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Home > Offshore Jurisdictions > Cyprus
Offshore Company Formation CyprusGeneral Information about Cyprus Cyprus is a large Island in the Eastern Mediterranean some 65km south of Turkey. The northern third of the Island has been under Turkish occupation since 1974 and the information on this web site relates to the southern part, known as the Republic of Cyprus. Cyprus has a presidential system of government. The President is Head of State and is elected for a term of five years. The executive arm of government is the Council of Ministers to which the President appoints members. The legal system is based on that of the United Kingdom. The principal languages are Greek, Turkish and English. Cyprus Taxation Cyprus joined the European Union in May 2004. In accordance with undertakings given to the EU and the OECD exchange controls were abolished and the tax regime for offshore companies was changed. A tax rate of 10% was introduced in 2004 and applies to both onshore and offshore companies. This rate is the lowest in the EU. There is an extensive network of double taxation treaties, which has made the Island a popular location for various international planning purposes. For individuals there are generous exemptions from income tax. Cyprus Financial Services The Central Bank of Cyprus supervises the financial services sector, including banking, insurance and investment management activities. As from late 2006 the licensing system will be extended to include businesses providing corporate management and trustee services and this will bring Cyprus into line with the other major offshore financial centres.
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