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Home  / International Banking / Cyprus at a Glance
Cyprus at a Glance
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Cyprus is an island situated at the Eastern part of the Mediterranean Sea.  Due to its location, Cyprus had always been and continues to be a crossroad between three continents – Europe, Asia and Africa -  thus, reforming Cyprus from a major trading center of ancient years to a prosperous financial center in our days.

Comparative advantages

Cyprus-due to its strategic position –has progressed to be a world-wide known financial center, attracting foreign investors who use the island to manage their overseas affairs or offer their services and products in countries other than Cyprus.

These advantages refer to:
1. Full member in the European Union since May 1st 2004
2. Low tax percentage of 10% on profits gained for both individuals and companies
3. Tax free dividends to non-Cypriot resident shareholders
4. Double tax treaties  - 32 treaties covering 40 countries – including Russia and Ukraine
5. Legal framework based on English legal system whereby the Cyprus Companies Law Cap.113 is based on the English Companies Act of 1948
6. Well regulated jurisdiction, considered to be a highly respected offshore banking center.
7. Economic stability and stable economic performance
8. Highly educated workforce

Investing in Cyprus

Cyprus, apart from being a beautiful place to visit for vacations, offers numerous opportunities to investors who are searching for attractive investments.
Being a full member of the European Union, Cyprus has experienced a high growth on its property market that is appreciating every year.  Additionally, Cyprus has a solid economy, a tourist and business sector that flourishes and a strategic location that anyone could envy.

Tax treaties

One of the major advantages that make Cyprus attractive to non-residents setting up a Cyprus offshore company is – apart form the favorable tax regime – the wide network of tax treaties that Cyprus maintains with a number of other countries.
The purpose of these treaties is actually the avoidance of double taxation of income earned in both of the two contracting states. Thus the tax payer does not pay more than the higher of the 2 rates or he is not taxed twice on the same income.

Our International Network

Piraeus Bank Group is one of the most dynamic and active financial organizations in Greece today. Founded in 1916, Piraeus Bank went through a period of state-ownership and management (1975-1991) before it was privatized in December 1991. Since then it has continuously grown in size and activities which makes it the fourth largest bank in Greece.

Piraeus Bank Group has a growing international presence in eleven countries: Albania, Bulgaria, Romania, Serbia, Egypt, Ukraine, Greece, Cyprus, United Kingdom, United States of America and a representative office in Russia - Moscow.  Currently the number of branches are 856 out of which the 513 overseas and 343 in Greece. The total number of employees is 13,752.