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The Republic of Cyprus was established in 1960 and it is now a full member of the European Union. It is also a member to the United Nations, the Commonwealth, the Council of Europe, the World Bank and the International Monetary Fund.
Located in the Eastern Mediterranean Sea at the crossroads of Europe, Asia and Africa, a strategic geographical position, Cyprus is considered the hub of the three continents throughout its history.
As known to many, Cyprus has been in the past a highly appreciated World wide “offshore and Shipping Centre”, for many years.
The offshore tax heaven status has been abolished long ago and Cyprus stopped being considered a “Flag of Convenience” in Shipping by a series of changes in the relevant Laws which gave Cyprus based Companies and Cyprus Flag carrying Vessels respectability and International recognition.
Cyprus is also a reputable holiday resort, famous for its clean sea & sandy beaches and its Sunshine for 330 days in the year.
The Constitutional, Legal and Financial systems applicable, the excellent Infrastructure, (especially in Transport and Telecommunication networks connecting the island with all the World), its position between Europe – Asia – Africa, the comparatively low cost of living, the low tax rate and the natural environment itself make Cyprus a very attractive location for the establishment of any one’s Business Centre for Tax Planning purposes and not only.
The legal system of Cyprus is based on Common Law but elements of the Continental Law have been introduced to it since the independence especially in the field of the administrative Law.
The currency of Cyprus as of 1/1/2008 is the Euro.