The steady and successful emergence of Cyprus as a primary offshore center reflects the genuine commercial considerations and the tax and other advantages for enterprises using Cyprus as a base for offshore operations.

The growth of offshore activity is the result of not only the generous tax concessions but also of genuine commercial considerations, including the island’s geographical location, the excellent facilities and services available and the high, European-level, standard of living.

Its Government actively promotes the establishment of Cyprus as an international financial and commercial center. Indicative of this commitment is the continuous adoption of measures for the improvement of the infrastructure and quality of services to offshore entities.

Confidentiality
The anonymity of the beneficial owners of offshore entities is assured through the use of trustee companies or other nominees. Any information disclosed to the Central Bank remains strictly confidential. In addition, Offshore Banking Units are granted full banking secrecy.

The geographical location of Cyprus is ideal not only for regional but also for international operations. The position of Cyprus in the time zones permits the completion of business between the Far East and West Europe or America on the same day.

Excellent facilities and support services.

• First class telecommunications
• World-wide connections by air and sea
• Comfortable, easy to find office accommodation and housing
• Availability of foreign schools
• High level professional and banking services
• Availability of educated and skilled staff
• Relatively low operational costs and cost of living
• Pleasant living conditions

Offshore entities are exempt from exchange control restrictions in their dealing with non-residents and are permitted to maintain freely transferable bank accounts in any currency in Cyprus and abroad.

Offshore entities which have established an office in Cyprus, may import or purchase locally office equipment and cars free of customs duties. Furniture and air conditioning equipment are excluded from the concessions.