This tax alert summarises the recent amendments to the NID rules which further enhance the tax...
Cyprus with its excellent infrastructure, large number of trained and qualified professionals and strategic geographical location is an attractive financial centre combining the advantages of a traditional offshore centre with those of a full member of the European Union. The professionals in Cyprus are dedicated in adding real substance to their tax planning in the form of fully-fledged operations in the island.
Although there is a number of countries that have been established as reputable Financial centers in the European Union and are in a position to offer some very attractive tax advantages, none of these countries has managed to combine together these benefits to the same extent as Cyprus, which in addition to the wide network of double tax treaties and the full application of the EU directives, firmly put Cyprus in an enviable position both in the European Union and world-wide.
The main features in the provisions of the Cyprus tax legislation that determine the attractiveness of Cyprus for optimization of international tax structures are: