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Cyprus

Offshore finance

Economy, tax incentives & labor conditions

45000 offshore companies are registered in Cyprus in 1998, 5000 are created every year. The tax rate for offshore companie is 4,25%,
(Livre , 01/02/2006 , Le guide Chambost des paradis fiscaux )

34 banks and 41 000 International Business Corporations are registered in Cyprus.
(Entreprise , 01/01/1999 )

An offshore company registered in Cyprus is taxed 4.25 per cent of its net profits. An offshore partnership is not taxed at all. There are over 26,000 offshore entities registered in Cyprus.
(The Hindu Business Line , Inde , 04/09/1998 )

Direct Investment Incentives: Exemption from customs and excise charges for operations in the Larnaca Industrial Free Zone; Salaries of foreign employees working in the Industrial Free Zone are taxed at one-half of the standard rates.Offshore Investment Incentives: Offshore companies are taxed on income at a rate of 4.25 percent; Offshore branches which are managed and controlled from abroad and offshore partnerships are totally exempt from income tax; Beneficial owners of offshore companies, branches and partnerships are not liable to tax on dividends or profits other than that paid by the firms themselves; Expatriate employees of offshore enterprises living and working in Cyprus are taxed at half the standard rates applicable to personal income, i.e. from 0 to 20.0 percent, instead of 0 to 40.0 percent; Foreign employees of offshore enterprises living and working outside the island are exempt from Cyprus income taxes if paid through any bank in Cyprus, and taxed at 10.0 percent of the standard rates if paid directly abroad; No capital gains tax is payable on the sale or transfer of shares in an offshore company; No estate duty is payable on the inheritance of shares in an offshore company. Additionally, Cyprus has concluded 26 treaties for the avoidance of double taxation (including one with United States, effective January 1, 1986). These treaties offer significant possibilities for international tax planning.
(US & Foreign Commercial Service , Etats-Unis , 16/08/1996 , Selling to maquiladoras )