The local tax favors high net worth individuals, investors, or entrepreneurs who want to setup a startup or relocate with their families or businesses due to the various tax benefits.
The last few years international enterprises from various sectors have relocated and now operate under the European standards via Cyprus, enjoying security and at the same time attractive tax legislation.
Many jurisdictions allow foreign companies to change their jurisdiction of incorporation. The legislation usually permits the transfer of a company's "seat of incorporation" into or out of the jurisdiction ‐ a process known as “re‐domiciliation”.
The program was launched to create jobs, promote innovation, research, develop the business ecosystem and support the economic development of the country. But how Cyprus Startup Visa helps and attracts foreign entrepreneurs?