Million of tourists continue arrive in Cyprus in 2017 from Russia and the UK, while the total number of visitors from abroad is expected to reach 3.5 million in the coming months.
Moody`s rating agency has upgraded government bond ratings of Cyprus by one notch, to Ba3 from B1. Moody's maintained a positive outlook and said the short-term ratings have been affirmed, at Not Prime (NP) and (P)NP.
Cyprus Government Spokesman Nicos Christodoulides said that the upgrade of Cyprus by Moody`s, "is another step in restoring confidence in our economy and another confirmation that we are now on a path that creates a positive outlook."
The fact that Moody's maintained the prospects of the Cypriot economy on a positive outlook means that it will probably proceed with a new credit rating upgrade in the next assessment of Cyprus in November.
Cyprus is now three upgrades away from the investment grade of Moody's.
According to the rating agency, the key drivers for the rating action are improvements in economic resilience that have occurred over the past two years and that seem likely to continue in the medium term, as well as the consistent fiscal outperformance and continuing favorable fiscal outlook for Cyprus.
Cyprus has the lowest rates in the EU, at 12.5% corporate tax, together with Ireland (12.5%) and excluding the Isle of Man, Jersey and Guernsey, which although have a nil rate for non-financial services firms (and 10% for financial services firms) are not in the EU.
- Tax on Dividends: 0%
- Capital Gains Tax: 0%
- Income Tax: First €19, 500 of income is tax free
It is important to highlight that Cyprus is not an offshore tax haven. The Cypriot tax regime and tax legislation is in full conformity with both European Union Laws and Directives and with the Organisation for Economic Cooperation and Development (OECD).
Testament to this is also the extensive network of Cyprus double taxation treaties, working closely with other nations to benefit their private sector, encourage investment, growth and progress, whilst ultimately also benefiting the company's home country.
In fact, Cyprus has not only fully adopted all EU Directives, it has even gone further by not imposing minimum holding period, percentage holding and any other restrictions used by most Member States.
Indeed, tax planning advantages in Cyprus reach far beyond saving tax (money). It is a complete business strategy for investment (especially to Europe, Middle East and Africa), as well as a global solution for financial efficiency. These benefits are for large corporate companies, small and medium size enterprises, as well as individuals.
Companies looking for an investment opportunity must take into consideration that Cyprus as it is an EU member state since 2004 thus providing investors with access to the EU market.
Among the most important advantages for doing business in Cyprus are the flexible taxation system, the banking system and the insurance networks, all of these at very competitive costs. Foreign entities wanting to invest in Cyprus will benefit from low start-up and operations costs.
Our Country also provides a good environment for people wanting to obtain residency in Cyprus as they can purchase real estate properties at very good prices and the quality of life is very high.
Cyprus has ideal geographical position at the crossroads of three continents - Europe, Africa and Asia and it plays a key stabilising role in the region of the Eastern Mediterranean.
The island is an exceptional investment gateway to the European Union, as well as a great portal for investment outside the EU, particularly into the Middle East, India and China.
Cyprus offers an attractive tax system, fully compliant with EU, OECD and international laws and regulations.
Taxable profits of all Cypriot companies are taxed at the rate of 12.5% (however, effective corporate tax rate is NIL for most international transactions through Cyprus).
Extensive double tax treaty network leading to the avoidance of double taxation.
Profits earned from a permanent establishment abroad are fully exempt from corporation tax (under certain conditions).
Dividend income received in Cyprus from a foreign corporation is wholly exempt from taxes in Cyprus (under certain conditions).
Capital gains are not subject to tax, except on sale of immovable property situated in Cyprus.
Economic Prospects and Opportunities
Cyprus has regained its credibility and reinforced its competitiveness as an attractive investment destination offering numerous opportunities and potential.
The government's commitment to the continuous introduction of progressive measures for reform and growth has resulted in the impressive recovery of the Cypriot economy.
Our Country constitutes today a success story for the EU, a fact enhanced by continuous upgrades from credit rating agencies, such as Standard & Poor's, Fitch and Moody's.
EU and Euro zone Member State
As a member of the European Union since 2004 and the European Monetary Union since 2008, Cyprus is committed quality, efficiency and transparency in transactions.
Safety is amongst the biggest advantages of Cyprus, which has been ranked the safest smaller country in Value Penguin's Safest Countries in the world (2015) and fifth worldwide.
Cyprus offers an enviable lifestyle in a safe, clean and healthy environment with high living standards.
Cyprus has developed a unique culture, a strong Greek character and offers a highly valued safe environment, with low stress levels and very low crime rates, ideal for a peaceful family life. As well is the 1st among smaller Countries in its Safest Countries in the World study for 2015.
Starting a new business can be expensive and psychopathic.
The investment plan focuses on removing obstacles to investment, providing visibility and technical assistance to investment projects. there are many tips and tricks you can use to start saving and investing your money so you can open your dream business.
Here are a few to start with:
1. Don't follow the trends, anticipate them
If you have some money to invest, the first thing you need to know is that you shouldn't follow the trends and the crowd.
It's easy to get disoriented from your focus and to lose our original idea.
They often get confused by the false message sent out by the overall market trend and trading pattern. In today's market going up and down, traders should do the due diligence.
You don't want to be one among the crowd, but stay ahead of it.
2. Be cautious
Always be cautious about invest your money in a young business, Caution is key to your success.
A business that sounds good on paper or in the offices could be a flop in reality due poor management. That's not even touching on businesses that are just scams dressed up as legitimate companies. If it sounds too good to be true, it probably is.
3. Investors, don't listen to financial media
If you really want to invest intelligently and constructively, ignore the words you hear from financial media, since many of these facts are meant to distract you towards making expensive mistakes.
Even if you hear something and it turns out to be true, don't get tempted to follow it.
Don't let media and trends nurture your bad investing habits.
4. Spend less than you earn
If you want to build wealth, all you need to do is spend less than what you earn. This sound obvious, but many people don't treat with this philosophy while dealing with their finances. The wider the gap between earning and spending, the more financial success you get.
The important line is to use correct your imagination and to see and focus on the accounting plan that you did.
The formula is composed of two connected ideas:
Earn more: You can increase income through strategies like switching jobs, getting an appraisal or starting a small business.
Spend less: You can reduce your spending through different forms of frugality.
5. Define your investment goal, define your risk
You need to ask yourself: what is the purpose of this investment? And how are you going to follow your first instructions?
The reason this is so important is because it enables you to quantify how much risk you need to take in order to achieve that goal.
You have to understand yours invest, you have to make a correct plan how long time you will be a breakeven point and how the people will understand the products or services that you have.
There are exceptions to every rule, but hope that these few tips are helpful for investors, who have a long-term dreams and goals.
The casino resort's hotel will have 500 rooms, and the complex will also feature meeting rooms and space for conferences and other such engagements. This section of the resort will take up around 42,000 square feet, says Spectrum Gaming Capital.
The Luxury resort will also boast a swimming pool, a larger water park, a spa, restaurants, and a beach club.
The multi-million-dollar casino complex in Limassol would include a 70,000-square-floor casino with 1,200 slot machines and 130 table games.
It has also been reported that the complex will feature a 6,000-square-foot Casino in the Sky, which is aimed firmly at bringing in global VIP players.
P.S Spectrum Gaming Capital, New York Financial advisory company has therefore been advising CNS Group since before the bidding began, because Hard Rock International which won the bid for the construction of the casino complex, announced its decision to pull out of their attempts.
CIPA (Cyprus Investment Promotion Agency) and Bloomberg promote Cyprus as a financial centre in London.
The event took place at Bloomberg's headquarters at New York, in the presence of the Cyprus Minister of Finance, Mr. Harris Georgiades.
Investors showed an interest in an event which took place in London by the Cyprus Investment Promotion Agency (CIPA) and international news agency Bloomberg to present Cyprus as a center of investment opportunities, to offer in the financial services, shipping, energy, information technology and innovation sectors.
The most recent positive developments in the banking system were presented during the event, such as the progress that has been observed in the management of non-performing loans and the projections of bank CEOs on the future of the economy, particularly in the field of financial services.
Special reference was made to the measures that have been taken by the Central Bank to ensure a stable regulatory framework.
Thus, the Income Tax Law has been amended so that an individual, who does not remain in any of their state for one or more periods which altogether exceed 183 days in the same tax year and who is not tax resident in any other state for the same tax year, be considered to be a tax resident of Cyprus, provided that the following conditions are cumulatively met:
a. He/she should remain in Cyprus for at least 60 days during the tax year
b. He/she should pursue any business in Cyprus and/or to work in Cyprus and/or to be a director in a company tax resident in Cyprus at any time during the tax year
c. He/she should maintain a permanent residence in Cyprus, which can be either owned or rented by him
It is clarified that
an individual who cumulatively fulfills the above conditions is not considered
as tax resident of Cyprus in the tax year, if in that year the exercise of any
business and/or employment in Cyprus and/ or the holding of a post to a taxable
person of Cyprus have ceased
For the purposes of calculating the days of stay in Cyprus:
a. the day of departure from Cyprus is considered as a day outside Cyprus
b. the day of arrival in Cyprus is considered as a day in Cyprus
c. arrival in Cyprus and departure from Cyprus within the same day is counted as one day in Cyprus
d. departure from Cyprus and return to Cyprus within the same day is counted as one day outside Cyprus
Thus, under the new
provisions, an incentive is given to an individual who is not a tax resident in
any other state for the same tax year to transfer his tax residence to Cyprus
and to be taxed only on income from the activities the individual exercises in
It is noted that for employment purposes in Cyprus with earnings in excess of Euro 100,000, an individual is allowed for an exemption from tax of 50% of the salary for a period of 10 years, which significantly reduces his income tax liability. At the same time, an individual is granted exemption from income tax or defense tax on dividends and interest received either in Cyprus or abroad, provided that such individual is considered as non - dom in Cyprus.
West-Capella's Total-ENI is ready to start work on Plot 11.
These are one of the most important drilling to Cyprus, since its effect will catalytically affect Nicosia's energy plans.
In addition to the tremendous climate of research conducted by companies in the third round of licensing, the image on the international FA markets is expected to affect the retail segment of energy planning.
The tests and controls that begin today, according to official announcements and drilling will begin normally on the "Oneshofer" field of section 11. The start is calculated on July 16, 2017. According to the technical characteristics of its drilling, its depth, including the depth of the water that is around 1,700 meters, will reach between 3,500 and 4,000 meters.
The drilling, as planned, is expected to end after 2 or 3 months and the preliminary results are expected to be announced in September and October.
One of the world's largest steel producers and Russia's leading ferrous metal enterprise, Magnitogorsk Iron & Steel Works (MMK), organized a photo exhibition on 7 July at the Hilton Park Hotel in Nicosia.
The exhibition included 40 informative photos, depicting the everyday life of the company's production units in the Urals mountains.
Employee portraits, moments from metallurgical processes and rare photographs from the company's first productive activities make up a unique collection. It is worth mentioning that the exhibition has traveled to several cities around the world, such as Brussels, Luxembourg, Paris and Malta.
In 2016, Magnitogorsk Iron & Steel Works went beyond EUR 32.5 million to implement social and charity projects, and by 2025 it intends to provide more than half a billion euros in actions related to environmental protection.
The new modern terminal consists of seven pods with an internal area of 7,000 square meters. Along with 24-hour availability the terminal offers integrated services including Home Call and Day Call handling capability, ensuring an improved customer experience.
SMT SHIPPING (Cyprus) Ltd has been selected as a winner of the 2017 CIPA International Investment Awards.
The award was presented to Anthonius J. Voorham, Owner SMT SHIPPING (Cyprus) Ltd. Over twenty-five years ago, Anthonius Voorham and three partners decided to create a ship-management company based on the principles of integrity, teamwork and quality. They quickly understood that Cyprus would be the ideal location for such a venture, given the countryÃ¢€â„¢s well-developed shipping sector, its professional and educated labour force and its welcoming approach to international business.
SMT's reputation has grown steadily and it now has five offices and numerous business ventures throughout Europe, Asia, and the Americas. The company has over 40 vessels under management, representing a variety of asset types. SMT has 34 local employees in Limassol, and this year it deepened its commitment to Cyprus by purchasing a new building in the Ayios Athanasios district of Limassol serves as its new headquarters.
Published by: www.goldnews.com.cy/
Cyprus signed a deal with Macau's Melco International and America's Hard Rock for the construction and operation of the biggest casino in Europe.
The casino resort estimated to cost 600 million euros and will be the first in the internationally recognized south of the Mediterranean holiday island.
The consortium has a 30 years licence to build an integrated casino resort in the southern coastal town of Limassol and set up four satellite casinos in other towns.
"In addition, the casino resort will include the largest casino in Europe, with 136 gaming tables and 1,200 gaming machines''
Energy Minister of Cyprus Mr. Lakkotrypis said that: Our goal is the improvement of incoming tourism, increasing arrivals, and average spending per capita, and also to see this contribute to the ongoing efforts to address the problem of seasonality in the Cypriot tourism industry, he said.
"Our other strategic objective was the creation of new jobs and additional tax revenue, supporting sectors that will be associated with the casino, and attracting further foreign investment.
British Virgin Islands
Introduction of Beneficial Ownership Secure Search System (BOSS system)
The BVI government has introduced (the "Act") a new legislation known as the Beneficial Ownership Secure Search System Act, 2017.
This new legislation was established on June 12, 2017 in order to allow the BVI to keep comply the obligation under the Exchange of Notes Agreement entered into with the UK back in April 2016.
The Exchange of Notes agreement allows for the sharing of beneficial ownership information between the BVI and the UK government. In order to comply with the terms of this agreement, the BVI government has implemented a system to house the relevant details of the beneficial owners of BVI Companies.
This system is referred to as the Beneficial Ownership Secure Search System (BOSS System), which enables the relevant BVI Authorities to have a searchable database with information on BVI Companies and their beneficial owners.
''The Act'' requires both the corporate and legal entity as well as the Registered Agent to identify the beneficial owners of each BVI company and insert this information into the BOSS System.
The deadline for all the Registered Agents to have the relevant details of beneficial owners placed into the BOSS System is until June 30, 2017 as the system will go live on July 1, 2017.
The BVI government 2019's goal for implementing this new regime is aimed towards meeting international standards as well as maintaining a reasonable balance between appropriate privacy and transparency.
The plan specifies that the total area to be developed measures 510,000 square metres, which includes the Larnaca port and marina as well as an undeveloped surrounding area.
Steve Greenlee, ExxonMobil Exploration Company president, analyze how the corporation is competing for the world's best oil and gas opportunities. Also, he said "Our vision is that Cyprus will become an energy center and we hope to find enough natural gas, which will create the foundation for Cyprus to become an energy exporter" in his greeting at the event delegated by the Cyprus Delegation and ExxonMobil, the Consular House in Washington.
We are working until the signing of our contracts in April, starting our research, and we focus to them to have the best results. And we are happy about it. We have been in Cyprus for 60 years, you know us, we are glad we work there, we are good friends and this has helped us move forward with the new phase.
Prime minister of Cyprus Energy expressed the hope that large quantities of natural gas will be found in the Cypriot AOZ and that helps Cyprus as a country and the areas around it.
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