5 Great Reasons that Make Cyprus the Best Digital Business Destination in Europe
Cyprus may be well known as a superb tourist destination, but little has been said about the eastern Mediterranean island as an economic hub. However, the calm and peaceful isle is an entrepreneurial utopia for digital entrepreneurs.
Here are some reasons that make the Republic of Cyprus the most viable destination in Europe for digital businesses:
1. Friendly regulations
One of the main things to consider when planning to relocate your business to another country should be the various aspects of the tax laws and regulations on the financial sector. Cyprus is the leading country in the European region in these two areas. The island has earned itself a reputation of having a secure and reliable jurisdiction from the time it joined the European Union in 2004. Also, it has one of the most tax-friendly plans in the world, which includes over 40 double tax treaties. Despite the recent increase in corporate taxes from 10% to 12.5%, the rates are still relatively low compared to that of others. One more advantage of Cyprus is the simplicity of starting and running a limited liability company. It costs quite a small amount and can be executed in just a few days.
2. Unlimited opportunities
Since there is no active controlled foreign corporation l (CFC) law at the moment in Cyprus, any citizen is at liberty to form and conduct an offshore company. This practice offers the operators a choice to minimize their corporation’s tax obligations to almost nil. On the downside, it may pose some challenges when it comes to getting involved in international collaborations. All the same, for cryptocurrency investors, the inactiveness of the law gives them an advantage of averting the effect of any new legislation that could interfere with the business in the coming days.
3. The awarding of non-domicile status
In addition to the great tax laws, the granting of non-domicile status to applicants who have successfully immigrated into Cyprus after July 2015 is a great incentive. This fantastic and precious condition has been in practice for the past 3 years, and it comes with tons of benefits. Among the advantages, it reduces your personal income tax by 50%, as well as all taxes on dividend and interest income. Considering this condition in combination with the offshore solution, you will no doubt realize the beauty of this law. It is almost unheard of for a European country to allow immigrants to live there almost without paying taxes.
You should consider setting up a business in Cyprus or moving there if you are a digital entrepreneur and enjoy these benefits. With the help of a reliable visa agent like One Visa Cyprus to process your visa and advise you accordingly, you should not have any issues immigrating to the beautiful island nation and doing your digital business there.
4. Well developed infrastructure
Business would be impossible, especially digital ones, without the necessary technology and infrastructure. No matter the location of your home, even atop one of the typical Cypriot mountains, you will get an adequate connection on broadband and mobile Internet. The island also has two international airports and a trade and transportation center at Limassol. Additionally, you need not worry about the language, as over 80% of the population can speak English—the second official language after Greek, due to the island has been a British colony.
5. High flexibility of location
Besides the above reasons detailing Cyprus to be in the best position for digital business, the territory of Southern Cyprus only requires permanent residents to actively stay there for 60 days per year to qualify to be fully taxable there. This is highly uncommon and is deemed decent when benchmarked with the “183-day rule” seen more regularly across the globe. As a digital entrepreneur, you will enjoy the flexibility of location, as your job allows and at times requires.
Due to the above factors, the awesome climate, a well-conserved natural environment, and a low crime rate, Cyprus is a great place for your digital business in Europe. Bearing in mind that Internet business is less dependent on your location, it would undoubtedly thrive on this island, thanks to its flexible and business-friendly laws.