We are committed to observing international best practices at all times and consider that good corporate governance is essential to our success and to our clients. We are also committed to shared values that guide us in all our activities. Our standards, policies and procedures are also in line with international corporate governance standards.
BANKING, FINANCE AND INVESTMENT – CYPRUS BANK ACCOUNT
With tourism being a major source of revenue, Cyprus has had inconsistent stability economically due to fluctuating tensions politically that have driven tourists away for periods of time. However, with clear lines drawn for EU membership, the Greek territory has enjoyed more consistent revenue stream from this sector, which in turn has catalysed the service sector.
Fiscal year: Calendar year
Market value of publicly traded shares: $6.583 billion, with a market capitalization of almost EUR20 billion.
The Cyprus Stock Exchange (CSE) has been in operation for over 10 years, and in the last six years has been partnered with the Athens Stock Exchange (ASE). It also participates in the FTSE Med 100. The Bank of Cyprus, Laiki Bank, Hellenic Bank, Louis Cruise Lines and Tsokkos Hotels represent a type of “blue-chip” list that have been guaranteed to remain with the CSE.
Cyprus banking law is about on par with English banking law in terms of the level of confidentiality they apply to individual bank accounts. A law passed five years ago is still traveling through the courts regarding unfettered access of resident bank accounts by tax authorities.
Australia Group, C, CE, EBRD, EIB, EMU, EU, FAO, IAEA, IBRD, ICAO, ICC, ICCt, IFAD, IFC, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, MIGA, NAM (guest), NSG, OAS (observer), OIF, OPCW, OSCE, PCA, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNWTO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WTO
With the advent of the Cyprus Mutual Fund Law, investment transparency has made foreign investors adjust their goals when considering Cyprus as a viable market. Mutual funds can be established using either an International Fixed Capital Company (IFCC), International Investment Limited Partnership (IILP), International Unit Trust Scheme (IUTS) or an International Variable Capital Company (IVCC). Within the framework of these mutual fund companies, there are specific rules about to whom and how the fund can be advertised; trustee approval by the Central Bank of Cyprus; and monitoring and inspection of the funds both onsite and via reporting and other audit requirements.
Non-resident foreign employees of offshore companies receive a base exemption on their Cyprus-derived salary for three years. Total income tax exemption applies when the employee works for a Cypriot employer from outside Cyprus.
Items imported for specific use by offshore company expatriate employees are exempt from import tax. This includes cars, office equipment and items for the home.