This process allows a firm not to lose it’s corporate identity while moving its headquarters and legal seat from one country to another.
Double taxation relief
In the majority of the cases this move is undertaken by company’s owners to benefit from better tax laws and favorable jurisdiction. There are some important changes introduces by the Cyprus government introduced back in 2006:
- Any company that is capable of, can be relocated in Cyprus
- Local companies are not eligible to foreign transfers
Any foreign company that is registered under a jurisdiction that allows such