Having another business base in Cyprus has been a great opportunity for me. I brought my family to this beautiful island as an escape from a terrifying reality back in 2021, with the aim of finding another destination as soon as possible. Not only did I fall in love with it, but it was also generous to me by revealing top benefits that changed my life and my business:
1. Quality life in a secure environment was a blessing for all the family. Less stress, less traffic, more family time, more natural activities have all been a true healing process for all of us. My mental wellness improved and that was the drive to be more productive.
2. Have a good infrastructure is not only a need, but it can take your business to another level. When electricity, internet, water, fuel, parking, banking, insurance, legal and other basic needs are not to worry about, then the natural thing is to focus on what is more valuable and important, as Maslow says...
3. Being technically an EU member, Cyprus allows you to do business in Europe easily, have one mobile phone operating in all EU countries without changing Sim cards, travel at a lower cost, and be at a proximity with many African, Asian and Gulf countries. It is an EU country in the heart of the Middle East. A strategic location accessible to many, with no friction with most of the neighborhood.
4. Working remotely after Covid has been a blessing, so you can technically work by the beach, from a coffeeshop. from the park, from a co-working space or from your office, with the same productive atmosphere. Access to talents is fair and being a good technology hub (besides Maritime, hospitality and tourism), you can build strategic alliances that can boost your presence and technical skills.
5. Tax benefits are not only about paying less, but also enjoy a non-dom with 17 years reduced taxes on dividends and rental income, VAT exchange (VIES) between EU members, social insurance schemes and insurance deducted from your operating expenses, besides a 2.5% tax rate for IP Box qualifiers. This is not tax savings, this is more of a government partnership to be more and thus invest more in the country. And of course, not to forget that there's no inheritance tax on transfer of properties to the children and the ability to establish a trust to protect the wealth in a solid way. The country has an English common law system, which provides familiarity and confidence for many international businesses, especially those from common law jurisdictions.
What started as an escape plan became a blessing, an island of love, respect, blessings, and spirituality. The country has been mentioned in the Bible several times, where the apostles started their journey, St Paul has been preaching, St Lazarus has been buried, and historical and spiritual landmarks are beyond charming. The island is a cosmopolitan and welcoming environment for expatriates, making social integration easier.
Cyprus has been more than a home for me. It is not perfect, it can still offer a lot but I am not perfect as well, and I can also offer much more to this amazing island. Although every city and village of the island has its own charm and benefits, I chose Nicosia; despite being the capital, Nicosia has made significant strides in urban greening, with extensive parks like Athalassa National Forest Park and the Pedieos Linear Park offering unparalleled recreational opportunities.
No matter what you do or where you are based, having another hub in Cyprus is a strategic decision that is a good investment in several ways. Good for the business, good for the wealth protection, good for real estate returns especially with the rising tourism and property prices, good for retirement, and a great spot for family vacations and social activities. It also serves as a great headquarters for the region, centralizing the management and the admin in a central location in the map.
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