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Cyprus is an
island situated in the north-eastern corner of the
Mediterranean sea, at the crossroads of Europe, Asia and
Africa. This strategic position, together with many tax
incentives, have been the major factors in shaping the
island’s development into an international business and
professional services centre.
Cyprus has
an open, free market economy. The island is often aptly
referred to as a European country in the Middle East. The
cost of living is substantially lower than in most countries
offering a comparable standard and quality of life. The
economy is based on strong tourist and services sectors and
supported by a number of stable export-oriented industries.
Cyprus
recognises the importance of telecommunications and has
invested heavily in the development of this sector. As a
result, the island may claim to be among the most developed
countries in the world, in this respect.
The
structure of government is similar to that in other Western
democracies, where human rights, political pluralism and
private property are safeguarded.
Cyprus is a
member of the United Nations and its specialised agencies,
the Council of Europe and the Commonwealth. In compliance
with the Customs Union Agreement with the EU, which came
into effect in January 1998, Cyprus has progressively been
abolishing customs duties on most imports from the EU, and
has adopted the Common Customs Tariff of the EU. This means
that the duties Cyprus applies to products from non-EU
countries are the same as the duties that the EU itself
applies to such products from third countries. Cyprus is
represented through full diplomatic missions in 27
countries, in 9 major international organizations and has 6
consulates general around the world.
The
following additional attractions are available to foreign
investors:
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Substantial
tax incentives.
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Low set up
and operating costs for offshore companies.
-
Freedom in
movement of foreign currency.
-
Double
taxation treaties with 26 countries, including The
Commonwealth of lndependent States, the United States of
America, the United Kingdom, Germany, Russia, Norway,
Sweden and Greece.
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Modern and
efficient legal, accounting and banking services, based on
English procedures.
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Skilled
professional staff at all levels.
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The
possibility to acquire business premises or property for
the residence of expatriate employees.
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Very
efficient telecommunication systems.
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