Cyprus has been a member of the European Union since 2004, and a Eurozone member since 2008. Besides the inherent benefits of EU Membership, the country boasts a highly educated workforce and a stable political climate.
Owing to its transparent regulatory framework, excellent infrastructure and effective tax system, Cyprus is internationally recognized as a business-friendly jurisdiction. Following a period of uncertainty due to exposure of local financial institutions to Greek debt, the Cyprus economy regained its pre-financial crisis vigour with a 2017 annual GDP growth of 3.9%.
Cyprus has been a member of the European Union since 2004, and a Eurozone member since 2008. Besides the inherent benefits of EU Membership, the country boasts a highly educated workforce and a stable political climate.
Owing to its transparent regulatory framework, excellent infrastructure and effective tax system, Cyprus is internationally recognized as a business-friendly jurisdiction. Following a period of uncertainty due to exposure of local financial institutions to Greek debt, the Cyprus economy regained its pre-financial crisis vigour with a 2017 annual GDP growth of 3.9%.
Country Highlights
| CAPITAL CITY: Nicosia |
LANGUAGES: Greek, Turkish, English |
| TIME ZONE: Eastern European Time Zone (UTC+02:00) |
CURRENCY: Euro € |
| TOTAL AREA: 9,251 km² |
POPULATION: 1,170,130 |
| TAX SYSTEM: EU Approved |
DOUBLE TAX TREATY: Extensive double tax treaty network |
Legal Basis
Cypriot partnerships are regulated by Partnerships and Business Law, CAP 116, of 1907 (the “Law”). The Law defines a partnership as “a relationship which subsists between persons carrying on business in common with a view of profit”. Although the Law recognises the legal relationship between the partners, it does not give partnerships separate and distinct legal personality.
Pursuant to the Law a Cypriot partnership must satisfy three conditions:
a) Firstly, a partnership must carry out a business. Under the Law that includes every trade, occupation or profession thus effectively covering any activity of a commercial nature.
b) Secondly, a partnership must have the purpose of obtaining profit.
c) Finally, a partnership must have at least two partners. Moreover, partnerships conducting banking activities cannot have more than ten members.
A partnership may be constituted for a fixed or indefinite term.
Benefits
- No Legal Personality
- Flexible Scope of Partner Liability
- Tax Transparency
- Low Maintenance Cost
Eligibility
- Commercial Activity
- Profit-Oriented
- At Least 2 Partners
- Cyprus ROC Registration
- Partnership Level Bookkeeping
Process & Timeline
Why Work With Us
