Cyprus as an international financial centre

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	Untitled Document Cyprus as an international financial centre There are a number of reasons which make Cyprus one of the most attractive international financial centres in the world. It is now a member of the EU with the lowest corporate tax rate within the Union. It is an English-speaking country and possesses a wide treaty network which makes Cyprus a favourable tax regime for international investors. The island boasts an excellent professional infrastructure, with international banking facilities and first class legal and accounting services. Undoubtedly Cyprus is an attractive corporate and trust environment for international clients. Potential uses of Cyprus companies As international holding companies, because Cyprus is a member of the EU (and therefore entitled to EC Parent/Subsidiary Directive Relief) dividend income, and capital gains from the sale of shares, are exempt from the 10% Cyprus tax rate no Cyprus withholding taxes on dividends paid to non-residents of Cyprus. As international royalty and finance companies, because Cyprus is a member of the EU (and therefore entitled to the EU directive on interest and royalties) Cyprus taxation on royalty and interest income is favourable. As international trading companies, because the Cyprus tax rate is just 10% under trading sub-contracts, the Cyprus sub-contractor company can pay tax-deductible fees to an offshore contractor company thus minimising the impact of Cyprus taxation in appropriate cases Cyprus companies which are managed and controlled outside Cyprus are exempt from Cyprus taxation. Potential uses of Cyprus trusts Cyprus trusts have such a wide variety of applications that it is impossible to categorise their every use but it is possible to identify some general areas of application. Avoidance of probate procedures and fixed heirship regimes Provision of tax-efficient employee benefits Accumulation of a tax-free gross fund for the benefit of wealthy families Consolidation of assets Succession and tax planning Protection of assets from illegitimate seizure or sequestration Strengthening the claims of offshore residence status for companies through offshore trust ownership of company shares.

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	Click contact name to email Mario Michaels + 357 22 767294 Kiki Eleftheriadou + 357 22 767294 Jordans (Cyprus) Limited Klimentos Tower, Office Suite No 13 41-43 Klimentos Street Nicosia 1061 PO Box 26692 CY1646 Cyprus Tel: +357 22 767 294 Fax: +357 22 767 202 Registered in Cyprus no. 108935

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