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.
According to the Cyprus International Business Association foreign companies would help Cyprus’ economy to grow considering the fact that the implementation of the Foreclosure Law and other such regulations were approved by the Parliament. The Foreclosure Law was the one of the main issues holding back the development of companies, but now that the problem was solved Cypriot banks will start grating corporate loans. The first effects generated by the operations of foreign companies in Cyprus are expected to show within this year.
The discussions between the Cypriot and the Turkish communities would also create new grounds for economic growth in Cyprus and for foreign companies planning to bring their businesses on the island. The International Business Association representatives also declared that foreign investors welcomed the new tax breaks granted by the Cypriot Government, including the decreased real estate transfer fees. These new tax reforms would finally give the possibility to reduce certain Cypriot taxes related to foreign investments. Our Cypriot lawyers will offer you details about the current legislation on foreign investments.
Another announcement made by the UK Enterprise Council also sustains Cyprus’ promotion on an international level. Cyprus will be promoted as an international center for services, enterprises and investments. The Council’s Chairman, Peter Droussiotis, declared more UK investors are already seeing Cyprus as a promising destination for business. In addition, Cypriot representatives of the International Professionals Association declared, Cyprus offers “a complete value proposition as a center for international activities” due to the numerous tax incentives, simplified procedures and skilled workforce.
Officials of both countries also sustain that the Cyprus-UK Double Taxation Agreement has also raised UK investors’ interest to start their business here.
For complete information about the latest tax reforms for foreign investors, please contact our law firm in Cyprus.
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