#1 Cyprus offshore by BalticLegal 22.10.2022 22:26

Cyprus is an island country in the eastern Mediterranean. It is best known for its sunny beaches and stunning mountain ranges. Most of Cyprus' income comes from tourism, the export of goods and the sale of real estate. The main languages ​​in Cyprus are Greek and Turkish. English is spoken by most residents.

Company formation
Establishing a company usually takes about 5 days
The minimum share capital is EUR 1000 and usually an authorized capital of EUR 5000
Maintaining tax residency in Cyprus requires a local director of the company and board meetings must be held within Cyprus.
The secretary must be or become a resident of Cyprus in order to remain a resident of Cyprus for tax purposes

Information about the tax system
Cyprus' corporate tax rate is 10%, one of the lowest corporate taxes in the European Union.
The following activities are not taxable in Cyprus:
Profits from the sale of listed securities.
Receiving dividends for a Cyprus company.
Interest that does not derive from the ordinary course of business or is not directly related to the main activity of the company.
Cyprus has double tax treaties with more than 40 countries.
For more information on the Cyprus tax system or related topics, please contact us.

Company management
There is no annual fee payable to the government to maintain a company. Only filing of annual returns is required according to the following rules:

A company registered before July 1st must file the annual accounts for the previous year with the tax authorities by December 31st of the following year.
a company incorporated after July 1st must file the annual accounts for the previous years before December 31st with the tax authorities two years later.

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