The capital city is Nicosia which has a population of about 200,000 people. Cyprus gained independence from Britain in 1960 and adopted a presidential system of Government with elections for the President taking place every 5 years. The official languages are Greek and Turkish but English is widely spoken and is the language mostly used in business, government and the courts. Laws are based on the English legal system and company law is modeled on the UK Companies Act 1948. In addition, Cyprus has signed an associate agreement with the European Union.
Communications are excellent.
As such, Cyprus is a low tax country rather than a no tax country. However, one of the great benefits of Cyprus companies is that Cyprus has signed a good range of tax treaties which provide for reduced or zero withholding taxes on dividends, interest and royalties paid to a Cyprus company. Treaties have currently been concluded with Austria, Bulgaria, Canada, China, Czechoslovakia, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Norway, Poland, Romania, Russia, Sweden, United Kingdom, United States, Yugoslavia. Further treaties are currently being discussed with Belgium and Finland. A minimum of two shareholders are required and details appear on the public file but anonymity can be retained by the use of nominee shareholders.