Banking activities in Cyprus compare very
favourably to those anywhere in the world as everyone is at it. Offshore and onshore businesses are flourishing and you can
have an
external account here whether you are resident or not. There are
bonded warehousing facilities, specially designated free trade zones, a
beneficial import duty tariff and the integration of offshore companies
into mainstream European companies a few years ago benefited the country
as a whole and those companies in particular.
In July 1992, Cyprus enacted the International Trusts Law which provides for the formation and administration of offshore/international trusts, Cyprus has always followed very closely the recommendations of the Basle Committee on Banking Supervision and has established and implemented, right from the very start,
effective supervisory standards and procedures.
Cyprus has attracted a substantial number of international banks ,from a variety of countries: Belgium, Bulgaria, Cayman Islands, France, Greece, Jordan, Lebanon, Romania, Russia, Switzerland,
the United Kingdom and Yugoslavia to mention a few.
A growing number of Offshore
Financial Services Companies ("OFCs") have established an offshore presence in
Cyprus. These offshore financial firms offer a wide spectrum of financial services to the
public, ranging from investment advice to the management of investment portfolios and the
establishment and operation of collective investment schemes.
Financial Spread Betting is an option in the British part of Cyprus.
The Cyprus pound had been consistently stable and
strong for many years, in January 2008 Cyprus joined the EU fully by implementing the replacement of the Cyprus pound with the Euro.
Interestingly enough the Euro symbol which was chosen is based upon the
Greek letter of the alphabet which represents epsilon, the equivalent of
E, which was also designed to reflect stability as well as being the
primary letter of the word Europe. The € symbol will now
replace the C£ on all goods and services for sale in Cyprus.
The Euro has been issued and you will find that
there are notes in the following denominations; 5, 10, 20, 50, 100, 200
and 500.
We have only been able to obtain up to 50 Euro notes so
far as it seems they have not yet issued anything larger, so we urge you
to beware if you
are offered the large notes from anyone but a bank, as the information we
have to date is that even the banks have not yet seen them. ( January 8th
2007) There is a hologram on all
the notes and they are supposedly very difficult to forge. The coins are
rather attractive and feature articles of historic or natural interest
specific to Cyprus.
The word for euro in Cypriot is
EYPΩ -
pronounced EVRO.
.
If you are interested in setting up your own
offshore company, then Cyprus is a perfect compromise. Within Europe and yet
in the centre of the trading boundaries for the Middle East and Asia it is
in a perfect position to cater for business growth worldwide and is an
excellent choice as an operational centre for this part of the world. As a
gateway to the rest of Europe as well as a decent testing ground for new
products as you have a sophisticated market, the standard of living is high,
the language, habits and consumer trends are very British in their legacy
from the British empire who's influence is still keenly felt.
Cyprus is now a major player in the economic field, we have a stock market
all our own and we have the expertise to make the dream an
inexpensive reality. Press here to find out more.
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