Foreigners, both natural persons and legal entities, can purchase properties in Cyprus. The procedure is concluded through a sale/purchase contract, which should contain a set of compulsory provisions related to the object of the purchase, its price, the conditions in which the property is sold, the rights and obligations of the parties and other specific aspects. Related to this subject, we mention that the Cypriot property transactions increased in 2016 by 43%, which represents the highest increase in the field since 2010. When concluding a property transaction in Cyprus it is advisable to address to our team of Cypriot lawyers, who can help with the due diligence procedure - a recommended step (yet not compulsory) in this process.
The economic sentiment in Cyprus increased in December by 3.1 points, showing that the business perspectives available for both local and foreign investors operating on the Cypriot market improved. The Economic Sentiment Indicator increased by 3.1 points, in comparison with the previous month. Businessmen who are interested in opening a company in Cyprus should know that the increase is a direct effect of the business activities carried out in the fields of services, retail and construction. Our team of lawyers in Cyprus can offer legal assistance on the legal requirements applicable to foreign investors.
The Cypriot growth rate registered in the third quarter (Q3) of 2016 an increase of 2,9%. The increase is compared with the same period of 2015. The GDP growth rate in Cyprus increased as a consequence of a positive business climate registered in several main industries. Businessmen who want to start a company in Cyprus are welcomed to invest on the local market, but it is recommended to firstly study the legal environment available here and also the main investment opportunities. Our lawyers in Cyprus can provide more details on this matter.
The Cypriot authorities approved the Budget 2017, which provides many benefits for the local economy. An important aspect related to the Cypriot Budget 2017 is that the Gross Domestic Product (GDP) will increase by 2,8% per year, in the period of 2017 -2019. Foreign businessmen who are interested in opening a company in Cyprus can have many business opportunities, as the local government is aiming at sustainable growth. In this sense, the Cypriot authorities are interested in increasing the competitiveness in the business environment and to reduce the unemployment rate. Our attorneys in Cyprus can provide more details on how businesses can benefit from the stipulations on the new Budget.
Although Cyprus is a small European country, its economy provides many business opportunities for both the locals, as well as the foreigners interested in the business environment available here. Some of the most important reasons refer to its economic stability, as well as the numerous economic sectors relevant for the local economy. The highlight of the Cypriot economy is, of course, the tourism industry, which expanded at a fast pace in 2016. Those who want to open a Cypriot company are advised to receive assistance on this matter from a local specialist and our lawyers in Cyprus are prepared to provide in-depth information on any issue referring to the incorporation requirements.
Investors searching for a new business market to set up a company are advised to invest in Cyprus, because the local authorities offer many tax and business incentives, which can help a new business grow in a faster pace. One of the top industries in Cyprus refers to tourism, which had very good economic results in 2015 and throughout2016. Our team of Cypriot lawyers can offer assistance on the incorporation procedure, which is performed following the same regulations, regardless the business field in which the company will carry its activities.
Foreign investors who are seeking for an attractive, stable financial market are advised to invest in Cyprus, which has recently become a very important economy in terms of financial transactions. Since the beginning of the year, the Cypriot economy registered very good results in many economic fields. Businessmen who want to set up a company in Cyprus can receive an in-depth presentation on the incorporation process from our team of Cypriot attorneys.
The Cypriot economy reported very good results during 2016, which boosted several investment markets. The local government announced that the financial sector in Cyprus will be further sustained through various policies which will attract new investments on the local market. Our team of Cypriot lawyers can offer assistance to foreign investors who want to open a company in Cyprus with operations in the financial sector.
With iconic landscapes and a rich history, Cyprus represents an attractive touristic location for visitors around the world. Cyprus’ economy has always been based on tourism and, therefore, the financial results registered in the field also had good outcomes. 2016 brought a new boost on the local market, as the tourism values increased by 21% in the first six months of the year, compared to the same period of 2015. Businessmen interested in setting up a company related to this industry, such as a tour operator or a travelling agency, can address to our team of Cypriot lawyers for an extensive presentation on the legal requirements which have to be met by such companies.
With a powerful culture comprised of two nationalities, Turkish and Cypriot, Cyprus is an interesting and attractive investment location. The local economy is developing very fast and one of the main indicators in this sense is the fact that following its admission within the European Union’s (EU) area, in 2004, the country adopted the European currency four years later, in 2008. Foreign investors are advised to invest here, as the economic framework provides positive results. In the first quarter of 2016, the economic growth in Cyprus was set out at 2,6%; our team of Cypriot lawyers can offer more details on the results of the main local industries.
Investors can have many business opportunities in Cyprus, as the local economy is developing in a solid pace. Signs of economic increase have been noticed in the decreasing level of unemployment, which reached a record-level. At the same time, the forecasts of the European Commission (EC) for the current year provide a positive sentiment, as the Cypriot economy is set out to increase by 1,7% throughout this year. Those who are considering establishing a company in Cyprus can receive legal advice from our team of attorneys, who can provide assistance for the incorporation of the business or on the taxation system applicable here.
Foreign investors interested in opening a company abroad should know that Cyprus offers very good prospects, as the local economy is expected to grow in 2016 to 1.5%. This marks an improvement, as in 2014, the economy increased by 1.4%. Another important aspect related to the economic development in Cyprus is that Moody’s, the credit rating agency, has upgraded the country’s ranking to B1. If you want to find out more details about the local business market, our law firm in Cyprus can offer you assistance on this matter.
After signing a new double tax treaty several years back, Cyprus and Ukraine have agreed upon a new clause to be entered in the agreement. This new clause would help both countries to enhance economic relations and would provide more advantageous conditions for Ukrainian and Cypriot companies doing business in the two states. Our Cypriot lawyers can provide you with detailed information about trading relations with Ukraine.
Cyprus will be seeing a record economic growth in the year to come compared to 2015. Both the Government and the credit rating agency, Moody’s, have offered good perspectives for the Cypriot economy in 2016. For information related to the country’s current economic situation you can refer to our Cypriot lawyers.
Cyprus amended its tax legislation with respect to the immovable property tax rates at the end of the summer. Under the new legislation, owners of real estate properties will be taxed according to a new and well-defined scheme based on the value of the property. Our Cypriot lawyers can provide you with additional information about the country’s taxation system.
Taking into account the European Union’s modifications related to automatic exchange of cross-border tax rulings, The Cypriot tax authorities have issued a circular with the purpose of establishing efficient procedures for the issuance of advance tax rulings. The authorities hope to create a stable and trustworthy taxation legislation for foreign investors coming to Cyprus. Our Cypriot lawyers can also offer you details about the taxation system.
After meeting this spring in Nicosia, the Cypriot, Greek and Egyptian Prime Ministers have recently concluded their agreement for economic and political cooperation. The three countries want to cooperate in order to increase stability in the region and to promote investment between Greek, Egyptian and Cypriot companies. For detailed information about the contents of the “Nicosia Agreement” you can ask our lawyers in Cyprus.
Based on a recent survey, Cyprus has one of the best citizenship by investment programs for high-net worth individuals in the world. Cyprus is one of the best relocation destinations and favorable taxation systems in the world for foreign citizens looking to leave their native countries. For details about immigration programs you may refer to our lawyers in Cyprus.
Considering that it is time for an update in the Cypriot tax legislation, the House of Representatives has come with several proposals that would help the country to become more competitive and to attract more foreign investors. Two of those measures refer to the Cypriot income tax and the defense tax. For a complete picture of the taxation system you can get in touch with our law firm in Cyprus.
Cyprus has added Iran on its list of double taxation agreements at the beginning of August. The new treaty for the avoidance of double taxation follows the Organization of Economic Co-operation and Development Model and is meant to increase the economic collaboration between Cyprus and Iran. Our Cypriot lawyers can provide you with more information about the country’s double taxation treaties.
Foreign companies operating in Cyprus are expected to boost the country’s economy in the following years, according to the Cyprus International Business Association. On the same page with the International Business Community in the country, the UK Cyprus Enterprise Council announced the organization of a seminar in London meant to promote Cyprus as an international center.
After announcing major tax reforms in order to attract foreign investors to Cyprus, the Government has approved a set of five tax packages. The new Cypriot tax reforms are dedicated to foreign citizens and contain provisions about the simplification of property taxes and encourage local authorities to provide more tax breaks for foreign investors. The International Monetary Fund (IMF) also considers the measures sustainable and supports the Cypriot Government with their implementation.