| GENERAL INFORMATION |
| |
| Location | Eastern Mediterranean |
| Population | 759,000 (2000) |
| Native language | Greek, Turkish |
| Currency | Euro (EUR) |
| Political status | Multi-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 |
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| TAX REGULATIONS |
| |
| Income tax |
|
 resident | 20-40% |
| non-resident | 0-20% |
| Trusts |
|
| resident | 20% for discretionary trusts only |
| non-resident | Exempt |
| Corporate tax |
|
| resident | 10%
|
| non-resident | 0%
|
| Estate duty |
|
| resident | Yes |
| non-resident | No |
| Withholding taxes | No, for non-residents |
| Exchange controls |
|
| resident | Yes |
| non-resident | No |
|
| TRUSTS |
| |
| 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 |
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|
| CORPORATION LAW FACTORS |
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|
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| 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 required | 1 |
| 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 shareholders | 1 |
| Bearer shares allowed | No |
| No-par value shares allowed | Yes |
| Public share register | Yes |
| Shareholders meetings required | Yes |
| Frequency | One every year |
| Place | In 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 |
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| CORPORATION LAW FACTORS |
| |
| Offshore specialities/expertise | Establishment 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 |
