Cyprus in International Tax Planning
Prior to its accession to the European Union on May 01, 2004, Cyprus has reformed its tax system by removing the label of an offshore centre and a tax haven. Cyprus prides itself as an international financial centre fully compliant with EU laws and Directives, the Code of Conduct of the OECD on harmful tax practices. The new tax regime which became effective from 1 January 2013, provides for a 12,5% Corporation tax for all companies registered in Cyprus, which is the lowest in the European Union. This regime, coupled with an extensive network of favorable double tax treaties, enabled Cyprus to develop into one of the most successful International, financial and commercial centres in Europe.
The threshold for real estate investment in Cyprus with rights to obtain the county’s citizenship was recently reduced to EUR 2 million. This might significantly increase the demand for properties on the island.
There are two ways for Russia’s economy to grow: one is to increase productivity, the other is the amplification of human capital, affirms a recent World Bank report. Neither would be possible without a firm budget and an effective public administration system.