Trade in Northern Cyprus
Trade in Northern Cyprus:
Cyprus has long established itself as a thriving business hub with a wide range of investment opportunities in key growth sectors. The ideal strategic location of the island, the advanced infrastructure and the high quality of life show not only the main reasons for moving and living on the island, but also at the heart of choosing an investor to invest in Cyprus. The island is an ideal investment gateway to the EU as well as a gateway to invest outside the EU, especially in the Middle East. As the jewel of the Mediterranean, Cyprus guarantees the security and stability of investors while giving them access to more than 500 million EU citizens.
The local infrastructure is ideally suited for a business that needs to do things. Thanks to the modern road network, extensive port facilities and two new international airports, travel and transportation in Cyprus and abroad is fast, efficient and affordable. Human talent is the most important advantage of Northern Cyprus, complemented by high quality professional services. As a dynamic business center, Northern Cyprus offers highly educated and skilled people who are often multilingual and ready to serve the needs of any business.
In fact, due to its small size, productive workforce, pro-trade and flexible government, Northern Cyprus has all the elements necessary to maintain a strong and resilient economy.
The competitive advantages of the Northern Tomb country are significantly enriched by a strong and transparent legal and regulatory framework and an attractive tax regime, which provides a wide range of incentives and benefits to legal and natural persons and investors. The legal system of Northern Cyprus, based on the principles of common English law, is widely recognized as a friendly and efficient system that ensures transparency and reliability in business practices. By providing a familiar and reliable framework for foreign businesses, the Cypriot legal system is also in line with the European Union, the Financial Action Task Force on Money Laundering (FATF), the OECD, the FATCA, the Financial Stability Association and EU rules and regulations. (AML Directive) In addition, Northern Cyprus offers an attractive and transparent tax regime, fully in line with EU, OECD and international law. Cyprus, with access to an extensive network of more than 60 double tax treaties and corporate tax rates, one of the EU’s lowest standards, gives international investors and domestic businesses the confidence to invest, grow and prosper.
Some of the key features of the Cypriot tax system are: Exemption from participation in shares Exemption from the sale of securities (eg stocks, bonds, debts) Excluding taxes No taxes Substitution without taxes on capital gains (excluding real estate disposal) Cyprus or shares of a real estate company in Cyprus to the extent that the profits are attributed to the real estate) Attractive IP tax regime for transport companies for non-resident and non-resident transport companies There are also significant exemptions for resident Cypriots: without tax on dividends, 50% exemption from employment in Cyprus for a person who has not previously resided in Cyprus. This exemption applies for ten years, provided that the income from employment in Cyprus exceeds 100,000 euros per year.Trade in Northern Cyprus is very good.