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Tax Haven Cyprus

Cyprus is an island in the Mediterranean. Cyprus is by size of the larger islands in the Mediterranean and is close to the neighboring Mediterranean territories of Greece, Lebanon and Turkey. Greek and Turkish are the main language spoken in the island nation. The tax haven of Cyprus is a member of the European Union. The official currency is the Euro. The ax haven of Cyprus is one of the most popular in the European continent. Services offered by the tax haven include financial services such as offshore banking, the formation of offshore trusts, the formation of offshore companies and offshore insurance companies.

The island of Cyprus is one of the main tourist ports in the Mediterranean. Tax haven Cyprus receives over two (2) million visitors each year. People flock to the tax haven to enjoy the Mediterranean Sea and the beaches which can be found on the coastline all across the country. The beaches of Cyprus are perfect for diving and snorkeling or just swimming. Some of the more popular beaches in tax haven Cyprus are Phinikoudes Beach, Pernera Beach and Kapparis Beach. These beaches are easily accessed and are available to the public. Over crowded beaches in the tax haven of Cyprus are unheard of. Restaurants and bars are available.

Cyprus can be considered a low tax haven since the country has a low tax regime in place. The tax have also has a well developed offshore center. Offshore services which can be enjoyed in Cyprus include offshore insurance, the formation of offshore companies, the formation of offshore trusts and offshore banking. The offshore financial sector of the tax haven of Cyprus is heavily used by European business persons or people who simply wish to protect their interests.

The Cyprus offshore company is very popular and is easy to set up. Offshore companies incorporated in tax haven Cyprus can do business anywhere in the world including Cyprus. Companies incorporated in tax haven Cyprus are obligated according to companies’ legislation to pay taxes at a rate of 10%. The company will pay these taxes on the annual profits realized.

Offshore banking is very popular in the tax haven of Cyprus. Like most tax havens offshore banking is protected by banking secrecy laws. Offshore banking is monitored by the Central Bank of the offshore jurisdiction which prohibits the disclosure of information regarding offshore banks. The Central Bank of Cyprus requires that persons associated with offshore banks, (employees, agents and other bank officers). Offshore banking in the tax haven is not taxed and there are many excellent offshore banks in the jurisdiction to do business with. Offshore bank accounts can be established in tax haven Cyprus for companies and individuals. Some of the service which offshore banks registered in the tax haven of Cyprus offer includes credit cards, online banking, and face to face banking among others.

The tax haven of Cyprus is one of the best offshore jurisdictions to be found in the European continent. All offshore entities incorporated in Cyprus must be foreign owned. Offshore entities formed in Cyprus (business companies) cannot do business within the territory or with the residents of the territory. Cyprus as a tax haven does not allow offshore companies and other offshore entities on the tax haven to take loans or borrow capital in any form from local institutions. Offshore Business Company registered in the tax haven of Cyprus must at the end of each financial year submit to the Central Bank of Cyprus its annual audited financial statement.

One of the features of a tax haven is the ability of the jurisdiction to provide its clients with privacy. The tax haven of Cyprus has laws in place which will protect t the privacy of offshore clients in the jurisdiction. For offshore company formation for example the offshore companies’ legislation permits the use of nominee shareholders and nominee directors. This provides privacy for the rightful owners of the Cyprus offshore company since their names will not appear on any public records in the offshore jurisdiction. Cyprus offshore companies must keep a register of its shareholders, directors, secretaries etc. but this does not become part of public records in the jurisdiction.

Cyprus is a dedicated offshore jurisdiction and tax haven. The different offshore business entities and financial services provided in Cyprus helps offshore clients to the tax haven find legal means of investing their capital. The tax haven of Cyprus provides the ways and means of reducing taxes and protecting assets. The tax haven of Cyprus offers offshore investors on the island the chance to apply for a residency permit. Foreigners who choose to operate a local business company or offshore business company on the island can file for a Cypriot residency permit. Cyprus tax haven is very well established with much room for expanding the services presently offered.