Tax-News.com Cyprus Review 2010 - 2011

LONDON, ENGLAND, October 06, 2010

Tax-News.com publishes the latest in its Jurisdiction Review publication series, featuring Cyprus. Cyprus is a natural choice for Tax-News.com to analyse due to the international tax planning benefits it boasts, its close ties to important economies such as the UK and Russia, EU membership, healthy banking system and new shipping tax regime.

Cyprus is no longer an offshore jurisdiction in the strict sense of the word, but its tax regime, coupled with its location at the cross roads of Eastern Europe, the Middle East, North Africa and Asia, an extensive network of double-tax treaties, its membership of the European Union and its relatively sophisticated European business environment and stable economy mean that the island is an ideal place to locate holding, trading and intermediary companies.

Cyprus is not Greece, is the first thing to say about the Cyprus banking sector. Although people in Cyprus have in common with those in Greece (along with other Mediterranean countries) a regrettable habit of not paying all the tax they should, and although the government has been slow and reluctant to tackle its growing fiscal deficit, the economy grew lustily until 2008, barely shrank in 2009 (one of the best performances in the EU) and is expected to return to a growth path in 2010.

Cyprus's strategic location at the crossroads of Europe, Asia and Africa, in combination with a benign tax regime, has enabled the island to become a world force in shipping. The Cypriot maritime industry is one of the largest in the EU and the 10th largest worldwide, with more than 1,850 ocean going vessels exceeding 21 million gross tons on the jurisdiction's registry. Moreover, Cyprus is the biggest third party ship management centre in the EU, with about 60 ship management companies operating in the territory.

Tax-News.com EU Editor, Lorys Charalambous, commented: "Our Review of Cyprus has shown that it continues to shine as an investment bridge between the EU and the rest of the world. Most importantly it is clear from our investigation, and from the high level of interest, that the future remains bright for Cyprus."

You can read the Tax-News.com Review 2010-2011 digital edition at http://www.tax-news.com/cyprus/cyprus_review_2010.asp, for free. Hard-copy release expected 15th October.

Tax-News.com, a BSI Media publication, has been online for over ten years and boasts some of the highest traffic in its sector.

All enquiries, including Cyprus Review sponsorship, advertising or contribution requests: India Gabrielle, india.gabrielle@tax-news.com, +44 (0)1424 205 425.

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