LocationEastern Mediterranean
Population759,000 (2000)
Native language Greek, Turkish
CurrencyEuro (EUR)
Political statusMulti-party democracy
Constitution Presidential Republic, separation
Banking & professional facilities Banking services similar to those of Western Europe. High quality of legal and accountancy services
Legal system English-based legal system

Income tax
non-resident 0-20%
resident20% for discretionary trusts only
non-resident Exempt
Corporate tax
non-resident 0%
Estate duty
non-resident No
Withholding taxes No, for non-residents
Exchange controls
non-resident No

Are trusts permitted? Yes
Perpetuity period 100 years
Accumulation period 100 years
Statutory trust law 1992 International Trusts Law and 1955 Trustees Law (identical to the 1925 Trustees Act of the UK)
Trust duty No
Forced heirship exclusion Yes
Asset protection measures Yes (Fraudulent Dispositions Act, 1991)
Trust register No
Resident trustee/s required Yes
Regulation of trustees Yes
Type of corporate vehicles Companies limited by shares or guarantee, branches of overseas companies, general or limited partnerships. Cyprus's Companies Law is identical to the 1948 Companies Act of the UK. Also Partnership Law is based on the UK Law
Incorporation time scale Ten days, if of executive, legislative and judicial functions acceleration fees are paid, otherwise about one month
Resident directors required No
Min number of directors required1
Directors meetings required Yes
Other requirements Directors meetings may be held in Cyprus or abroad
Shareholder disclosure Nominee shareholders may be used for purposes of the public registry of companies
Minimum number of shareholders1
Bearer shares allowed No
No-par value shares allowed Yes
Public share registerYes
Shareholders meetings requiredYes
FrequencyOne every year
PlaceIn Cyprus or abroad
Annual return required Yes
Audit required Yes
Foreign currency accounting allowed Yes, for international business enterprise
Registered office Yes
Registered agent Yes
Stamp/capital duty No
Naming your company Names are subject to the approval of the Registrar of companies
Company mobility provisions/redomicility rules N/A

Offshore specialities/expertiseEstablishment of international business enterprises (approximately 14,000 are active of which 1,100 have a physical presence on the island), shipping companies (approximately 12,698), international banks (28), international financial services companies (114), international trustee companies (12) international feeder funds (224), international collective investment schemes (6). Cyprus has a unique system of 32 double tax treaties covering 40 countries