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LATEST NEWS
14-07-2009
Tax Havens Buck European Property Slump 20-04-2009
Cyprus is Europe’s most attractive tax regime, survey finds 20-04-2009
Bank secrecy jurisdictions pledge to cooperate on tax data exchange
Government DepartmentsTax Havens Buck European Property Slump 20-04-2009
Cyprus is Europe’s most attractive tax regime, survey finds 20-04-2009
Bank secrecy jurisdictions pledge to cooperate on tax data exchange
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Cyprus
Physical Facts |
|
| Population: | 792,604 |
| Location: | Mediterranean sea island, south east of Turkey |
| Area: | 9250 sq km |
| Climate: | Mediterranean climate. Long hot sunny summers, cool , wet winters |
| Transport | Airports, roads and ports |
| International Direct Dialling prefix: | 00 357 |
| Internet Country Code | .ci |
| Time difference on GMT: | + 2 |
Administrative Facts: |
|
| Status: | Republic |
| Government: | Parliamentary (Greek Cypriot) |
| Legal System: | Based on English common law, with civil law modifications; Supreme Court |
| International Court Jurisdiction: | Accepts compulsory ICJ jurisdiction, with reservations |
| Language: | Greek, Turkish, English |
| Education system: | Free state education available until age 18. Compulsory from age 3 years 8 months (nursery) until age 15. System follows the Greek education system. There are 3 Universities and also higher level technical colleges. Private schooling available in Greek, English and French. Also a number of private tertiary colleges regulated by the department of education. |
| UK Embassy: | 93 Park Street, London W1K 7ET Tel: 020 7499 8272 Fax: 020 7491 0691 |
| Residency/Working Requirements: | Those wishing to enter and reside in Cyprus must be able to prove a certain level of net worth and/or that they will not negatively affect the economy of the republic. |
Fiscal Facts |
|
| Legal tender & currency: | Euro |
| VAT: | Non on luxury yachts berthed 6+ months. 15% Standard rate on most goods and services. Reduced rate on catering, accommodation and travel services (5-8%) |
| Banking: | Local and national |
| Annual Government Revenue: | $11.33 billion (2008 est.) |
| Annual Government Expenditure: | $11.2 billion (2008 est.) |
| GDP: | US $ 21277 million (world bank 2007) |
| Financial Services Regulation: | The Central Bank of Cyprus (Bank) Superintendent of Insurance at the Ministry of Finance. Cyprus Securities and Exchange Commission. |
| Financial Services Regulation Contact Details: | Cyprus Securities and Exchange Commission 32 Stasikratous street, 4th Floor P.O. Box 24996 CY - 1306 Nicosia CYPRUS TEL: (357) 22 875 475 Fax: (357) 22 754 671 |
Tax Facts |
|
| General: | Member of EU information sharing provision |
| Corporate Tax: | !0% corporate tax rate. 2% levy on wage bills. Also a special contribution levy for defence. Equivalent of 10% tax on inter-company dividends and interest payments |
| Individual – resident: | Residence defined as 183 days in a tax year. Tax on world wide income |
| Individual – non-resident: | Tax only on certain types of income arising in Cyprus. |
Featured Provider Title of Cyprus
Featured Provider Content of Jurisdiction 15
Featured Provider Content of Jurisdiction 15
Featured Provider Content of Jurisdiction 15
Featured Provider Content of Jurisdiction 15
