You do not need to be a Lady Godiva to reduce your tax burden!
Published on: 18/09/2016
Lady Godiva stripped naked and rode on a horse through the streets of Coventry to force her husband abolishing the oppressive taxation that he imposed on the people.
Lady Godiva by John Collier, c. 1897, Herbert Art Gallery and Museum
Leofric, Earl of Mercia (Kingdom in the region of the English Midlands), first half of the 11th century, imposed oppressive taxation on the people in his area, Coventry. His wife Godiva took pity on the people and tried to convince her husband to reduce or to abolish taxation. Her husband, however, refused her appeals. At an escalating stage of their discussions, Leofric said that he would only abolish the taxes if she would ride naked on a horse through the streets of Coventry.
She took him at his word and rode through the town, only covered by her long hair. Her husband abolished all taxes, except the tax on horses!
But today, you do not need to strip and ride through town in order to reduce the tax burden on your profits. Instead, you have to build up your business wisely and choose jurisdictions with lower tax rates and a business friendly fiscal environment!
Cyprus does not only offer fair taxation but also a number of other advantages, such as a simple and understandable tax legislation, a well-educated young workforce, the highest percentage of university graduates in Europe, a large number of very well educated ITC graduates and specialists, lower salaries than in many EU countries, and the proximity to the markets of Middle East and North Africa.
This is why many companies either move their business to Cyprus or set up a regional subsidiary in Cyprus. Just to name a few: the US American company NCR (teller machines), the Czech company AVG Technologies (anti-virus and internet security), the German Grohe company (faucets, showerheads etc.), the German Plath company (solutions for radio reconnaissance), the US American company Amdocs (digital telco solutions), the international insurer and re-insurer Net Investment Holdings, and a large number of ship management companies from Germany and other countries.
Review your business structure, review your tax burden, and contact us!
We will be glad to advise you how reduce your international tax burden and how to take advantage of Cyprus as a regional hub. We will be happy to assist you with our services such as re-domiciliation or domiciliation, relocation, company incorporation, company administration and company management, fiduciary services, trust services, accountancy services and many more. Contact us now!