And if you\u2019re thinking of exporting there, the advantages for UK business, are:<\/p>\n
- \n
- No trade barriers as European Union (EU<\/abbr>) member<\/li>\n
- High awareness of UK products and brands<\/li>\n
- English widely spoken<\/li>\n
- Island economy so relies heavily on imports<\/li>\n
- Large number of British nationals living on the island or visiting as tourists<\/li>\n
- Business culture, banking, accounting and legal systems similar to UK<\/li>\n<\/ul>\n
It’s not without its problems though, aside from the fact that the island’s political needs careful consideration, you’ll also have to overcome these obstacles:<\/p>\n
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- A lack of transparency<\/li>\n
- Possible bias in government consideration of competing bids<\/li>\n
- State bureaucracy and slow procedures<\/li>\n<\/ul>\n
The UK\u2019s main exports to Cyprus are:<\/p>\n
- \n
- Road vehicles, parts and accessories<\/li>\n
- Petroleum, petroleum products and related materials<\/li>\n
- Drinks including spirits<\/li>\n
- Electrical machinery, boilers, mechanical appliances, engines and parts<\/li>\n
- Clothing and clothing accessories<\/li>\n
- Cereal grains, flour and food preparation ingredients<\/li>\n
- Iron and steel products<\/li>\n
- Pharmaceutical products<\/li>\n<\/ul>\n
If you\u2019re doing business in Cyprus, you\u2019ll need a reliable and cost-effective conference call provider to help keep in touch when travelling isn\u2019t an option. Here\u2019s\u00a0How to set up a conference call between the UK and Cyprus<\/a>.<\/em><\/p>\n
And remember, you can now screen share and video conference, using Crankwheel<\/a>.<\/p>\n
Tax and customs<\/h2>\n
Tax<\/h3>\n
The UK signed a double taxation agreement with Cypurs, so tax isn\u2019t paid twice \u2013 once in each country \u2013 on exported goods and services.<\/p>\n
The following tax rates currently apply in Cyprus:<\/p>\n
- \n
- \n
- \n
- \n
- \n
- VAT is charged at 19%, with\u00a0reduced rates of 9%, 5% and 0% on specific goods and services<\/li>\n
- All companies are charged a uniform rate of 12.5%<\/li>\n
- Personal income tax between 35%.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Customs<\/h3>\n
The internal EU single market allows for the free movement of goods and services without any import duties being applied. For more information on customs procedures, visit Cyprus Customs and Excise<\/a>.<\/p>\n
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