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Formerly an offshore tax zone, Cyprus negotiated to receive low tax capability for its International Business Companies in order to maintain and attract new clients. As a result of this, Cyprus has the lowest corporate tax rate in the European Union and the lowest non-offshore corporate tax rate in the World. Unlike the other “tax havens” that exist, Cyprus doesn't have the typical negative associations, due to the fact that it is a full member of the European Union. This means that there is a certain level of prestige, stemming from the strict E.U. requirements
(Cyprus taxation).
Many Business Companies decide to base their operations in Cyprus
(Cyprus Taxation), in order to exploit the advantageous tax schemes and stimuli offered by the country's legislation. Income Tax applies the same for Employees of International Business Companies as it does for locals. Income Tax is progressive and ranges from 0% for incomes until 19 500 euros, 20%for incomes until 28 600, 25%for incomes until 36.300 euros, and 30% for incomes above 36.300. Expatriate workers may be charged on incomes received abroad depending on circumstances, but are subject to tax on incomes received only in Cyprus, once they receive “permanent resident” status. In order to receive Permanent Resident Status, one must live for 180 tax days in Cyprus
(Cyprus Taxation).
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