Page "Economy of Cyprus" Paragraph 17

The Cyprus legal system is founded on English law, and is therefore familiar to most international financiers.

Cyprus's legislation was aligned with EU norms in the period leading up to EU accession in 2004.

Restrictions on foreign direct investment were removed, permitting 100 % foreign ownership in many cases.

Foreign portfolio investment in the Cyprus Stock Exchange was also liberalized.

In 2002 a modern, business-friendly tax system was put in place with a 10 % corporate tax rate, the lowest in the EU.

Cyprus has concluded treaties on double taxation with more than 40 countries, and, as a member of the Eurozone, has no exchange restrictions.

Non-residents and foreign investors may freely repatriate proceeds from investments in Cyprus.