Cyprus is a developed and established international business centre, with many tax and other advantages to international business. The extensive network of treaties for the avoidance of double taxation which Cyprus has formed makes the island very attractive to international investors.
There are a large number of International Business Companies (IBCs), i.e. companies incorporated in Cyprus whose beneficial ownership and business activities lie outside Cyprus. It is worth mentioning that Cyprus has the lowest corporation tax rate in the EU at 10% on operating profits. Furthermore, as holding companies in Cyprus are in practice free of any tax both on their income from dividends and on their proceeds/going on disposal of their investments without any restrictions to relation to the time for which the investment was held or in relation to thin capitalisation, the island has become a favourable location for establishing holding companies by international business.

Marina projects are expected to be completed by the fourth quarter of 2012, making it possible to welcome the first yachts during Cyprus? assumption of the E.U. presidency during the second quarter of the same year. Work for the construction of Limassol Marina is already under way and progressing rapidly. Estimated to cost more than 350 million euros and providing facilities and services of the highest standard, it can accommodate all types of vessels from sailing yachts to megayachts, ranging in length from 8m to 100m.

The announcement of the US-based oil company Noble Energy of the discovery of a ?significant? natural gas in the Cyprus Block 12 offers Cyprus a new perspective and is of a huge significance as regards the island?s strategic position, lying at the hub of three continents and close to the busy trade routes linking Europe with the Arab World and the Far East.
In view of the above-mentioned discovery and in combination with the Cyprus Corporate Law, the Banking and Taxation System which are one of the most liable internationally, a range of investors worldwide showed an immense interest in investing in Cyprus.
The establishment and operation of an Oil Storage Terminal and a liquefaction plant will offer Cyprus many benefits and advantages of great political, geostrategic and economic importance. Cyprus will become an important energy hub in Mediterranean and the use of natural gas as an alternative fuel instead of HFO and other oil derivatives is expected to contribute positively in the following:
? Diversification of the energy mix in Cyprus.
? Security of energy supply.
? Protection of the environment through reduction of CO2 emissions.
? Increase the efficiency of power generation.
? Reduction of Cyprus? dependence from oil imports.