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Cyprus


							
Description
Cyprus is a fabulously beautiful island in the Mediterranean Sea. It’s famous for breathtaking legends and myths, interesting history and marvelous beauty of nature that amazes travelers. The calmness and solitude of villages contrast with modern cities, magnificent hotels of the seaside are replaced by expanses of countryside.

Apart from amazing nature, Cyprus is one of the most popular financial centers in the world that offers various tax and companies formation advantages.
Advantages

  • Cyprus is not an offshore or tax haven. It is European country with flexible taxation.
  • There is nominal service that is widely used in Cyprus. That allows to keep confidential information of Ultimate Beneficiary Owners of the company.
  • The Government of Cyprus makes efforts to keep the image of Cyprus as open and transparent country for international community and first of all, for FATF and OECD.
  • Cyprus is one of the most popular jurisdictions for trusts incorporation.

Taxation

The companies registered after the 1st of January, 2003 are subject to 10 % tax rate of company’s income.

In accordance with Cyprus tax law the following types of income are exempted from taxation:

  • Dividends collected in Cyprus from the foreign companies;
  • Gain from deals with shares and securities;
  • Income from permanent representative office abroad;
  • 50% interest received by the company-resident of Cyprus on provided by the company loan. Exemption would be provided if such activity is not the main business of the company.

According to the legislation, the companies should be considered as resident of Cyprus and their income should be chargeable in Cyprus if company’s administration and control are carried out from the territory of Cyprus.

Annual statements

Every year companies registered in Cyprus have to submit annual account to the Register. It contains information about all shareholders, directors, registered office, share capital and its changes.

In addition, the Cyprian companies have to prepare and render every year financial account certified by auditor to the Central bank and Tax Authority. This requirement applies regardless companies had activities or not. In case of there were no any activity companies should submit dormant account certified by the auditor.

Shares

It is not authorized to issue the bearer shares.

Management of the company

The company shall have the secretary of the company. It can be either person or entity. Moreover, the director of the company should be the resident of Cyprus or the entity registered in Cyprus.

Confidential information

Information is provided only by court decision.

In case the nominees are used the beneficiaries of the company can't be determined.

The public information

Register of shareholders and directors of the company is public.

Permissible activity

The company is allowed to conduct any kinds of activities, except prohibited by the law, however, banking activities, insurance, reinsurance as well as trust services are subject to licensing.

Prohibited activity

It is forbidden to conduct an entrepreneurial activity in the territory of Cyprus and to take up shares of the companies-residents of Cyprus.

Double Tax Treaties

Cyprus had concluded more than 40 agreements of double taxation avoidance, including Russia. The agreement of avoidance of double taxation with Russia is the most favourable, especially with regard to taxation of dividends.

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