opportunities to investing offshore via Cyprus (EU):
Cyprus: EU, Eurozone & Commonwealth | Ideal Geographical location for investment services | Geopolitical stability & business friendly Government | Macroeconomic resilience & growth | Well developed infrastructure for investment services | Restructured Cypriot banking sector | Most favourable tax planning system in the EU | Cyprus International Business Company (IBC)