Tax Planning in Cyprus

THE ADVANTAGES OF CREATING CORPORATIONS AND OTHER LEGAL UNITS IN CYPRUS

 - There is no preservation tax on bonus;

 - The Profits of partnerships are fully tax excused;

 - Where administration and control are outside Cyprus, profits of branches are fully tax exempt

 - Tax assumptions include all operating expenses, as well as yearly allowances on set assets;

 - There is no property tax on inheritance of shares in a Cyprus company;

 - There is no capital gain tax, except on sale of fixed property located in Cyprus;

 - There is no stamp duties on contracts entered by entities;

 - The Foreign employees of offshore companies are excepted from social insurance contributions;

 - Foreign workforce of offshore bodies providing services in Cyprus, are accountable to Cyprus income tax at a rate equal to half the normal Cyprus tax rates;

 - Foreign employees of offshore bodies working outside Cyprus, but being paid of foreign funds, submitted through Cyprus are accountable to Cyprus income tax at a rate equal to one-tenth of the normal Cyprus tax rates;

 - No import fee for the importation or purchase of cars, office and household equipment (except furniture and air-conditioning equipment) for the use of the offshore body and its foreign workforce;

 - Free moveable currency accounts (in any currency) may be kept both in Cyprus and abroad;

 - No exchange control limitations;

 - Work permits for foreign workers and residence permits for their families are willingly acquired.

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