Why Cyprus is the right place at the right time for investors
Cyprus has a rich history, great climate and outstanding scenery, a veritable Mediterranean haven for holidaymakers. But it is also a significant and growing player on the world economic stage – offering financial and investment opportunities as glowing as its cultural past.
For millennia Cyprus’ strategic position gave it strong trade links to three continents. Its landmass might be traversed in ninety minutes flat, but it has two international airports, two ports and trade, actual or intellectual, is its chief bias. Now it is a service-based economy, but with the vision of the ancient mariners.
The economic future and current commercial possibilities are forged in a dynamic approach that has seen its reputation as an international business hub, with strong competitive advantages, matched by a willing efficient state and legal system that marries with the entrepreneurial instinct and vision of its business sector.
The practicalities of business start-up, growth and continuance are met with a full understanding that a small island can have a definite advantage over bigger European nations with unyielding and unwieldy bureaucratic structures.
The 2013 fiscal crisis in Cyprus, coupled with the 2008 global meltdown, has created an efficient and more mature market that operates with an element of realism. Services are now offered at the right price.
For many foreign investors and residents, Cyprus is the right place at the right time. Cyprus’ highly competitive 12.5% corporation tax and the government’s pro-business approach increased transparency in the legal system which is focused on the removal of internal and international trade barriers, together with a simplified administration have led to strong GDP growth with more forecast.
These incentives, forged in the fires of crisis, have created opportunities and increased activity in all industries from tourism to trade. EU passport holders are entitled to enter, reside, study and work in the European Union, and all countries linked to the European Economic Area. Naturalisation can take as little as three months. With the Cypriot passport being regarded as the ninth best to hold in the world, the reasons for this are manifest in investment potential as well as visa-free travel to almost 170 countries and access to residency in an EU state.
Mutual Trust, part of the Woodbrook Group, originated in the early 1970s as a family vision and, like the Cypriot vision, has grown into a company that serves clients for generations with relevant knowledge and expertise almost anywhere in the world to assist cross-border investment, trade and wealth planning. Its acumen marries the island’s approach. We provide a vast array of corporate solutions for clients, including company regulation, trust formation, investment and wealth planning as well as an accounting, tax and legal services. We help clients to open bank accounts and guide them through the citizenship process.
The majority of our clients are not based in Cyprus but trade through Cyprus globally. So, if you run your business through Cyprus, without ever setting foot on the cleanest beaches in Europe, you can still stand to save a huge amount on your tax bill.
How Cyprus supports investors and incomes
Wide network double tax treaties. Corporation tax 12.5%. EU approved tax regime.
Exemption provisions on income dividends, interest, and sales of security.
Transparent legal, banking and government systems supporting business.
English and Greek national languages. A highly workforce with a global approach.
Excellent infrastructure coupled engagement and provision.
Stable political and social structure focused on long-term, offering short-term gains.
Strong geographical position and second to none.
lifestyle opportunities Michael Doherty is CEO of the Woodbrook Group in Limassol. Tel: +357 25272820 www.woodbrookgroup.com email@example.com