Fact File

Fact File Supplied By

Cyprus High Commission Trade Centre.


Cyprus is a island in the eastern Mediterranean Sea.

Time Zone

Greenwich Mean Time +2 (plus daylight savings time in Summer).






Larnaca Airport and Pafos Airport.


Greek and Turkish are the official languages but English is widely spoken.


Euro as of 1 January 2008.

Political System

Democratic Republic member of the EU.

International dialing code


Legal system

Based on common law and harmonised to EU Acquis Communautaire.

Centre's expertise

Financial centre, double tax treaties, tax incentives, lowest tax in EU.

Personal income tax

Progressive rates starting from 20% for income over 19500 , upto 35% for income over 60000 euro which is determined after the deduction of certain reliefs and allowances. Beneficial reliefs for expatriates (including complete tax exemption of interest and dividends received by non-domiciled individuals).

Corporate income tax

12.5% on chargeable profits. Certain incomes are completely exempt or taxed at a lower effective rate.

Exchange restrictions


Tax information exchange agreements

Andorra, Armenia, Austria, Azerbaijan, Barbados, Belarus, Belgium, Bosnia, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, India, Iran, Ireland, Italy, Jersey, Kazakhstan, Kingdom of Bahrain, Kuwait, Kyrgyzstan, Latvia, Lebanon, Lithuania, Luxembourg, Malta, Mauritius, Moldova, Montenegro, Norway, Poland, Portugal, Qatar, Romania, Russia, San Marino, Saudi Arabia, Serbia, Seychelles, Singapore, Slovakia

Tax information exchange agreements (continued)

Slovenia, South Africa, Spain, Sweden, Swiss Confederation, Syria, Thailand, States of Guernsey, Ukraine, United Arab Emirates, United Kingdom, United States and Uzbekistan.

Permitted currencies


Minimum authorised capital

No minimum.

Minimum share issue


Shelf companies


Timescale for new entities

Subject to name approval, one to three days with acceleration fee.

Incorporation fees

For companies with share capital: €105 fees plus €100 fees for the acceleration procedure.

Annual fees

Depends on representation, annual return filing fee (€20) plus €350 annual levy.

Minimum number


Residency requirements

Resident director advisable for tax purposes.

Corporate directors


Meetings/ frequency



There is a public registry but use of nominees possible.

Bearer shares


Minimum number


Public share registry

There is a public share registry and electronic search also available.

Meetings/ frequency

Annual general meetings or resolutions in lieu of.

Annual return


Audit requirements

All companies must file audited financial statements.

Registered office


Domicile issues

Redomiciliation in and out possible.

Company naming restrictions

Any word that the Registrar of Companies considers undesirable or that is similar or identical to an existing company name, or that implies illegal activity or royal or government patronage. Any words, among others, which include 'bank', 'insurance', etc.