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The Cyprus tax legislation provides for no distinction between local companies and IBCs following the tax reforms of 2003 which conformed Cyprus’ laws with the laws of the European Union, the EU code of Conduct and Cyprus’ commitment to the OECD to eliminate harmful tax practices.

With its tax legislation, Cyprus has maintained and enhanced its competitiveness as an international financial center. It is a perfect location for investments to and from Russia and Central and Eastern Europe. At the same time, having the most attractive tax regime in the EU, it becomes a stepping stone for investments to and from the EU.

Further, the tax regime provides many tax exemptions. The exemptions include, inter alia, profits from the sale of securities, dividend income and liquidation proceeds.

The island’s 43 double tax treaties remain in force and continue to offer numerous opportunities for effective international tax planning whilst legitimately reducing overall taxation for businesses and individuals.

Cyprus is therefore attractive as ever as a holding company regime for any type of business irrespective of its location. Needless to say that Cyprus companies are also very tax attractive in financing, royalty, trading, employment, shipping and other structures.

The same applies for Cyprus investment as well as financial services companies and collective funds.