About Cyprus Introduction
Cyprus is an independent, sovereign republic with a presidential system of government and a written constitution which safeguards the rule of law, political stability, human rights and the ownership of private property. Cyprus has become a member of the European Union since 1 May 2004. Cyprus’ accession to the European Union and the introduction of EURO as the local currency, has transformed significantly its economy structure through the structural and economic reforms and created a modern, open and dynamic business environment. Cyprus has successfully faced the challenge of European integration, and has established itself as the natural portal for inward and outward investment between the EU and the rest of the world, particularly the rapidly-growing economies of Russia, Eastern Europe, India and China. Cyprus is a member of the Commonwealth, the Council of Europe, the IMF, the UN, the World Bank and the WTO.
The legal system, modeled on the English common law system, is harmonized with the acquis communautaire of the EU. Cyprus is a signatory to a large number of international conventions and treaties, including an extensive network of double taxation treaties. Cyprus is a low-tax jurisdiction (10% corporate tax) whose fiscal and regulatory regimes are aligned with the EU’s acquis communautaire and Code of Conduct for Business Taxation and the requirements of the OECD, the Financial Action Task Force of the OECD and the Financial Stability Forum. The regulatory framework is designed to maintain the respectable and responsible reputation of Cyprus while allowing businesses to conduct their activities in an environment as free as possible from time-consuming and bureaucratic restrictions.
Cyprus has developed as an international business and financial centre. Cyprus is strategically located in the crossroads of Europe, Asia, Middle East and Africa and offers excellent commercial, banking, legal and taxation infrastructure that constitutes a very business-friendly environment, particularly in the area of taxation.
The legal system, modeled on the English common law system, is harmonized with the acquis communautaire of the EU. Cyprus is a signatory to a large number of international conventions and treaties, including an extensive network of double taxation treaties. Cyprus is a low-tax jurisdiction (10% corporate tax) whose fiscal and regulatory regimes are aligned with the EU’s acquis communautaire and Code of Conduct for Business Taxation and the requirements of the OECD, the Financial Action Task Force of the OECD and the Financial Stability Forum. The regulatory framework is designed to maintain the respectable and responsible reputation of Cyprus while allowing businesses to conduct their activities in an environment as free as possible from time-consuming and bureaucratic restrictions.
Cyprus has developed as an international business and financial centre. Cyprus is strategically located in the crossroads of Europe, Asia, Middle East and Africa and offers excellent commercial, banking, legal and taxation infrastructure that constitutes a very business-friendly environment, particularly in the area of taxation.