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By Leo Zhang. The Republic of Cyprus is an island country in the Eastern Mediterranean Sea, east of Greece, south of Turkey, west of Syria and Lebanon, northwest of Israel and north of Egypt. Cyprus is the third largest island in the Mediterranean Sea. It is also the third most populous island in the region and one of the area's most popular tourist destinations. Cyprus' strategic location at the crossroads of Europe, Asia and Africa has helped shape its history throughout the centuries, making it not only a major eastern Mediterranean trading hub, but a reputable international business and financial...

ARTICLE OVERVIEW - EXECUTIVE SUMMARY 2014

By Leo Zhang. Because of its strategic location in the Mediterranean Sea, Cyprus has for centuries been a center for trade and a hub of commerce for the surrounding countries. Today Cyprus is a full member state of the European Union and also one of the countries that has joined the single currency, the euro. Tourism is Cyprus's main industry with 3 million tourists visiting every year. There are also high levels of education (spoken languages Greek English) and an abundance of European, American and Chinese products. Life is relaxing in Cyprus with the climate being perfect in all seasons. The...

ARTICLE OVERVIEW - EXECUTIVE SUMMARY 2020

By Tendai Musakwa. Chinese investors looking to establish a successful shipping business would do well by considering Cyprus. The Cypriot maritime industry is ranked third in terms of size in the EU and tenth worldwide. Cyprus has proved to be an ideal center for the establishment of enterprises by foreign ship-owners and other professionals engaged in shipping activities and related services worldwide. Part of Cyprus' attraction to shippers stems from an attractive set of tax incentives and supporting services that make it easy to operate a shipping business there. Generous Tax Incentives for Shipping Operations. The most important reason for...

YACHT & AIRCRAFT REGISTRATION OVERVIEW - EXECUTIVE SUMMARY 2014

OCED-whitelisted Cyprus has more allure By Anas Almasri. No longer considered a tax haven, did Cyprus lose its long standing financial allure by joining the EU. Cyprus' unique geographical location situated between three continents has, throughout history, been the main drive behind its focus on benefiting from trade and economical relations between Europe, Asia and Africa. Up to the 1970s Cyprus was viewed as a trade stop between the coastal countries of those continents, leading it to be positioned as one of the world's major re-exporting hubs. Although it still holds that status today, the island has developed into a truly...

CORPORATE & FIDUCIARY OVERVIEW - EXECUTIVE SUMMARY 2014

Cyprus has a unique opportunity to attract Chinese investment despite the financial misfortune of its neighbors. The OECD crackdown on tax avoidance has divided the offshore world - on the one side are jurisdictions that have been able to achieve legitimacy in the eyes of the onshore world, on the other there are those who have not. The island of Cyprus puts itself firmly in the former camp. Although it was once considered a traditional tax haven, sweeping reforms in the run-up to EU accession brought Cyprus new respectability as an international business center. Black list. As a result the...

CORPORATE & FIDUCIARY OVERVIEW - EXECUTIVE SUMMARY 2014

Offshore finance is all the more important for Cyprus following the financial crisis. As a warm, sunny island just hours from Europe it is fitting that Cyprus biggest industry is tourism, but a reliance on visitors has made the global recession a tough time for the country. More than 70% of Cyprus population are employed in the services industry, which accounts for 80% of the country GDP, and as visitors from Europe dried up, the industry felt the pinch. Cypriot debt ballooned to 4.4% of GDP, leaving the island in violation the EU budget deficit criteria of no more than...

ARTICLE OVERVIEW - EXECUTIVE SUMMARY 2014

The Principality of Monaco has time and again been accused of facilitating tax avoidance and wrongfully branded as an offshore tax haven. The country's laws, however, do not encourage unlawful evasive activities, and authorities are determent to change that inaccurate image. By Anas Almasri. Contrary to widespread belief that Monaco's main economic strength resides in it being a tax haven, the small city-state, home to some 36,000 residents, is not a shelter for tax evasion.International financial services, global commerce and tourism make up the country's major economic sectors. Its resorts and grand casinos as well as its pleasant climate are...

CORPORATE & FIDUCIARY OVERVIEW - EXECUTIVE SUMMARY 2014

By Leo Zhang. As a widely recognized global financial centre, Guernsey is an Island situated between the UK and France which is 62 kilometres in size and has a population of just over 60,000. With the status as a British Crown Dependency, which means its links are through the British Crown rather than the UK Parliament, it also has a special relationship with the European Union so that there is access to EU countries for physical exports without tariff barriers but other rules and directives do not apply, unless voluntarily accepted. Guernsey has 50 years of experience in serving clients all...

CORPORATE & FIDUCIARY OVERVIEW - EXECUTIVE SUMMARY 2014