Seeing all of what we’ve mentioned before, there are plenty of reasons to love Cyprus as an investment hub that offers enticing citizenship and residency programs for investors and incredible tax optimization and planning opportunities. Let’s see five reasons why Mundo loves Cyprus:
1) Tax system: A 12.5 % corporate tax rate sounds good to start. But add that there are no taxes on dividends, and profits from disposal of securities, capital gains (under certain conditions), or withholding taxes. Also, acquiring a non-dom status (more on that further down) exempts you from the defense tax. There are low social security contributions, a 50 % tax exemption for five years from the income tax for foreigners, if their personal income tax is above 100,000 EUR) (more on that ahead, too), wonderful tax credits and incentives for new investments and investment funds, and double tax treaties with more than 60 countries. There’s plenty to love in Cyprus.
2) Pro-business government: A left-wing government led Cyprus to the worst economic crisis of its modern history in 2013. After that, a right-wing, pro-business government was elected to rise from the crisis. That’s exactly what they’ve done. When facing a massive debt crisis, increasing taxes is a common temptation, yet the government did the exact opposite. They put plenty of tax incentives on the table and opened the country for investors of all kind, establishing an attractive non-dom status for foreigners, approving tax credits for fund managers, creating citizenship and residence by investment program, and reforming the banking laws so banks could securitize loans, reducing their NPL exponentially.
3) Its population: More than 70 % of Cypriots speak English and 50 % of them hold tertiary qualifications. That means it has an incredibly well-prepared public sector and service providers for those seeking to invest in the country, to obtain tax residency, or seeking fast-track citizenship or residency by investment in Cyprus.
4) Amazing investment opportunities: Cyprus naturally has incredible investment potential. Its location makes it an amazing shipping hub in the Mediterranean. Its beaches and its rich culture and archeological sites make it a great touristic destination. Its pro-business reform and the stimulation of the real estate industry makes it an excellent location for investment funds, banking investment, and other financial services.
5) Low cost of life with superb quality: When compared to the services and the easy life the country offers, its cost of living is among the lowest in the European Union. The country has a modern infrastructure with great telecommunications. All that led Cyprus to be designated the 5th best relocation destination in the world by a Knight Frank report, a leading global real estate consultancy firm. That’s why the country has the second largest percentage of foreigners living in the country in the EU, with almost 20 %.
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