According to official data from the Department of the Registrar of Companies and Official Receiver (DRCOR), International Investors are increasingly using Cyprus as an International Business Service Centre. According to the latest released figures, there was a significant increase in the number of new company applications during March, with the numbers showing an astonishing 23% increase when compared with March 2015.
Obviously the numerous Tax reforms implemented in 2015 and the country’s ability to exit the adjustment program one year earlier than expected heavily influenced investor’s preference towards Cyprus.
New tax incentives, such as Notional Interest Deduction and reduced taxes for Non- Domiciled Investors, are not only supporting new company registrations but are also creating a new trend whereas High Net worth Individuals (HNWI) and senior management personnel move in Cyprus to take advantage of generous tax incentives on a personal level.