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Cyprus, which is loaded with both natural and man-made wonders, is known for its historic heritage. The beaches, villages, history, mountains, people, and cuisines all are wonderful! The country, which is popular as a tourist destination, attracts a lot of tourists from across the globe each year. In recent times, the country has also become a favorite destination for foreign businesses. Many businesses from around the world have chosen Citizenship by investment in Cyprus – One Visa for this purpose. So, why do businesses choose Cyprus? Let’s see the answer in detail here.
Location
With its position in the Eastern Mediterranean, this island is strategically located at the meeting point of three huge lands – Europe, Asia, and Africa. This gives the country power, making it an important trading port and a reputed global business and/or services center. The vintage location of the country enables it to act as a hub of exchange between the three huge continents, thereby making it easily accessible to the new markets. Furthermore, this placement makes it a running transshipment point which helps make the shipment of goods in and out of EU more efficient.
Advantageous Tax Systems
One of the important factors that businesses consider is the tax system. In this regard, Cyprus boasts an efficient and transparent tax scheme that businesses find attractive. Tax resident businesses especially enjoy the benefits from double taxation treaties with several nations across the globe. Cyprus didn’t stop with just this. They are in talks for novel tax agreements as well, all aiming at enhancing international business collaborations.
If we take a quick look at the country’s tax scheme, we find that it favors several businesses, such as,
- Companies
- Financial centers
- Investment Funds
- Value-chain sectors
- IP companies
Overall, the tax incentives would decrease the cost of running businesses here, and as a business owner, you can enjoy the benefit of competitive pricing and higher profits.
Banking and Services
Cyprus’s banking system is a well-structured one, and can take care of all the diverse needs of both individual and business customers. Here, you can expect the banking system to offer you the services of:
- Assets management
- Loans
- Retail/private/investment banking
- Custodial services
The country also offers some of the best professional services. It is full of highly educated, skilled, and certified accountants and advocates who are always ready to offer their services to you. Their competence levels are further enhanced by multilingualism as most of them can speak the important languages like English, Greek, Turkish and Russian. Thus, businesses can easily access top-level legal and financial services.
Infrastructure
The country has invested considerably in all major business sectors and boasts one of the greatest infrastructures of the world. Sophisticated roads, deep sea ports, international airports, English-based education systems, affordable healthcare, and many others.
So, now we understand why several businesses are choosing Cyprus as their favorite incorporation destination.
