Cyprus in International Tax Planning
Prior to its accession to the European Union on May 01, 2004, Cyprus has reformed its tax system by removing the label of an offshore centre and a tax haven. Cyprus prides itself as an international financial centre fully compliant with EU laws and Directives, the Code of Conduct of the OECD on harmful tax practices. The new tax regime which became effective from 1 January 2013, provides for a 12,5% Corporation tax for all companies registered in Cyprus, which is the lowest in the European Union. This regime, coupled with an extensive network of favorable double tax treaties, enabled Cyprus to develop into one of the most successful International, financial and commercial centres in Europe.
Second Annual Conference of the Cyprus Fiduciary Association (CFA, Cyprus Fiduciary Association) was held on June 11 in Limassol. The representatives of companies involved in this business field were welcomed by the Minister of Finance of Cyprus, Haris Georgiadis, and the Head of the Cyprus Securities and Exchange Commission, Demetra Kalogerou.
Midland Consult (Cyprus) received a new operating licence from the Cypriot authorities in May 2014, allowing the company to provide fiduciary services. Consistent with the highest EU standards, Midland Consult now has the right to provide a wide range of consulting services.