The banking system in Cyprus consists of the Central Bank, of large and small banks. For going to the Bank, you will need the identity document, but some structures may require additional safeguards in the form of recommendations or another Bank in the form of a certificate of registration on immovable property and a contract for rental housing. Many remember the recent crisis in the banking system of Cyprus, the consequences of which was the blocking of the accounts of companies and individuals, with the restriction of withdrawing money from accounts.
Interestingly, all banks in the country are on the same timeline, which is different depending on the season. From may to September banks are open only in the morning from 8.15 to 13.30 on weekdays. The rest of the time banks also work but additionally work with clients on Mondays from 15.15 at 16.45.
In Cyprus there are small cooperative banks, banks in Luxembourg, several foreign financial institutions, as well as 6 national banks. They all work on the development of the trade and property of the country, some are members of the stock exchanges of Athens and Cyprus.
Taxes in Cyprus
Taxes in Cyprus allow to get a decent profit, especially that the country with many States, including Russia, is the agreement on the prevention of double taxation. Foreigners who deal in this country are eligible for citizenship, and the Republic does not convey information about the results of a Cypriot passport to the native state resident. But for the acquisition of full citizenship will have to invest in the economy a large sum.
Cyprus low tax rates
Cyprus VAT is in most cases 19%, but some of the goods he is 9, 5 or 0 percent. The tax on profits from securities can vary and is up to 30%. The profit tax is 10%. Tax rates for intellectual property are paid only 20% of the net profit, the rate is 12.5%. the Tax payments in Cyprus are among the lowest in Europe, the basic tax is nine. Is stamp duty, which shall pay, as a rule, in the design of various financial securities, real estate tax, on income, on capital growth, defense, social contributions, value added tax, on the amount of share capital and corporate. Income tax is only payable on income above € 19.5 thousand. For the rest, the rate will be 20-25%, depending on income level.
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