Cyprus has a highly developed insurance industry which is growing alongside the banking and investment funds business.
The accession of Cyprus into the European Union in 2004 has led to a major overhand of the insurance legislation and as part of the harmonization procedure, the local legislation has been amended to incorporate all the acquis communicaire in insurance.
Cyprus insurance and reinsurance companies therefore benefit from a sound legal and regulatory framework with the “Superintendent of Insurance” safeguarding the high quality of insurance/reinsurance operations through an efficient supervisory review and monitoring the smooth running of their business.
Highlights
- Insurance/Reinsurance International companies can set up a Cyprus company following an application process
- Insurance Companies set up in an EU member state can carry out insurance business in Cyprus under the freedom of establishment/services provisions
- The corporate tax rates being 10% and the exemption of profit on disposal of securities from taxation, are attractive to foreign investors
How can PwC help you
PricewaterhouseCoopers through its specialised knowledge and experience, can assist companies who wish to set up a place of business in Cyprus or to purchase an already established company, by providing consulting, auditing and regulatory taxation services.
PwC Cyprus has a leading position in the provision of audit services to a 36% of the Insurance Companies market in premium share and 30% in numbers of companies (based on 2004 premium written).
