Tax Planning

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.

Michael Chambers & Co. LLC.