The Republic of Latvia is located in the Baltic Region of Northern Europe and is bordered by Lithuania, Estonia, Belarus and the Russian Federation. Latvia is a full member of the EU, United Nations, NATO, the World Trade Organisation and is part of the Schengen area.
After the economic stagnation of the early 1990’s Latvia posted high GDP growth figures during 1998-2006. During the global financial crisis of 2008-2010 Latvia was one of the hardest hit of the EU member states with a GDP decline of 26.54% during the period. By 2011 Latvia had started to recover and continues to show signs of growth.
Key benefits of Latvia:
- Latvia is a full member of the European Union
- Latvian legislation is liberal than other EU Member countries and the process of incorporating is relatively cheap and quick in comparison with other member states.
- If structured correctly a Latvian company can act as a tax efficient subsidiary for an EU parent company under the EU Parent/Subsidiary Directive. 100% foreign ownership is permitted with Latvia company formation.
- Only 1 director and shareholder is required, there is no requirement for a local director.
- Latvia is has a highly educated, multi-lingual and motivated workforce
- According to the World Banks 2011 Doing Business Survey Latvia is ranked as the 24th easiest place to do business
- The 2012 Index of Economic Freedom by the Heritage Foundation ranks Latvia as the 50th freest economy in terms of investment freedom and capital flow.
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Current Information on the Payment of Cyprus Taxes for Pensions & Rental Income
Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.