by Cleo Papadopoulou, Tax Partner, PricewaterhouseCoopers Cyprus
Strategically located at the crossroads of three continents (Europe, Asia and Africa), Cyprus has always played a major role as an international business and financial services centre. Following its accession to the European Union (EU), in May 2004, this position has been enhanced further.
The implementation of wide ranging structural and legal reforms has provided more credibility and transparency to Cyprus and has strengthened its relevance in the European, and more specifically to the London, capital markets scene. With its strategic location, favourable tax regime and business environment, well-developed commercial infrastructure, strong banking sector and multilingual and highly skilled workforce, Cyprus has rightly emerged as one of the most favoured holding company jurisdictions worldwide.