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Why Cyprus

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Text Box: Cyprus is a jurisdiction of choice for international companies to carry out their business from. There are a number of reasons which contribute in making Cyprus a favorable jurisdiction and make it a valued proposition for doing business Some of the main advantages include: 

EU & Eurozone
Cyprus joined the EU in May 2004, and is also a Member of the Eurozone since January 2008. Non-EU investors have the opportunity to gain access to the EU markets from Cyprus and vice versa, with a stable currency exposure.

Cyprus Taxation
Cyprus has one of the lowest corporate tax rate in Europe: 
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Strategic location
Cyprus is at the crossroads of three continents, Europe, Asia and Africa. It is Europe’s eastern outpost providing a valuable and fast business gateway to and from each continent as well as the middle east. 

Human Capital
The island has one of the largest concentrations of financial management and accounting professionals as well as lawyers and business consultants. 2013 statistics demonstrate that 39,2% of Cypriots in the 25 – 64 age group have acquired tertiary education – higher than the EU28 average of 28,63% and one of the highest percentages in the world. 

Value for Money
Cyprus with a robust corporate infrastructure is a dynamic business centre that offers relatively low operating costs while also providing world-class services, including accounting, auditing, tax, business administration, legal, investment and funds management.

Legal Framework
With a legal framework that is pro-business, based on common law, statutory transparency and certainty, doing business in Cyprus offers businesses the certainty that goes with a stable reputable jurisdiction. 

The legal system is based on U.K. Common Law principles and aligned with the EU laws and regulations (Acqui Communautaire).

Cyprus provides quality legal services in areas such as international law, maritime law, corporate administration and management services. Most large legal firms are affiliated or collaborate closely with internationally recognised law firms.

Well-developed Infrastructure
Cyprus has a robust telecommunications system, two international airports (Larnaca, Paphos) and two ports (Limassol, Larnaca). Furthermore, the relatively small distances make the island a very friendly and easy-to -travel-within business location

Ease of Doing Business
Cyprus has developed into an international quality business centre that offers specialized services and rewarding business opportunities catering for the diverse needs of international investors, enhancing the ease of doing business.

The World Bank’s Doing Business Report 2014 ranked Cyprus 39th out of 189 Economies and 16 out of the EU28 for the ease of doing business.
Forbes Magazine 2012 Best Countries for Doing Business report ranked Cyprus 25th out of 144 countries. 

Quality of Life
Cyprus offers a wonderful environment with a very comfortable standard of living. Living and working in Cyprus is combined with fabulous weather, beautiful nature, art and culture, safety, security, and above all, hospitable people.

Cyprus combines the international competitive business environment with a pleasurable and balanced way of life.

The UNDP Human Development Index Report 2013 ranked Cyprus 31st out of 187 countries for the quality of life.

The Knight Frank Report ranked Cyprus on the Fall of 2013 as the 5th better place for Lifestyle among major European Cities and other competitive destinations. The report was also published in the Financial Times on October 2013.

Additionally, Cyprus stands out with the cleanest sea waters in Europe according to the European Environment Agency.

Residency and Citizenship
Non EU residents have the opportunity to acquire a permanent residency permit with the purchase of a private home of at least 300,000 EUR and deposits of minimum 30,000 EUR in a local bank for three years.

Non EU residents can acquire the Cypriot nationality with: investment of a minimum of €2m in a state company and €500,000 investment in the Research and Technology fund; direct investments of €5m; bank deposits of €5m in a local bank for five years; payments of income tax or VAT of more than €500,000.