English Living: Cyprus is becoming a key player for businesses looking to headquarter in a prime European destination.
Cyprus is proving to be a top destination for businesses looking to set up their headquarters in a thriving EU destination, as the country welcomes established and growing companies. Starting and running a business from Cyprus has proved easy to implement, with low set up costs and fast filing, along with a well-established legal framework for companies to implement and favourable business tax policies. In the past 12 months over 6,000 businesses have relocated to Cyprus or established their core EU operations on the Mediterranean island.
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Leptos Estates, the country’s leading residential and commercial developer, has sourced or constructed various dedicated premises for new and established businesses in Cyprus, with a dedicated team in place to handle the entire process. The Leptos team can assist with everything from sourcing all of the necessary permits for the establishment and operation of a new business; to the opening of bank accounts, company registration and name approval as well as work permits for employees. This full-service offering has proved popular with UK-based companies looking to re-establish a foothold in the EU and require on-the-ground support.
The Civil Registry and Migration Department announced that it has received 9,090 in 2023 applications for relocation from international companies since the government’s strategy for attracting businesses and talent came into force since January 2022, with 97 per cent of those applications having already been processed.
The business landscape and model of Cyprus offers a number of industries to engage with including Banking and Financial Services, Investment Funds, Shipping, Tourism, Real Estate, Start Ups and Innovation and Energy.
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Positioned at the crossroads of 3 continents, Cyprus offers high standards but a low cost of living with a good quality of life, year-round sunshine and natural beauty. With a high quality of education in place across both public and private schools as well as being a member of the EU and Eurozone, makes it the perfect destination from which to run your business. English is widely spoken ensuring excellent communication for international businesses along with a good legal system and low taxes.
Pantelis Leptos, Co-President of Leptos Group of Companies, said, “Cyprus offers a wide range of opportunities for those wanting to live and set up their business there. With a strong ex-pat community and a range of tax benefits and exemptions, it is possible to set up a business in Cyprus in 30 days. We can help with all the necessary paperwork and offer guidance ensuring your business is trading as quickly as possible. We can also help find the perfect place to locate a new or established business and also for staff and key figureheads to live.”
Headquartering a business in Cyprus provides several incentives, including an advantageous corporate tax rate making it an attractive choice for investors looking to optimise their financial position. With a tax exemption of 50% for foreign employees receiving an annual salary in Cyprus that exceeds €55.000 that will last for a period of 17 years this makes it a perfect destination to live and work. These factors have made Cyprus one of the most popular new business destinations in Europe, with its strategic location, as well as open access to the EU for a fraction of the cost compared to other nations in the bloc.
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One significant commercial property available through Leptos Estates is a c.5,000 sqm. office space, perfect as a company HQ, situated in the heart of Kato Paphos. Within walking distance to the harbour, five-star hotels and resorts, and blue flag-awarded beaches, the commercial building provides substantial private parking, climate cooling, fully fitted core interiors, whilst also benefitting from excellent transport links close by.
Leptos Estates is the leading provider of new homes in Greece and Cyprus.