In 1975 and again in 1977, the Income Tax Law was amended, thus enabling international business companies (IBCs) and their expatriate staff to be taxed at preferential rates. Other fiscal and non-fiscal incentives were also introduced.
Today, Cyprus is a primary centre for international business activities with many of the world's best known multinationals based here.
From 1975 until the end of June 1999, the Central Bank issued well over 38,000 permits to non-residents wishing to establish an IBC. We expect the total number of new registrations in 1999 to reach about 5,000, thus bringing the cumulative figure to almost 42,000. By Dr. George M. Georgiou, International Division, Central Bank of Cyprus