Cyprus: International Trade
Cyprus: International Trade
The underdeveloped Cypriot economy that was inherited from Colonial Rule in 1960, has been transformed into a modern and robust economy boasting a dynamic range of services and thriving industrial and agricultural sectors, all underpinned by an advanced physical and social infrastructure.
Cyprus’ success in the economic sphere is attributed to the adoption of a market oriented economic system, the pursuance of sound macroeconomic policies by the government as well as the existence of a dynamic and flexible entrepreneurial environment and a highly educated labour force. The fact that Cyprus boasts numerous tax incentives, including one of the lowest corporate tax rates in Europe (10%) and double taxation agreements with approximately 43 countries, means that Cyprus is one of the most competitive countries on the international stage.
Furthermore, Cyprus’ reputation as a competitive European offshore business centre and its central location at the crossroads of Europe, Asia and Africa, makes the country a prime jurisdiction for the development of international trade links. In addition, Cyprus’ accession to the European Union in 2004 removed any final barriers to trade, thus improving further the provisions for the exchange of capital, goods and services across borders.
Fortunately, international trade in Cyprus has not experienced the negative effects of the global economic downturn to the extent that many other countries have, as the advantages that existed prior to the economic crisis are still present. What has changed however, is the outlook of many businesses in Cyprus, who have inevitably become more cautious in their dealing. However, this should not be viewed in a negative manner as businesses continue to establish themselves in Cyprus to take advantage of the jurisdictions many benefits.
Our firm is essentially international in outlook with approximately half of our clientele being of international origin. However, we also have a firm foothold in the domestic market, providing an extensive range of legal consultancy services to our Cypriot clients. Our associates have extensive experience in all aspects of international and commercial activity, including cross-border transactions, the incorporation of offshore companies/International Business Companies, trusts, shipping, mergers & acquisitions, joint ventures and international tax planning for companies and individuals, to name a few.
Our workforce comprises a range of highly qualified and knowledgeable lawyers, legal consultants and legal assistants who work together to provide flexible and viable solutions to our client’s requirements. Our associates speak a number of different languages, including English, Greek and Russian, which ensures that language barriers are not an issue when working with our international clients.
The world of commerce is constantly changing and in order to keep up with our clients’ ever changing needs we strive to follow trends and strengthen our knowledge in order to pinpoint any issues that may affect our clients’ commercial transactions. Our innovative approach to law is shown by our web-based forum, which allows users to post legal enquiries and receive responses written by a member of our legal team who specialises in the relevant area.