Business

euroserv vessel 01 300x225The central geographical location in comfortable reach of many countries, the business-friendly legal environment of Cyprus as well as the many international companies being well established in Cyprus provide the start-ups with a lot of business opportunities.

The shipping industry is very well developed, Cyprus has the 3rd largest fleet in Europe, the 10th largest fleet in the world, and Cyprus is the 2nd largest ship management centre in the world.

The tourism industry in Cyprus is very well developed and provides a lot of opportunities for entrepreneurs.

Although temporarily affected by the crises in Europe and Cyprus, the real estate and construction business is still a major industry for Cyprus. Recent real estate investors moved from smaller objects to larger objects.

International trade, whether goods touch Cyprus or not, was and remains an important business sector of Cyprus.

Information and communication technologies became an important driver of productivity, growth and economic performance crossing horizontally all sectors of the economy. The government of Cyprus has identified ICT as one of the country’s priority growth sectors and has developed a Digital Strategy and Action Plan for immediate implementation

Due to the beneficial taxation of profits from intellectual property, software companies moved to Cyprus or opened either subsidiaries or their headquarters in Cyprus.

euroserv-gas-platform 300x225

Cyprus is committed to ensuring the security of its energy supply, protecting the environment, fostering healthy competition in the energy sector and encouraging the development of renewable energy technologies and production. Cyprus also aims to positively contribute to the European energy security of supply.

Cyprus ranks first in the world in solar energy use for water heating in households, and has achieved significant progress in the production of energy from Renewable Energy Sources (RES).

The existence of world-class deep-water natural gas reserves in Cyprus Exclusive Economic Zone (EEZ) has attracted a lot of attention from potential international investors, while bringing new and exciting opportunities to the energy sector itself. With the energy developments
in neighbouring countries, the prospects may be there for Cyprus to become an energy hub in the Eastern Mediterranean.

Presently, exploration licenses have been granted for 6 offshore blocks within Cyprus’ EEZ to 3 internationally renowned oil & gas companies and their partners. The Government of Cyprus is continuing its negotiations concerning the infrastructure requirements necessary for bringing the natural gas onshore for local consumption, as well as liquefaction for export into Europe and other markets.

euroserv cyprus fashion 164x200Being an island state with a relatively small population of about 860.000 people (in the Republic of Cyprus, without the North of Cyprus), the majority of larger business opportunities lays in business with international background.


Euro
serv can help you
to detect appropriate and suitable business areas in Cyprus, and can help you to set up your business. It will be a pleasure for Euroserv to advise you in respect of your planned investments, and Euroserv can arrange meetings with involved public bodies and ministries on the highest appropriate levels.

Please do not hesitate to contact us!
 

Incentives

euroserv cyprus taxes 249x249Cyprus provides with a number of substantial business incentives, mainly consisting of tax-related advantages.

Some key incentives:

  • The general corporate tax rate is 12,5 %.

  • Income from Intellectual Property is taxed effectively with max. 2,5 %.

  • Income from the holding or sales of securities in the widest sense is not taxed.

  • Income from the sales of shares is not taxed.

  • Dividend income of companies is not taxed.

  • Cyprus enjoys low personal income tax rates.
    The annual tax-free threshold for personal income tax is EUR 19.500.
    For salaries exceeding the tax-free threshold, the following rates apply to each income segment:

    Taxable Income (EUR) Tax Rate (%)
    0 - 19.500 0
    19.501 - 28.000 20
    28.001 - 36.300 25
    36.301 - 60.000 30
    > 60,000 35
    Pension from services rendered abroad 5
  • Special incentives for foreigners with a high income:
    Foreigners being resident of Cyprus enjoy 50 % of their salary exempted from personal income tax for the first 5 years, if:
    - they were resident outside of Cyprus before the commencement of the employment,
    - the gross salary is minimum EUR 100.000 annually.
    The other 50 % of the salary is taxed as per normal tax rates and thresholds shown above.
    A sample calculation of an annual gross salary of EUR 120.000 would result in a total personal income tax of only 9,08 %.

  • Non-EU foreigners can obtain a working permit without noteworthy difficulties, if:
    - the employing Cyprus company’s majority shareholders are foreigners,
    - the employing Cyprus company has paid-up capital of at least ER 170.860, and
    - the employing Cyprus companies operates from a fully- fledged office in Cyprus (rented or own property).

  • Rental income from preserved houses and buildings is not taxed (subject to certain conditions).

  • Lump sum payments from life insurances are not taxed.


Euroserv can help you to take utmost advantage of the business incentives of Cyprus, can set up your company if needed through its affiliate Shanda Consult Ltd (www.shandaconsult.com), and can handle the processes of your applications for resident permits and work permits (employment visa or so called “Pink Slip”).

Please do not hesitate to contact us!
 

Get in touch with us: info (at) euroserv. pw  | Tel.: +357 222 72 320