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| Cyprus has long established its reputation as a tax haven. Cyprus ' miraculous transformation from an underdeveloped country that suffered from decades of internal strife and invasion, resulting in part of its territory being occupied, to a high income country, was largely stimulated by its burgeoning services sector. Cyprus is a member of the European Union, and has been given excellent credit ratings, e.g. A+ by Standard and Poor. Despite the Global Financial Crisis, Cyprus ' economy remains stable, with an enviable 2% growth forecast in 2009. In the past, Cyprus was an offshore tax-zone
(Cyprus taxation). Since 2004, Cyprus is a member of the European Union. Entry to the E.U. also added prestige to the image of the Cypriot financial sector.
Due to the “special” relationship of the country's economy with the offshore finance sector, a compromise was worked out during negotiations with the E.U., in order to allow Cyprus to maintain a low tax rate. Cyprus has the lowest rate that is not offshore. The standard corporate tax rate of 10% (0% for shipping companies, and 4.25% for maritime management companies) is the lowest in the European Union (Cyprus taxation), and the lowest non-offshore corporate tax rate in the world. This means that Cyprus attracts various International Customers, particularly from the E.U., former USSR , and Middle East . Taxation in Cyprus may depend on your “Residence” status on the island (Cyprus taxation) . A permanent resident in Cyprus is deemed as one who has been physically present there for at least 180 days out of the total days of a given year. Permanent Residence is usually the prerequisite to be allowed Full Employment Rights, for Citizens of Third Companies. Remember that citizens of E.U. member states enjoy the same rights as Cypriots. Ordinary Residents are residents who live partially in Cyprus , and partially abroad. Temporary residents are ones who have come to Cyprus for a period of less than 6 months, and are exempt from tax income derived in their country. GLOBAL EYE PROFESSIONAL ADVISORS LTD is the foremost name for incorporation and management of international business enterprises. With our international network of experienced accountants, consultants, tax specialists, and other professionals you can be assured the best the OFFSHORE WORLD has to offer along with expert tax and legal advice! click here to enter our web site |
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