Offshore Investment Accounts: Seychelles, Belize, or Cyprus?

Cyprus: World Heritage Site as archaeological remains from 10th millennium BC, third largest island in the Mediterranean Sea with High Development Index.   Is split between Greeks and Turks,  with about 800K in Greek side and 280K on Turk northern side.  Very beautiful Beaches and is up n coming in offshore investments and bank accounts.

Cyprus: The offshore regime in Cyprus has changed as part of the island’s accession to the EU, and as a result of agreements with the Organisation for Economic Cooperation and Development (OECD). Cyprus was excluded from the OECD’s June 2000 ‘harmful’ tax haven blacklist in return for pledging a commitment to amend its tax practices. In April 2009, Cyprus was placed on the OECD ‘white list’ of territories which have ’substantially implemented’ the internationally agreed standard in tax transparency.  In July, 2002, as part of the Income Tax Act No. 118(I) of 2002, Parliament approved a uniform 10% corporate tax rate, to apply to both onshore and offshore companies, plus a 2% levy on wage bills (meant to subsidise pensioners), and a ‘Special Contribution’ related to defence which in effect applies the 10% corporate tax rate to inter-company dividend and interest payments. However, the rules are complex.  The 10% corporate tax gives Cyprus one of the lowest rates in the EU, alongside Ireland (12.5%), with the exception of the Isle of Man, Jersey and Guernsey, which have all announced a nil rate – but these islands are not in the EU anyway for most purposes.  The new regime introduced a ‘residence’-based system of taxation, and was in operation from 1st January 2003.  from Global Tax and Business Portal…

• Something interesting: Non-Aligned Movement…
• Turkish Invasion of Cyprus (note: Turks already lived there)
• Cyprus Tourism Org (Official)
• World Factbook on Cyrpus (Central Intelligence Agency, US)
• Capital – Nicosia