From the date of the introduction of the concept of offshore 40 years ago Cyprus firmly established itself as a reputable international financial center. Low taxation, freedom of exchange controls, excellent telecommunications, as well as many other advantages offered by Cyprus brought to the forefront of international financial centers. Currently on the island more than 40,000 active international commercial organizations. A number of them use high-grade offices to work on the island, while others use the services of local accountants and lawyers to represent them. Under current tax legislation, Cyprus has the lowest tax regime in Europe, and the role of the international financial center will skyrocket.
Compared to other countries, Cyprus is clearly stands out as the EU country with the prestigious tax incentives and not suspicious, usually associated with "tax havens", which have a zero tax rate. Confidentiality and anonymity of beneficial owners is guaranteed true identity is revealed to local banks, but if you open a local account and the information is not provided to any third party or any other country. Cypriot companies with foreign shareholders may decide to open a full-fledged office in Cyprus for its operations. Such companies may be authorized to hire expatriate staff who will live and work in Cyprus.
Foreign employees of the companies that opened a branch in Cyprus can easily obtain a work permit, provided that they are working in managerial positions or in positions where similar skills can not be found among the local workforce.