Today: April 18 2019
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Cyprus continues to draw on the island of Russian IT companies

Cyprus continues to draw on the island of Russian IT companies

Tags: Cyprus, Technology, Business, Taxes

Recently, more and more Russian companies working in the field of IT, open offices on the island and "transport" the main minds there. The reason for this is low taxation.

Thanks to the taxation law enacted on the island in 2016, companies with intellectual property that open in Cyprus are able to avoid taxation of 80% of all profits in the first five years of operation. This is what attracts Russian IT companies so much in Cyprus, the "Rambler" newspaper reports.

However, in order to obtain the right to the possibility of such taxation, it is necessary to observe a number of mandatory conditions. The main thing is to prove the fact of creating intellectual property on the island. For this, branches of IT-companies are opened not only nominally, but also physically, and heads of companies and key specialists come to live temporarily on the island. But according to specialists, the costs for moving and placing specialists pay off with interest.

The decision to open a company in Cyprus is accepted as new companies, and for a long time already known. Among those who already conduct their business in Cyprus are the developers of Wargaming and Nival, and part of the Group.

Natalia Kudlay
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