The EU is not only taking from Cyprus it is giving something in return. The Cyprus government has managed to secure about €1.3bn for the period over 2014 to 2020.
Cyprus companies will be major beneficiaries of the EU funding.
This EU initiative is aiming to boost the Cypriot economy. The EU funds can be accessed through Cyprus companies which can apply for various types of grants, subsidies and direct financing. Cyprus is a popular jurisdiction for incorporation of offshore companies. The corporate tax rate is only 12.5% in Cyprus. Procedure for incorporation of a Cyprus offshore company is very simple and inexpensive. It is possible to open a Cyprus bank account remotely.