CYPRUS
Crossroad of civilizations
The Island’s excellent location between three continents – Asia, Europe and Africa – offers great strategic investment opportunities as it attracts tourism and migration from all over the globe.
Located in the middle of the Eastern Mediterranean Sea, Cyprus’ residents and visitors benefit from the climate’s constant sunshine, stunning sandy beaches around the isle and organic food produce which is complimented by the country’s amazing cuisine which incorporates influences from the Middle East and Western Europe. These are only some of the reasons that Cyprus is one of Europe’s most popular holiday and residency destinations.
With an advanced high-income economy and a very high Human Development Index, the Republic of Cyprus has been a member of the Commonwealth since 1961 and was a founding member of the Non-Aligned Movement until it joined the European Union on May 1st 2004. On January 1st 2008, the republic of Cyprus joined the Eurozone.
The island is divided into 6 districts – Larnaca, Nicosia, Famagusta, Kyreneia, Limassol and Paphos.
Although Nicosia is the Capital and largest city, Larnaca hosts the country’s main and largest airport and second largest port in the Island.
The official language in the island is Greek with English being considered as a 2nd language.
The population is less than a million and the total area of the island is just under 10,000 Km2.
LIVING IN CYPRUS
Best weather in Europe
The Cypriot way of life is very Mediterranean and the weather is too! The all-year round hot weather is another attractive feature of the island.Cyprus has one of the warmest summer and winter climates in the Mediterranean. On average, the annual temperature is between 25°C in the daytime and 15°C in the night. During the summer months, especially July and August, the island gets very hot! With an average coastal temperature of 30°C during the day and 23°C in the evening.
Low cost of living
Overall, the cost of living in Cyprus is fairly low compared to other European countries. Due to being an island and the need for import, there are some things which are more expensive, for example, cars. So this needs to be factored into your budget when thinking about moving to Cyprus. An average cost for a meal for two on the island would set you back around €25-30. If you are a fan of Greek and Middle Eastern food, you will find many traditional tavernas which offer good quality food for reasonable prices.
Low crime rate
Cyprus has been divided since 1974 and despite the tensions between the Turkish Cypriots and the Greek Cypriots, it is still one of the safest European countries to live.
English is widely spoken
The official languages of Cyprus are Greek and Turkish, but English is widely used across the island. All road signs, restaurant menus and Government documents are available in English and as Cypriots learn English in school, there isn’t really a language barrier in the country. Due to many online entrepreneurs moving to Cyprus, the nomad hubs are becoming more multilingual with large numbers of Germans, Scandinavians and Russians all living and working in the country.
Flights to & from Cyprus
It’s easy to access, because there’s direct flights to Cyprus from many different European cities.
TAX REGIME
Corporate Tax
- Corporate tax is charge at a flat rate of 12,5% on the taxable profits of a Cyprus tax resident company.
- Various tax exemptions apply such as:
- Exemptions in respect of dividends received from other companies.
- No tax on capital gains derived from the disposal of securities, provided the disposed company does not hold any immovable property in Cyprus.
- Generally, no withholding taxes on payments from Cyprus.
- Tax relief of foreign tax paid.
- Introduction of Notional Interest Deduction (“NID”) on ‘New Capital’ contributed and paid to Cypriot companies from 2015 onwards.
- Cyprus tax resident companies benefit from Cyprus’ extensive double taxation treaty network with over 43 countries worldwide.
Legal System
Cyprus is a common law jurisdiction. Cypriot law is reliant on precedent extracted from the English common law for stability and finality. The Republic of Cyprus is a democracy with a presidential system of government. The President is elected for 5 years directly by the people in a secret ballot with universal suffrage.
Ownership in Cyprus is safeguarded by the provisions of the Constitution that is the ultimate Law of Cyprus, which establishes the equality of all persons and respect for human rights, including the right to ownership, without discriminations. People residing in Cyprus can enjoy all rights relating to ownership of their property without any interference either from the State or individuals.
All rights associated with immovable property, land surveying, cartography, registration, transfer and mortgage of immovable property, ownership of land, evaluation of immovable property and management of state land are monitored and protected by the Department of Lands and Surveys which is the competent Government Service that provides services related to immovable property in general.