Cuprus becomes a gateway to the EU Market

Mumbai, Aug 3 (UNI) In view of the liberalized tax regime, easy registration of companies and special taxation arrangement with the European Union, Cyprus has become a gateway to the European Union Markets, said Mr. Christakis Partassides, Consultant, International Merchandising Centre and promoter of Nicosia, in a press release issued jointly by the World Trade Centre and the All India Association of Industries (AIAI), here today.

Mr. Partassides says that corporate tax is only 10 per cent and Value Added Tax is 15 per cent in Cyprus which is lowest as far as the European Union is concerned and there is no withholding of capital gain tax for foreign investors, besides having a double taxation treaty with India.

Cyprus offers investment opportunities in areas like textiles, IT, pharma, tourism, handicrafts, insurance and other businesses, has a population of 7.5 lakhs, and a vibrant tourist economy since approximately 3 million tourist visit Cyprus every year, rendering it suitable for use as a regional hub for the European Union market, he explains.

English is a widely spoken language and the country has excellent telecommunication system, low rate of crime and a good private banking and educational system, besides being well connected with air and sea links, Partassides adds.

Mr. Vijay G. Kalantri, Vice President World Trade Centre (WTC) and President, All India Association of Industries (AIAI) says that Cyprus offers tremendous opportunities for investors from India who are looking forward to expand their relations with the European Union besides CIS, Africa and East European countries in areas of textiles, IT, Auto components, food processing, pharma etc.

UNI JM WD AW2047