Cyprus is the third most populated island in the Mediterranean Sea. It is strategically located at the crossroads of Europe, Africa and the Middle East. Traditionally Cyprus has always been at the heart of the seafaring trade and therefore always functioned as an important centre for trade and commerce. Today as a member of the European Union it remains an optimal business base. It is one of the most attractive locations for foreign investments worldwide. Foreign companies have been given the opportunity to invest and establish business in Cyprus on equal terms with local investors as no distinction is made between foreign and Cypriot companies.
The excellent support system in combination with the ideal jurisdiction provided in Cyprus set the country in the list of the most desirable countries through which you can offer foreign exchange operations. In addition, the accession of Cyprus within the European Union and, most importantly, the extremely beneficial economic advantages available due to the low costs and the outstanding taxation, create a covetable environment for foreign investors.
South Africa has excellent and long standing bilateral relations with Cyprus . These strong ties are further cemented with the help of the large and influential Cypriot (and Greek) community in South Africa , numbering about 60,000. The Cypriot Community also serves as a link between the two countries, both politically and economically.
Cyprus approved licenses for exploratory drilling to exploit offshore oil and gas deposits in four blocks off its shore. Drilling permits were approved for blocks 2,3,9 and 11. Those interested in searching for hydrocarbons within Cyprus’ exclusive economic zone are Russia, France, Italy and South Korea.
On the 8 th of November 2012, the
governments of the Republic of Cyprus and the Ukrainian People's Republic
concluded a new double tax treaty replacing the 30 year old USSR - Cyprus
treaty. The new treaty aims to put an end to the long standing uncertainty that
existed in the future investment relationship between the two countries and to
create a new framework that will ensure that a stable tax environment will
exist in the years to come.