The TOP-5 reasons that motivate contemporary businesspeople to focus on Cyprus include the following:
- Corporate income taxes are low
The low corporate tax rate is one of the most alluring factors for many businesses to “migrate” to Cyprus.
Being one of the “Lowest Corporate Tax Rates in the EU,” the company tax rate is set at 12.5%.
Profits covered by the regime are exempt from taxes to the extent of 80%. In other words, this might lead to an effective tax rate of just 2.5% at a corporation tax rate of 12.5%.
The advantages extend beyond a low corporation tax rate.
Additional tax advantages include: 0% dividend tax; 0% inheritance, wealth, and gift taxes; and a minimum taxable income of 19,500 euros per year.
Foreign professionals moving to Cyprus are eligible for a 50% income tax credit once their annual salary reaches €55,000.
- Cyprus’s ease of starting and operating a business
Cyprus’s corporation law governs simplified, quick, easy processes for starting or transferring a firm and does not necessitate an establishment on the island. Remote incorporation is possible in Cyprus.
In addition, English is the primary working language of the majority of Cyprus-based businesses. Hence, you won’t encounter any language difficulties.
- Selective location
Cyprus is adjacent to trade routes that connect these continents and is situated at the intersection of Europe, Asia, and Africa.
This island’s geography gives it a prime strategic location for conducting business close to three separate continents.
- Reduced operating costs without compromising quality
Cyprus can be 15-20% less expensive for high-quality business and high-quality living than other EU nations.
Your company will be able to minimize costs without compromising quality by moving to Cyprus. This can increase both your and your company’s profits by twofold when combined with Cyprus’ low taxes.
- Cyprus makes it simple to balance work and family life
Cyprus is the ideal location for both your family and your company relocation.
Cyprus boasts one of the most favourable climates in the Mediterranean region. Having the ability to conduct business in a comfortable setting can be one of the advantages of bringing your company to Cyprus. Cyprus is ranked first among the safest nations with fewer than 5 million residents. One of the top private education sectors in Europe that offer English-language programs is found in Cyprus. Free healthcare is offered by a first-rate healthcare system. Affordable residential properties can be found throughout the real estate market, from opulent high-rise apartments to coastal villas.
The advantages mentioned above are just a few of the many that make Cyprus so appealing for business; there are many more.