Since its accession in the EU in 2004, Cyprus has enhanced the already significant influence the country has as an International Financial Centre. Cyprus is a well-respected and reputable International Financial Center with a strategic location, an advanced infrastructure, a business orientated environment and a legal system fully compliant with International Laws and Regulations.
With the enactment of its New Tax Legislation on 1 January 2003 (including 3 amending laws, the last one in November 2004) and the abolition of the “offshore regime”, Cyprus has put a simplified, effective and transparent tax system in place that is fully EU, OECD, FATF and FSF compliant. The result is a stable EU, “non-offshore” tax-competitive jurisdiction with advantageous tax planning potential for EU and non-EU Clients alike.
Its modern and competitive tax regime together with its extensive double tax treaty network, have established Cyprus as the ideal gateway location for EU inbound and outbound investment. This complements the already developed and strong political and economic relations with the Central and East Europe (CEE) countries, Russia and other markets such as India and China.
Cyprus thus offers a unique business opportunity to investors and trading partners. The strong pro-business attitude, the multi-lingual and highly skilled human capital, the fully restructured and recapitalized banking sector and the state-of-art telecommunications infrastructure have preserved the island’s position as one of the most efficient and successful business locations in Europe and differentiate it from other financial centers.