What is the CIBC?
The CIBC is the legal entity whose beneficial owner is a foreigner and which is being used for his/her local and international business activities and investments.
Is the CIBC an offshore company?
No, definitely not. As Cyprus is a full member of the EU, the CIBC is a prestigious European company acceptable worldwide. On the contrary, the offshore companies are not allowed to make business or investments in the country of their jurisdiction and their corporate tax rate is zero.
Who is considered as a non – tax resident of the Republic of Cyprus?
As non – tax resident of the Republic of Cyprus is considered the individual who is present in the Republic for a period less than 183 days in a tax year, while a tax resident is considered the individual who is present in the Republic for a period exceeding 183 days in a tax year.