With concerns over a ‘hard’ Brexit and the UK’s ability to secure an agreement that will still allow its financial institutions access to the European Union, it is no wonder that various countries are attempting to make themselves more attractive to companies with EU financial passporting concerns. Cyprus is one such country and for a number of reasons is certainly a viable alternative.
Cyprus already has a large number of FX Brokers dealers and other MiFID (Markets in Financial Instruments Directive) businesses and an established reputation for being a business friendly jurisdiction for financial institutions. Cyprus also is an English speaking jurisdiction and has attractive tax regimes including the lowest EU corporate tax rate and various exemptions. It also has lower overhead costs than many other European counterparts. The government has also been hard at work recently making regulatory framework changes in order to confirm its commitment to making Cyprus a leading financial services friendly jurisdiction.
Outside of the British Isles who face their own concerns when the Brexit concludes, Cyprus is the only member state of the EU that adopts English common law. It is also possible to outsource operational infrastructure, meaning that firms which are already established in the UK or any other country will not need to uproot or change their current operations in any considerable way in order to benefit from the many advantages Cyprus has to offer.
Chesterfield Management has had a presence in Cyprus for over fifteen years and is fully regulated and licensed by the Cyprus Securities and Exchange Commission and can offer a wide range of expertise when it comes to establishing and running Cyprus incorporations. If you would like further information regarding Cyprus or any number of other compatible jurisdictions please do not hesitate to contact us.