Cyprus is a beautiful island situated in the Mediterranean Sea at the intersection of Europe, Asia, and Africa that affords an ideal temperate climate along with scenic beaches, landscapes, and historical sites. It is a member of the European Union since 2004 and is also a member of the Eurozone benefitting from all the advantages that such memberships entail. Cyprus is also part of the Single Market, the world's most highly developed and open marketplace. It ranks 11th on the List of International Naval Capacity worldwide while it places 4th amongst European countries establishing the Republic of Cyprus as a maritime power. Further, the passport of the Republic of Cyprus ranks 8th on the Passport Power Index. The island has experienced a high level of economic growth in recent years with statistics and future projections showcasing a continuous and steady increase in the years to come.
Cypriot people pride themselves on their hospitality and friendliness while the Cypriot culture and customs are sure to make any visitor feel at home. Having the highest percentage of University graduates in Europe along with an excellent infrastructure and education system means that highly specialized human capital is available in large numbers. All the above have established Cyprus as a favorable location for investment and residence as it offers an idyllic equilibrium between prosperous returns on investments and a safe and stable environment to reside and/or raise a family. Whatever the reason that has drawn you to Cyprus may be, we at Roxana Pars look forward to assisting you with a high level of professionalism, integrity and commitment in all your endeavors from our offices in Cyprus and Iran.
The people of Cyprus are nice and warm
Good and warm People
The people of Cyprus are known to be very friendly and accommodating to foreign nationals living on the island. Cypriots are very loyal and have a love for food, traditions and their cultural heritage.
Low crime rate, Is Cyprus safe?
Low Crime Rate
Yes, even though 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.
According to Numbeo, there is a significant low crime rate on the island compared with other European countries and high safety rates.
English is widely spoken
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. This means you often hear a lot of different languages, especially across the entrepreneurial hotspots of the island and during networking meetups.
Tax havens are known to grant nationals an opportunity to pay a lower rate of tax compared to what they would in their native countries. And Cyprus could probably highly beneficial compared to other countries when it comes to the overall tax pressure. Becoming a hub for business and finance has always been a priority for Cyprus, especially since the countries divide in 1974. The country still relies heavily on its tourism industry, though the country offers an attractive tax incentive for entrepreneurs from around the world.
There have been many changes in the Cypriot tax structure over the years. However, there are still many benefits of being tax registered in the country.
The corporate tax rate is currently at 12.5% and applies to all Cypriot resident companies. But there are some exemptions. Dividend income, interest income, excluding income derived from the business, and foreign exchange gains (with some restrictions) are exempt from corporate tax. Like many other countries, there are also deductible expenses including interests acquired and business expenditures.
With regards to personal income tax, dividends and interest income are also exempt from the personal income tax in Cyprus. However, to be eligible for tax residency in the country, you have to spend more than 183 days in Cyprus to be granted the tax resident status. Nevertheless, there are other ways to gain Cypriot tax residency status, for example, owning or maintaining a property on the island. The standard VAT rate in Cyprus is 12%, yet reductions to 9% and 5% are applicable in some cases. Another benefit of Cyprus is their personal information safeguarding laws. Personal information and details are only shared with local banks when you open an account. These banks are not obliged to share this information with any third parties or organizations outside of Cyprus.