Why Cyprus

The financial services sector in Cyprus is diverse, comprising of both domestic and multinational banks as well as a variety of financial intermediation services. Many foreign banks from Europe, Middle East and Asia operate subsidiaries in Cyprus.

The banking and financial services legislation is in line with all international practices and has a simplified, efficient and transparent tax system, which is fully in compliance with the EU, OECD, FATF and FSF regulations. Commercial banking arrangements and practices follow the British model - all banks maintain correspondent networks around the world and are able to carry out traditional, specialized and tailor-made financial transactions.

Cyprus has a business-friendly tax system, which provides specific exemptions and incentives for investments and is continuously maintaining its competitive advantage as an international financial hub.

Industry Facts:

• Banking in Cyprus is the largest component of the sector, having emerged strong, fully recapitalized and well-regulated.

• There are currently over 40 Cypriot and international banks operating in Cyprus.
• Banking practices follow the British model.

• Banks located in Cyprus offer an array of services ranging from asset management, private banking, international, corporate and investment banking, retail banking, syndicated loans and custodian services.

• Combined with an effective and transparent tax system, which is fully EU, OECD, FATF, FSF and MONEYVAL compliant, the banking sector is in a position to service domestic and international clients of all sizes and industries.
• Cyprus is rapidly becoming one of the top emerging investment fund centers in Europe thanks to its constant efforts to advance its regulatory regime, and its strong network of financial and professional services providers.
• Cyprus is committed to offering a high-quality service in a duly regulated environment in order to ensure the best possible experience for investors and business people worldwide.