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CONNECTED SKY HOUSE, 12 IGOUMENITSAS STR, STROVOLOS, 2027, NICOSIA, CYPRUS
Tel:
Work +357 22 25 88 00
Fax:
Fax +357 22 25 88 01
Email:
Web:
www.csamir.com

Doing Business in Cyprus

Doing Business in Cyprus graphic

Our remarkable deliverance of unique solutions and projects over the single course of five years positively represents our vision and ambition for future undertakings. Such is equally translated through our diversified clientele covering more than 35 countries and 65 jurisdictions.

We stand as The Law Firm of choice for clients from all over the world. Private individuals and corporations, major banks and other financial institutions, forex companies, multi-million and multi-billion groups of companies, trusts and foundations rely on C. Samir & Co. LLC for tailor-made solutions and advice.

We understand that business in general transcends deals and transactions. Hence we pride ourselves on becoming trusted advisers whilst establishing profound long-term relationships with our clients. Accordingly it is our vision that “We Grow When You Grow”.

ConnectedSky Legal & Corporate Consultants

Being the corporate arm of our Law firm, ConnectedSky Legal & Corporate Consultants is an international corporate services provider with main offices in both Nicosia & Limassol, the largest cities of Cyprus and main financial and shipping hubs.

Duly incorporated under the laws of the Republic of Cyprus and registered under registration number HE259274, ConnectedSky is regulated by the Cyprus Bar Association under License Number 524 and is considered by the Cyprus Securities and Exchange Commission as an Eligible Person to conduct Fiduciary, Trust and other Administrative Business.

In addition to the above, our fully fledged subsidiaries in Russia “OOO ConnectedSky”, Malta “ConnectedSky (Malta) Limited” and Hong Kong “ConnectedSky (HK) Limited” as well as our representative offices and affiliates worldwide furthermore reinforce our global presence with their prolongation of our all-round Corporate, Banking, Legal, Tax, Accounting and Fiduciary Services.

Our professionals are committed to their role as strategic counsellors from both a commercial and legal perspective. Within a global, ever challenging financial environment, ConnectedSky has landmarked its effective approach while properly safeguarding its clients’ interests.

Unifying their in–depth expertise while rigorously complying with the relevant legislation and regulations, our team is paving the way as an innovative Legal & Corporate services provider worldwide.

Our services include yet are not limited to:

KEY TRANSACTIONAL PRACTICES

  • Asset finance
  • Worldwide Banking
  • Financial restructuring
  • International Tax Planning
  • Re-domiciliation of Companies
  • Partnership Formation and Dissolution
  • International Corporate Intelligence
  • International Compliance
  • International Debt Collection
  • Family Office
  • Citizenship and Residency
  • Accounting, Bookkeeping and Audit Assistance
  • Insolvency and Restructuring
  • Mergers & Acquisitions and Cross Border Mergers
  • Investment funds
  • Intellectual Property
  • Private equity
  • Private equity funds
  • Real estate finance
  • Real estate funds
  • Foundations and Trusts
  • Fiduciary, Trustee, Administrative and Secretarial Services
  • Forex
  • Assistance with Recruitment, Training and HR
  • Registration of Ships, Vessels and Private Yachts

WHY CYPRUS?

With a proven record of being a thriving business hub, Cyprus provides a vast array of investment opportunities for both individuals and corporate entities. The country’s strategic location, favourable tax environment combined with its modern banking -and legal infrastructure have confirmed its position as a top Foreign Direct Investment (FDI) location.

EU Membership

Being a member of the wider EU and Eurozone community, Cyprus offers a fully EU-approved regime in which investors can benefit of economic and political stability and safety while accessing a high-growth market consisting of more than 500 million EU citizens.

Geographical location

In addition to the above, the Islands unique geographical location at the crossroads of three continents creates a distinct logistical centre in the region which facilitates the conduct of business between Europe, Asia, the Middle East and Africa.

Shipping

Cyprus successfully stands out with its robust and diversified maritime industry that accounts for over 7% of the country’s GDP (including auxiliary services). With an efficient geographical location at the crossroads of the main sea trade routes and a highly attractive fiscal legislative framework, the Island proudly represents the 3rd largest merchant fleet in the EU, the largest third party Ship Management Centre in the EU.

Legal System

Cyprus’ legal system, which is based on English Common Law principles, provides a transparent, effective and user-friendly framework for foreign investors to manoeuvre within.

It is furthermore fully compliant with all EU AML directives, OECD, FATCA, the Financial Action Task Force on Money Laundering (FATF), the Financial Stability Forum laws and regulations and EU AML directives.

Such complete adherence has resulted in an increased interest in Cyprus with regard to the establishment of substance and physical presence. With competitive operational costs that are significantly lower compared to other major financial centers, there is a clear conscious tendency of companies choosing Cyprus as their management centre with operational offices.

Taxation

Cyprus is highly ranked on the list of preferential tax jurisdictions for international tax planners to decrease their overall tax burden and increase their competitiveness by structuring their investments through Cyprus. Whilst maintaining a corporate tax rate of 12, 5% alongside with an extensive network of more than 45 Double Tax Treaties, Cyprus offers international investors a highly attractive regime fully compliant with EU, OECD and international laws and regulations. As such there are several tax advantages for holding companies such as the full participation exemption (dividends and capital gains) and zero withholding taxes on dividends, interests and royalties.

Investment Funds

Following the growth in the European Asset Management Industry, Cyprus has furthermore started modernizing its regulatory framework which resulted in its Funds Law to bear clear characteristics of the regimes in both Luxembourg and Ireland. Aspiring to become a strong contender within the global investment fund and asset management industry, Cyprus has all the right elements firmly in place to part take in what could potentially develop into a multi-billion-euro industry.

As such the islands legislative framework offers full coverage to all fund products (UCITS and non-UCITS) and allows fund managers to structure either as an Alternative Investment Fund Manager compliant with the relevant EU directive, or as an Investment Firm compliant with MiFID. In addition both structuring options allow for cross border services (EU-passporting).

Combined with the country’s attractive fiscal framework, fund managers and promoters have progressively been moving into Cyprus thus reshaping the Cypriot fund landscape and raising investor confidence.

Cyprus Trusts

The International Trusts Law of Cyprus strongly resides on the English principles of Equity and Trusts. Cyprus provides a state of the art International Trust Regime, which allows non-residents to establish Trusts with exquisite asset protection features, thorough tax mitigation and confidentiality. Eligible persons benefit considerable tax implications such as taxation in Cyprus of income and profits which are earned or deemed to be earned from sources within and outside of Cyprus. Allowing foreign investors to accumulate and structure their wealth, the Cyprus International Trust (CIT) furthermore offers flexibility with regard to the heirship rules applicable in their resident countries while being in complete accordance with all relevant Anti-Money Laundering Laws and Regulations.

Cyprus IP Box Regime

Representing one of the main assets of an organisation, the choice of the most adequate jurisdiction for the management and centralization of Intellectual Property (IP) is a crucial and strategic decision. Cyprus offers a clear IP tax regime combined with the protection and certainty afforded by EU Member States and by the signatories of all major IP treaties and protocols. The Cypriot intellectual property regime (hereinafter referred to as “the IP box regime” has furthermore completely been aligned with the recommendations of the Organisation for Economic Co-operation and Development (OECD) which additionally introduces the “Nexus Approach”. Such a new IP Box regime implies a deduction of 80% from the qualifying profits which concretely means that only 20% of the qualifying profits earned from qualifying intangible assets are taxed at the rate of 12.5%.

Cyprus Citizenship and Permanent Residence

Fully EU-approved and at competitive prices, Cypriot Citizenship and Residency have been on the rise as they provide an effective investment gateway to the European Union and other high-growth markets.

Non-Cypriot investors can acquire the Cyprus citizenship provided that they comply with specific financial criteria such as bank deposits, direct investments, local business activities etc. The Investor may include the spouse and children, as well as his/her parents in the same citizenship application. Once granted, all applicants will obtain a Cyprus Passport with full rights of an EU citizen (i.e. Visa-free travel, free movement of goods, services and capital, etc.).

In addition, the Cyprus citizenship program by way of investment is now easier to achieve as the needed investment has been reduced from €5 million if applied individually or €2.5 million if going through a collective investment scheme, down to €2 million for all applicants. Allowing a variety of investments for a minimum of three years, without any element of donation, and by acquiring a house of €500,000, the Cyprus citizenship program is now undoubtedly one of the most attractive programs in the EU.

Climate and Lifestyle

Whilst consisting of 22% of the Islands total population, Cyprus has the third highest percentage of foreign citizens in the European Union resulting in it being a highly diversified cosmopolitan country. British nationals represent the biggest group of expats followed by large Russian and American communities. Furthermore while combining over 340 days of sun annually with the crystal clear waters of the Mediterranean Sea or the country’s central mountain range (Troodos), Cyprus offers an exquisite display of the Mediterranean nature. In addition Cyprus was cited to be ‘one of the healthiest countries in the world’ by the World Health Organization.

Legal Developments in Cyprus

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