Why there is a mass relocation of companies to Cyprus
Cyprus is one of the most attractive destinations for company relocation and migration from different countries. This is due to a number of advantages that the island offers. Let's talk about them in detail.
How Cyprus helps companies do business
The income tax rate in Cyprus is 12,5%. This is one of the lowest rates in Europe. Cyprus has a wide network of double tax treaties. Agreements have been signed with more than 67 countries, which allows us to optimize the tax burden and avoid withholding source tax when transferring dividends, interest and royalties.
The country supports innovation and entrepreneurs with various programs. For example, creators of intellectual property on the island can qualify for the IP Box program, which reduces the tax rate to 2,5% (only 20% of profits from qualifying assets are taxed).
Finally, Cypriot law is based on British common law with a high degree of protection of property rights, freedom of contract and judicial control. The Cypriot courts are independent and efficient, and the lawyers are highly professional and experienced in dealing with international clients.
Why Cyprus is a great place to live and work
Cyprus has one of the warmest and sunniest climates in Europe, with over 300 days of clear weather a year. The air temperature in winter rarely drops below 15 degrees, and in summer it reaches 32-40 degrees, depending on the region. You can swim in the sea all year round, and the beaches are clean and safe. We note other advantages:
- Availability and diversity of housing. Can be selected as houses in Cyprus by the seaand apartments in resort areas. Buying property in Cyprus entitles you to a permanent residence permit under the investment program.
- Low crime rate. It is one of the safest countries in Europe where serious crime rarely occurs. Largely due to the fact that Cyprus ranks 1st in terms of the number of police officers per 100 population.
- English schools. Cyprus is a former British colony, so English is widely spoken and is the official language of business and law. There are many English schools in Cyprus that offer quality British education and prepare students for international exams such as IGCSE, A-Level and IB. This makes it possible for the children of relocators to easily adapt to a new environment and continue their education in any country in the world.
- Favorable profitable real estate. Cyprus is one of the leaders in the growth of real estate prices in Europe. According to Eurostat, the average house price in Cyprus increased by 6% in 2022 compared to 2021. This is due to the high demand from foreign buyers who are attracted by the quality, variety and affordability of Cypriot property.
Buying a home is a complex process, but you can simplify everything by contacting SPM Real Estate. A team of experts will help you choose a profitable object, draw up documents and advise on the completion of the transaction.
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