The comparative advantages of Cyprus as a destination for the relocation of Israeli businesses, the establishment of regional or head offices, and the attraction of investors and executives were highlighted by participants in the panel “Doing Business in Cyprus: Corporate Relocation and Headquartering – Establishing your Base in the European Union”, held as part of the 8th Cyprus-Israel Business & Investment Summit in Tel Aviv on Tuesday, 20 October.
The panel featured Iva Angelova, Tax Director in Tax Advisory at PwC Cyprus; George Kallinikou, Director at Nobel Trust Ltd; and George Panayiotou, Executive Director at K. Treppides & Co Ltd.
The discussion focused on the opportunities Cyprus offers to Israeli companies seeking a base in the European Union, as well as to their shareholders, high-net-worth individuals, their families and their employees.
As was presented, Cyprus competes with major international destinations for the attraction of high-net-worth individuals and families, drawing on a range of tax, legal and institutional tools that strengthen its competitiveness.
Tax Incentives and Trusts
Particular emphasis was placed on the Non-Dom regime, Cypriot trusts and the opportunities offered by Cyprus’s framework for succession planning. These tools were presented as significant advantages for international investors and affluent families considering relocating their headquarters or tax residence to Cyprus.
The tax regime applicable to companies and their shareholders was also outlined, with reference to the advantages that make Cyprus a competitive tax destination internationally.
Separate mention was made of the intellectual property income tax regime (IP Regime), which may be of particular interest to technology companies and businesses that develop or exploit intellectual property rights.
From Company Set-up to Executive Relocation
The speakers also examined the procedures involved in establishing a representative office or headquarters in Cyprus, from submitting the necessary applications to obtaining the relevant licences.
In this context, they presented the legal framework for the registration and operation of companies in Cyprus, as well as issues relating to ownership, shareholding structure, directors and financing.
The immigration framework and the procedures associated with relocating executives and their families to Cyprus were also examined — a factor that forms part of the broader planning involved in establishing a business and ensuring its long-term presence in the country.
The panel’s key message was that Cyprus offers a broad range of tax and institutional tools capable of supporting both business relocation and the personal and family needs of owners and executives, reinforcing its position as a base for operations in the European market.
Sponsors
The summit is held in cooperation with Invest Cyprus.
Platinum sponsor: Eurobank
Sponsors: Alpha Bank Cyprus, Bank of Cyprus, bbf:, CYFIELD, DOMO, PwC Cyprus, K. Treppides & Co Ltd
Exhibitors: Aristo Developers, City of Dreams Mediterranean, D. Zavos Group, St. Chara Developers
Supporters: Nobel Trust, Ioannides Demetriou LLC
Media sponsors: CBN (Cyprus Business News), GOLD, IN Business
Organiser: IMH
