Brexit is the term coined to define the inevitable departure of the United Kingdom from the European Union.
This was determined following a historic referendum that took place in the summer of 2016. Ultimately, 51.9% voted leave with the remaining participants voted remain. This led the British government to invoke Article 50 of the Treaty of European Union.
Brexit has led to an alteration in the business landscape since terms and conditions will change as judgement day looms. Our objective is to elucidate why Cyprus is an attractive proposition for businesses that are seeking new pastures in a post Brexit panorama.
The country offers a number of distinct advantages for companies looking to invest.
- Ideal Location
Cyprus has a prime location in the Eastern Mediterranean region of Europe and it the gateway to three continents, namely the aforementioned Europe, Asia and Africa. This means the country provides convenient air links to a number of regions.
- No Language Barrier
Besides being a hub, Cyprus also counts as a former British colony. This means that English is spoken by the vast majority of its population as well. In fact, up to 80% of Cypriots are fluent in the language.
- Favorable Economy
Moving beyond its geographical and communication advantages, the legal framework utilized in the country is inspire by its English counterpart. The economy is a free market, which means international firms are best placed to reap the benefits should they relocate to Cyprus.
- Tax Incentives
Furthermore, the tax initiatives are generous and the legal and accounting services are first rate as well. All in all, Cyprus is an excellent package when it comes to conducting international trade.
We alluded to it earlier and the taxation that is implemented in Cyprus is what makes it such an appealing opportunity. Cyprus has enticing tax planning jurisdictions and company registration laws are quite friendly as well.
These advantages provide ideal incentive for UK based businesses to invest in Cyprus if they are seeking a new home after Brexit. Since Cyprus ranks as a member of the European Union, they boast a stellar reputation as a legitimate jurisdiction with some of the lowest tax rates on the continent. For example, the island has over forty double tax treaties that are in place to assist businesses execute international tax planning.
The country’s EU membership status, highly developed financial services sector, compelling corporate and individual tax laws, and skilled work force are just some of the reasons why businesses from the United Kingdom should move to Cyprus.