The Republic of Cyprus is an independent country located in the southeastern corner of the Mediterranean Sea, very strategically positioned which through years has been coveted by different countries.
In 2004 Cyprus became a full member of the European Unionand adopted the Euro currency in 2008. As a former British colony the Republic has a common law legal system, very similar to the UK legal system, especially in regards to Corporate law. There is also a long-established history for provision of tax planning services which has shaped its tax system in a very favorable way. Despite recent events, specifically the 2013 bail-in imposed by the Eurogroup where the two major Banks in Cyprus (Laiki Bank and Bank of Cyprus) were affected, Cyprus Companies retain the same competitive advantages and attractiveness to investors along with a high-level and professionalism in its banking and corporate services.
Cyprus has a population of around 840,000 habitants and the official languages are Greek and Turkish, English is widely used among the business environment and institutions what it makes very easy for International investors. With the establishment of tens of thousands offshore companies in the island, Cyprus is a well established business and financial centre. This has been achieved mainly because of:
- business-friendly government policy and
- Strict banking secrecy law
- geographic location
- excellent infrastructure
- high standard of living
- tax planning