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WHY A SMALL CONSULTING FIRM IS BETTER THAN A LARGE FIRM? Here are 5 main reasons: 1. Flexibility: Smaller firms have fewer staff, so they are more flexible to schedule tasks and are quicker to adapt to changes in the industry. 2. Cost-effectiveness: Smaller firms are more cost-effective due to lower overhead costs and more efficient work procedures. 3. Personalized Service: Smaller firms are closer to clients and offer a more personalized service. 4. More Focus: Smaller firms focus on individual client needs and provide more tailored services. 5. Faster Service. Smaller firms can complete tasks in less time because they are more efficient and have less bureaucratic procedures.

CAN A FOREIGNER AND HIS FAMILY ACQUIRE A CYPRUS PASSPORT ? The popular Cyprus Investment Programme (launched in 2007), which allowed HNWI to acquire a Cyprus passport with about €2.5 million investment has been cancelled since 1st November 2020. Today there are 3 legal ways to acquire a much desired Cyprus passport: 1. By naturalization based on the being legally resident in Cyprus 2. By marriage to a Cypriot citizen 3. By having Cypriot citizen ancestors PKZ & Associates can introduce clients to reliable legal offices who can advise foreigners about the procedures to acquire Cyprus citizenship.

WHY DO HIGH NET WORTH INDIVIDUALS AND OVERSEAS COMPANIES RELOCATE TO CYPRUS? 1. High Net Worth Individuals. With the application of the Non-Domicile Status, they can enjoy tax free worldwide dividends. 2. Shipping Companies. Favourable tonage tax system. 3. Forex & Investment Firm Industries. Fast process to get license and low cost operation. 4. Holding Companies. Tax free dividend income. 5. International trading business. A Cyprus company is a low cost jurisdiction with access to EU markets. 6. Satellite Businesses. Low set up and payroll costs enable companies to have satellite offices in Cyprus where they can attract high calibre personnel at low costs. 7. Headquarter Relocation. Low set up and payroll costs with high quality service providers and high calibre personnel makes Cyprus a very attractive jurisdiction.

WHY SHOULD A UK OR EUROPEAN RETIRED PERSON RELOCATE TO LIVE IN CYPRUS? Here are 12 reasons why: 1. Lower tax rates: Cyprus has low personal and corporate tax rates compared to UK and the EU. 2. Lower cost of living: Everyday costs in Cyprus are lower, which helps to 'stretch' one's fixed pension and other income. 3. Beautiful Weather: Average temperatures are around 20°C, with the sun shining for over 300 days a year. 4. Good healthcare system: Public healthcare system is free for residents and EU citizens, as well as private healthcare options. 5. Affordable housing: Property prices in Cyprus are much lower than the UK, meaning a retired person can get a lot more for their money. 6. Relaxed lifestyle: With its laidback atmosphere and slower pace of life, Cyprus is a great place to relax and enjoy retirement. 7. Access to the EU: As an EU member state, Cyprus offers easy access to the EU and its benefits. 8. Safety: Cyprus is a safe country with a low crime rate and no drugs problem. 9. Rich culture: With its diverse history, the island has many places to explore and experience. 10. Quality of life: With stunning scenery, friendly locals and great climate, Cyprus offers a very high quality of life. 11. Convenient travel: Cyprus is well connected to the rest of Europe and the world, with direct flights to major cities. 12. Variety of activities: With its beautiful beaches and mountains, traditional villages and vibrant cities, Cyprus has something to offer for everyone.

ARE THERE ANY OTHER REASONS WHY FAMILIES AND COMPANIES RELOCATE TO CYPRUS? Here are a few more reasons why companies, and families choose to work and/or live in Cyprus: 1. Lifestyle. Summers are 8 months a year with clean beaches, good weather, and easy pace of life. 2. Easy and convenient to work, raise a family, local transport, and do business 3. Most people speak English Language and are friendly with foreigners. 4. Attractive Tax Regime for Businesses, 12.5% Corporate Tax 5. Tax Free Dividends for Non-Domiciled persons 6. Incentives for Payroll (50% tax deduction for employees earning more than EUR100,000 7. Low Payroll Costs for middle level and lower level staff 8. Safe environment for businesses and families with low crime rate. 9. Strong Law System based on Anglo-Saxon laws which relies on the precedents of cases.
DO I NEED TO SET UP A COMPANY IN ORDER TO DO BUSINESS IN CYPRUS? It is not necessary to set up a limited company. You can trade as a person and be called a Sole Trader. The difference between trading as a Limited Company or as a Sole Trader, has tax and VAT consequences. The correct decisison depends on the industry, and the expected sales and profits. The decision should to taken after seeking advice from licenced accountant or tax expert.
I HAVE INCOME FROM SEVERAL COUNTRIES. WHICH COUNTRY SHOULD I PAY TAX? It depends on which country you are considered tax resident. Usually the country where you reside for more than 183 days is considered your country of tax residency. Therefore this country is responsible to collect taxes on your worldwide income. There are exceptions to this rule which we can advise in more detail.
IS CYPRUS A 'TAX HAVEN' ? For many years now, Cyprus is not considered a tax haven as because of the following reasons: 1. Member of the EU (Cyprus follows EU laws & directives) 2. Complies with the OECD directives 3. Corporate tax is 12.5% which is not the lowest in the world. 4. Annual audit is required for all Cyprus companies 5. There are strict banking requirements based on European Central Bank regulations.

WHY SHOULD A UK REGISTERED COMPANY RELOCATE TO CYPRUS? 1. Attractive tax regime with low corporation tax of 12.5% , tax incentives and allowances. 2. An extensive network of double tax treaties. 3. Tax efficient regulations for holding company structures. 4. Attractive Intellectual Property Tax regime. 5. Highly respected reputation as an international financial center. 6. Well-developed infrastructure and financial services sector. 7. Cyprus is a member of the EU and Eurozone. 8. Cyprus has high calibre and experienced legal and accounting professionals.

WHY SHOULD A COMPANY BASED IN SERBIA OR ANY OTHER NON-EU COUNTRY REGISTER A CYPRUS COMPANY? Here are 10 reasons: 1. One of the lowest corporate tax rates in the EU and EEA zone. 2. Cyprus is in the EU, so Cyprus companies benefit from free movement of goods, services and capital within the EU. 3. Robust infrastructure and reliable financial services make doing business easy. 4. Double tax treaty network with more than 50 countries means there are tax savings for global trading companies. 5. Tax-efficient jurisdiction for holding companies, with no withholding taxes on dividends, interest and royalties. 6. Cyprus has an efficient legal system based on English common law. 7. There are no currency exchange restrictions. 8. Government offers incentives for foreign investors who invest in real estate, investment funds or other sectors. 9. Cyprus has a very skilled and cost-effective labour force. 10. The country is strategically located in the Eastern Mediterranean, close to Middle Eastern and African markets.

Disclaimer: All information on this page is correct at the time of publication. Readers are strongly advised to seek expert advice about tax and other issues because regulations can be revised at any time by governments and international regulators.

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