Basic knowledge about Cyprus

Cyprus - tax haven and vacation destination in the Mediterranean Sea

Again and again we hear that Cyprus is still quite unknown to most people from Germany. It is often claimed that it is an island of Greece. This is only partly true. Cyprus is an independent and separate republic, which is why it is officially called the Republic of Cyprus. Cyprus is the only island in the Mediterranean with the last divided city, whose name is Nicosia.

Cyprus is thus divided into Northern Cyprus (Turkish "occupied" part, where Turkish is spoken) and Southern Cyprus (Cypriot part, where Greek is spoken), which belongs to Europe. This part has two airports, the largest in Larnaca (LCA), and another, somewhat smaller one in Paphos (PFO). Both airports can be reached from Germany with different airlines. Only in Southern Cyprus, thanks to Europe, entrepreneurs are offered the tax benefits via non-dom status. So in the south you can use the advantages of Europe and found your own Limited to save taxes legally and up to 17 years.

In our big Germany-Cyprus comparison we have listed the advantages and disadvantages between Germany and Cyprus. Cyprus is much more international than other countries in the EU. For example, almost 80% of the population speaks fluent English, which makes emigration and life in Cyprus much easier. Europeans can rent or buy real estate here relatively safely. There is a statutory health insurance, the so-called GESY, which is strongly based on the Greek health system. Nevertheless, as a German expatriate and entrepreneur, it is advisable to additionally take out an international, private health insurance in order to be able to make use of the best private services in Germany or even worldwide.

The drinking water in Cyprus is potable if some filtering equipment is installed. Local vegetables and fruits are seasonal very fresh and cheap, there are now also more and more BIO supermarkets in Cyprus. Bananas, avocados, watermelons, pomegranates and much more grow on the island.

Aphrodite Rock, Paphos

Rock of Aphrodite

Who swims here seven times around the rock shall receive a long life

Wreck Cyprus

The shipwreck at Peyia, Paphos

Considered a questionable, but very popular photo backdrop 

Venetian bridges Cyprus

The Venetian bridges

Are very old and located in a shady forest area

Cyprus, the imperfect paradise for emigrants

Cyprus is not perfect, so it may scare one or the other a little at first when you discover numerous construction ruins, the garbage on beaches and in nature or even the somewhat deviating quality of some houses. Everything is viewed a little more calmly, which also means that you can decelerate and relax very well on the island. This also becomes clear in our big comparison between Germany and Cyprus. Nevertheless, the individual cities and regions of Cyprus as well as the nature are extremely diverse. For example, did you know that you can snowboard and ski in Cyprus during the winter months? In fact, there is a ski lift and some slopes in the Troodos Mountains at about 2000 meters above sea level. Furthermore, for hikers and nature lovers, there are huge forests with rivers, reservoirs and waterfalls for exuberant hikes and walks.

After more than 2 years on the island we are daily at the same time fascinated by the breathtaking nature with forests, nature reserves and waterfalls, but also still partly frightened about some heavily littered regions. However, it is precisely the "imperfect" that fascinates many Germans. Of course, Cyprus also got into negative headlines in the past; for example, there was the banking crisis in Cyprus in 2013, in which many people lost a lot of money, or recently the exposure by the TV channel Al Jazeera, which drew attention to the "Cyprus Papers" in its documentary . Also, many dubious companies in the field of gambling or other questionable areas have their headquarters in Cyprus. We have exposed the cost traps in Cyprus on a separate page with an exclusive video.


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The advantages of incorporating a company in Cyprus

Nevertheless, a lot has happened. After the banking crisis and the disappearance of foreign investors and entrepreneurs, Cyprus worked hard to improve its reputation. And so the NON-Dom program for EU foreigners was created to lure young entrepreneurs back to the island on the basis of legal tax advantages . All entrepreneurs from abroad have to do to pay only 12.5% corporation tax, no trade tax and no tax on salaries and dividends is to obtain a yellow slip and set up a limited company in Cyprus. Well-known and reputable companies such as WirliebenDruck, one of Germany's largest online printing companies for folding cartons, and the international PIXPRESS group of companies are now among the companies based in Cyprus. The relaxed EU rules and benefits make it possible to work from the sunny island with a German telephone number and full remote control.

With our GESY calculator, for example, you can calculate all ancillary costs and social security contributions in Cyprus before setting up your company. With our tax comparison between Cyprus and Germany, we show how much tax you can save by emigrating to Cyprus. If you want to become a member of Cyprus.LTD, you get unlimited access to over 70 pages full of videos, expert knowledge and comparisons. Our portal is your personal online guide that provides daily support to entrepreneurs who want to emigrate to Cyprus, but also to people who already live in Cyprus.

In the meantime, many local tax firms have also specialized in German entrepreneurs to make it easier for them to emigrate and set up a company in Cyprus. Our portal enables members and non-members to set up their own limited company in Cyprus within a few days. Our tax advisor enables you to obtain non-dom status quickly via the Priority Service.

If you are interested in saving taxes and emigrating to Cyprus, you can arrange a free consultation with our tax advisor via this link.

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