OUR FIRM S SERVICES INVESTMENT OPPORTUNITIES THROUGH CYPRUS

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1 OUR FIRM S SERVICES INVESTMENT OPPORTUNITIES THROUGH CYPRUS 23 th November, 2017 PAPADEMETRIOU & PARTNERS LTD 26, Apollonos Str., P.O.Box NICOSIA TEL.: FAX.: pappan@cytanet.com.cy

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3 The world at your fingertips

4 Cyprus : An international business hub Cyprus: destination of choice for doing business Long-established reputation as a centre of excellence for international business activities Key economic growth sectors with significant growth potential

5 Why Cyprus?

6 Cyprus legal system Transparent Fully harmonized with international standards Application of EU directives

7 Cyprus: Regional Group HQ tax benefits EU and OECD Compliant / Access to EU directives One of the lowest corporate income tax rates in the EU at 12,5% Dividend participation exemption Exemption from tax on profits from disposal of securities No withholding taxes No succession taxes No taxation of capital gains under certain conditions No Thin Capitalisation rules No Controlled Foreign Company (CFC) rules Notional Interest Deduction (NID) on investment in Cypriot companies Attractive IP Regime

8 Cyprus: quality of life

9 Cyprus: GDP growth (% change)

10 Cyprus economy: an EU success story 2017

11 Cyprus banking sector

12 Our firm s services Amongst other our Firm provides professional services as follows : Direct investment of foreign capital International business companies Shipping business activities Tax advice and planning for individuals Cyprus EU citizenship / permanent residence permits International Trusts Accounting and audit

13 Cyprus: International shipping centre

14 Individuals Individuals staying in Cyprus for more than 183 days are taxed in Cyprus on their worldwide income. They may claim as a tax credit, tax already paid on overseas income. Benefits: Foreign people with income from high tax jurisdictions may stay in Cyprus for at least 183 days and be taxed at maximum 35% (with the first EUR tax free). Foreign pensioners may stay in Cyprus for at least 183 days and elect to have their foreign pension taxed at only 5% (with approximately EUR3.500 tax free). Exemption 20% from employment (maximum amount EUR8.550), for individuals not resident in Cyprus before the commencement of his/her employment Exemption 50% from Employment Income when the Income exceeds the amount of EUR , for an individual who was not resident in the Republic before his/her employment in the Republic. Non-domiciled individuals are exempt from taxes on interest and dividends earned abroad.

15 Cyprus (EU) citizenship and permanent resident permits for third country investors A. Cyprus (EU) Citizenship A non-cypriot citizen and his/her family may apply for the acquisition of Cyprus (European Union) Citizenship and Cyprus (EU) passports. To apply the main applicant must invest the minimum necessary amount of EUR2 million in the following: Real Estate Developments and Infrastructure projects Purchase or Incorporation or Participation in Cypriot Businesses or Companies Cyprus Alternative Investment Funds (AIF'S) or Financial Assets or Cypriot Organisations Licensed by Cyprus Securities and Exchange Commission "CYSEC" B. Cyprus (EU) Permanent Resident Permit: A Non-Cyprus investor who: Purchases property of at least EUR VAT has a steady and secure income transferred regularly from abroad, may apply for a permanent residence allowing the investor and his family access to travel and invest in Cyprus and Europe.

16 International Trusts The Cypriot Trust Law is based on English Trust Law. The International Trust Law opened the way for the creation of International Trusts in Cyprus. Provisions: Settlor is not a permanent resident in Cyprus. One Trustee is a permanent resident. The trust property can include any kind of movable and immovable property situated in Cyprus or anywhere in the world. Benefits: Created in an EU jurisdiction at low cost. There is no taxation of International Trusts or their income in Cyprus. May be used to reduce or eliminate inheritance tax or capital gains in Cyprus of the settlor. May be used to distribute untaxed income in Cyprus to the beneficiaries, i.e. family member. Ideal for "high worth" individuals especially those with slightly complicated family structures i.e. divorced and children from different spouses. Trust may hold shares of Cyprus company with Cypriot Directors for confidentiality.

17 Cyprus International Business Closing Comments It must be pointed out that each scenario regarding a Cyprus International Business must be studied individually and on its own merits, before the final structure is decided. Cyprus can now be described as probably one of the leading International Tax Planning Centres and Holding Company Regimes and a Reputable Financial Centre. A number of multinational companies transferred their offices/management and control in Cyprus, especially after the major tax reform of 1 st January 2003 and after Cyprus entered the European Community on 1 st May 2004.

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