Quote:
Originally Posted by KlenTelaris
I wouldn't dare to incorporate there after bank fiasco.
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depend on what you are doing.
a pure adult company will have a problem to find a bank account there but as cyprus is part of the EU you can have your bank account wherever you want.
but to answer the topic question:
cyprus is not really a tax heaven but there are many options to prevent taxes.
additionally cyprus gives you the option to become a cyprus citizen with cyprian passport because in some EU countries the country of origin principle applies in some tax cases.
just a few years ago most of the companies there were pure mailbox companies but here a lot has changed after the fabian thylmann case. today almost all of the companies i know have a real physical branch and employees there on site
for companies above 5 million yearly revenue it might make sense - for smaller companies it doesn't pay off because everything is very bureaucratic and you have to pay many "consultants" and "donations" which then reverses the tax advantage.