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It’s no secret, Lebanon has faced economic and political turmoil in recent times. The currency has depreciated to unprecedented levels and the future of the country has never been more uncertain.
Without stability and opportunity, people and businesses alike have begun to exit the country in massive numbers, looking for jurisdictions where transition can be achieved without great effort under favourable circumstances.
Amongst the various choices, Cyprus seems to be a very favourable destination with hundreds of Lebanese individuals and entities choosing to relocate to the island. A major factor affecting this decision is the close proximity between the two countries, with only 200 kilometres separating the two allowing for a very convenient entry to the EU single market.
Cyprus has become a significant business hub, due to its’ professional yet flexible approach, friendly business nature, hard-working ethic and commerce conscious approach. This includes appropriate government regulations and a general policy of efficient business operations, limited to preserving the professional and financial services sector, while aiding sustainability. Further, with a corporate tax of 12.5% being one of the lowest in Europe, Cyprus has become a very attractive jurisdiction for businesses looking to relocate.
The island has an important strategic geographic location between Europe, Asia and Africa bringing interest from businesses all around the world looking to utilize access in the various markets, which can ideally assist residents of Lebanon to establish themselves in a location with substantial potential and close proximity.
Cyprus has implemented regulations through EU directives to ensure a transparent and safe business environment with also human talent being one of the island’s most compelling advantages, offering a broad range of high quality professional services.
Lebanese businesses seeking partnerships with Cyprus
As faith is lost in the banks of Lebanon, more and more entities seek alternative solutions. Many have chosen to bank with Cyprus banks as Lebanese corporate accounts are eligible and also Cyprus has a vast number of banking services available. Another form of money service being heavily used is the Electronic Money Institutions which operate as a simplified payment platform.
There is a bridge being built between Cyprus and Lebanese entities. Lebanese businesses are seeking service providers to accommodate the wide range of needs in order to continue smooth operations and expand the market which they can access. Further to this, conditions at which temporary and permanent residency are granted can be very favorable. Cyprus offers residency programs allowing for people with different types of circumstances to acquire a type of residency through investment or otherwise.
At A.G. Paphitis & Co LLC, we offer a wide spectrum of services, from set up of legal entities to comprehensive assistance with the application of residency and opening of bank accounts which can help ensure a smooth transition and accommodate businesses as well as natural persons alike to take advantage of the benefits which Cyprus can offer as a jurisdiction.
The information provided by A.G. Paphitis & Co. LLC is for general informational purposes only and should not be construed as professional or formal legal advice. You should not act or refrain from acting based on any information provided above without obtaining legal or other professional advice.
Should you have any questions please contact us.