Cyprus: jurisdiction for managing and preserving family wealth
#law
When it comes to holding and management of assets from the level of a Cypriot company, there are several points to bear in mind:
Whatever the chosen jurisdiction for managing and preserving family wealth, a local administrator with a comprehensive understanding of administrative, legal, and tax aspects can assist in better controlling these matters.
When it comes to holding and management of assets from the level of a Cypriot company, there are several points to bear in mind:
- Cyprus does not impose capital gains tax on the sale of securities and foreign real estate, making it advantageous for investment and asset disposal. Also, the country does not levy wealth tax, immovable property tax, or inheritance tax, which enables tax-free transfer and further holding of family assets by heirs and beneficiaries.
- Cyprus does not levy WHT on dividends/interest paid to non-residents. Moreover, Cyprus has an extensive network of double taxation treaties with many countries. The said tax regime in Cyprus ensures tax efficiency for personal holding structures and family offices engaged in cross-border activities.
- Cyrpus banks are well-known for ongoing improvement of their risk management procedures and AML (Anti-Money Laundering) compliance.
- Also, this jurisdiction is actively developing as an IT hub, so it could be interesting to consider it for an IT-holding establishment.
Whatever the chosen jurisdiction for managing and preserving family wealth, a local administrator with a comprehensive understanding of administrative, legal, and tax aspects can assist in better controlling these matters.
