Equiom, the Isle of Man headquartered trust company, has opened a Cyprus operation.
The company said the move reflected demand from clients and intermediaries for an EU base of operations.
Equiom explained among the resaons for selecting Cyprus was its strong international standing – it has been an EU member since 2004, and factors such as its low corporate tax rate of just 10%.
Sheila Dean, managing director of Equiom, which also has a Jersey office, said: “Cyprus has acquired an enviable reputation as an influential centre for tax planning since becoming a member of the EU in 2004.
“Over the intervening five years, the country has signed an impressive number of double taxation agreements which have succeeded in establishing it at the forefront of cross-border planning for international organisations and high net worth individuals.”
She added the Cyprus business would provide a range of corporate, trust and fiduciary services based around the establishment of Cyprus holding companies.
Equiom was formed in 2006 after a management buyout from its parent company Anglo Irish Bank, which itself acquired the business from Ernst & Young.
Its clients include HNWIs, expats, family offices, corporations, accountants, lawyers, tax advisers and IFAs.
