Initial Coin Offerings (ICO) in Cyprus
Any person interested in technology, business, or even just general global affairs must have come across the term ICO. Ever since the creation of Bitcoin almost a decade ago, the technology behind it – Blockchain, has revolutionized many fundamental aspects of online operations. This document deals with the advantages, steps, and regulation of blockchain technology and ICOs in Cyprus.
Why Cyprus is the ideal ICO destination
- Cyprus is one of the most Crypto friendly jurisdictions in the world.
- Such is the popularity of blockchain on the island that the University of Nicosia became the first university in the world to accept the fee in a Cryptocurrency.
- There are specialized education programs being taught on blockchain and crypto management in the country making it a global leader on the subject. As a result, it also produces skilled experts on the topic as a result.
- At 12.5% Cyprus has one of the lowest corporate tax in Europe and in the world.
- It provides for highly skilled human resource in all areas like legal, accountancy, marketing etc.
- Cyprus, while maintaining low tax rates is also an EU member and in the EUCD white-list making it highly reputable for transparency and stability.
- There is no withholding tax on dividends accrued from subsidiaries or on payment of dividends to non-resident shareholders.
- Cyprus has Double Tax Treaties with more than 55 countries thus, protecting against double taxation. This includes major economies like USA, UK, India, China etc.
- The government is acutely business friendly and all procedures and formalities are time-efficient and straightforward. Most people speak functional English.
- The crime rates in Cyprus are some of the lowest in the world.