According to Cyprus-Mail news reports, Cyprus Finance Minister Constantinos Petrides recently signed a protocol amending the double taxation treaty with Russian Deputy Finance Minister Alexey Sazanov. Constantinos Petrides stated: "The signing of this protocol ensures the continued implementation of the double taxation avoidance treaty, which is undoubtedly beneficial for both parties as it encourages investment, promotes trade in various sectors of the economy, and is advantageous for the job market."
Cyprus has been committed to establishing itself as an WorldWay center, and by signing and updating double taxation agreements with more countries, it further attracts foreign investment. The recent signing of the double taxation avoidance protocol with Russia makes it more convenient for overseas investors to allocate global assets, highlighting the tax advantages of investing in Cyprus!
The advantages of Cyprus's tax system are mainly reflected in the following aspects:
Corporate income tax is 12.5%, one of the lowest in Europe!
Value-added tax is 19%, also at a relatively low level in Europe!
Signed double taxation avoidance agreements with multiple countries worldwide (including China, the Netherlands, the United Kingdom, Russia, etc.)!
Dividend income, income from overseas permanent establishments, capital gains from securities sales, inheritance tax, etc., are exempt from tax!
According to a report by Ernst & Young, Cyprus not only provides investors with an attractive tax system but, more importantly, its tax system fully complies with European Union, OECD, and international laws and regulations. As a member of the European Union and the Eurozone, Cyprus ensures the safety and stability of investors while providing over 500 million EU citizens with market access and trade and tax incentives.
Cyprus, with its superior tax system, has attracted many high-net-worth individuals from around the world, such as former Norwegian billionaire John Fredriksen and Indian real estate tycoon Surendra Hiranandani, who have both renounced their original nationalities to embrace Cypriot citizenship. These high-net-worth individuals are keen to choose citizenship in Cyprus not only because of its favorable tax system and good business environment but also due to the high value of the Cypriot passport. As a member of the European Union and the Commonwealth, the Cypriot passport combines the benefits of both, allowing visa-free access to over 160 countries and regions, and providing the ability to freely migrate, work, reside, and study in any of the 27 EU member states (including Germany, Austria, Italy, France, Finland, etc.), the three member states of the European Economic Area (Norway, Iceland, Liechtenstein), and Switzerland, totaling 31 European countries, while enjoying the generous benefits of EU citizenship in EU countries.
Meanwhile, Cyprus's application to join the Schengen Area has received preliminary approval from the EU, making it one of the few countries that can claim membership in the European Union, Eurozone, Commonwealth, and Schengen Area simultaneously, which speaks volumes about its value.
Currently, through the Cyprus Investment Citizenship Program, investors can purchase properties in Cyprus starting from €2 million (regardless of whether it is one or multiple properties) and make a donation of €200,000, allowing their entire family across three generations to apply for Cypriot EU passports, enjoying the benefits of Cyprus's superior tax system while also benefiting from the global convenience that the passport brings, achieving a win-win in wealth and identity.
Worldway Group, a top 500 Asian brand, has maintained good interaction with the Cypriot government for many years. In 2011, it was one of the first to introduce the Cyprus Permanent Residency and Citizenship by Investment Program to China, starting an exciting journey of investment immigration to Europe. In 2014, the "Paphos Night" events in Beijing and Shanghai were investment and cultural exchange activities themed around European cities in China.
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