The Republic of Cyprus is an island country in the Eastern Mediterranean Sea.

Area – 9250 km²

Capital – Nicosia

Government – the Republic

Cyprus is not a classical offshore and even critical Organisation for Economic Cooperation and Development has included Cyprus into the whitelist of countries that meet the highest tax standards in the world.

Benefits of offshore registration in Cyprus:

  1. low corporate income tax;
  2. zero rate of passive income taxation for non-resident shareholders, creditors and holders of licenses;
  3. zero tax rate on income from capital gains;
  4. professional and advanced system of service provision;
  5. modern legal infrastructure;

Not less important is the fact that there should be a great number of signed agreements on avoidance of double taxation. Due to this, registration of a company in Cyprus is the ideal offshore solution for Ukraine.

It is possible to enjoy the tax system advantages if the Cyprus offshore is managed and controlled from the territory of the island. And the main requirement here is the existence of a permanent representation:

  1. Registration of the company in Cyprus is reduced to a very simple procedure.
  2. In order to open a company in Cyprus, just one director and shareholder needed, regardless of whether they are legal entities or individuals.
  3. It is obligatory to hold the status of Cyprus residency in order to fall within the scope of the agreement on avoidance of double taxation. It is sufficient for the director to have it.
  4. The authorized capital of the company is between 1000 and 5000 euros and is not payable (not paid at registration).
  5. Cyprus offshore is obliged to file the annual return.