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(Cyprus Taxation) 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.
Cyprus has attracted so much Foreign Capital due to its favourable taxation schemes. There is a 10% corporate tax rate, for all companies, regardless of whether they're local or I.B.C.(International Business Companies). Shipping Companies who own ships registered under the Cypriot Flag enjoy a 0% rate. In the past, Cyprus was an “offshore” zone, and when it entered the European Union, it lobbied to convert the “Offshores” into “International Business Companies”, which enjoy certain privileges
(Cyprus Taxation). The Cyprus Government actively seeks Foreign Investment and Foreign Clients, and thousands of Clients choose Cyprus for their operations.
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