UK has been flirting with recession for some time now, and recent data shows that the state of the economy is worse than expected.
The gross domestic product (GDP) shrank by 0.1% between July and September and then by an even worse-than-expected 0.3% in the three months leading up to December.
“Businesses were already under no illusion about the difficulties they face, and this news will no doubt ring alarm bells for government,” Alex Veitch, director of policy and insight at the British Chambers of Commerce, said.
“In less than three weeks, the chancellor needs to use his budget to lay out a clear course for businesses and the economy to grow.”
“We must stick to the plan – cutting taxes on work and business to build a stronger economy,” stated Finance Minister Jeremy Hunt, citing “signs the British economy is turning a corner.”
Average countries’ cost comparison table
| Categories | UK | Cyprus | ||||
| Housing | 3,000 | 500,000 | 1,000 | 250,000 | ||
| average rent price
|
average purchase price | |||||
| Schooling (monthly rate) | 1,450 – kindergarten; 1,400 – private school | 350.00 – kindergarten; 600.00 – private school | ||||
| Grocery costs | 80.00 / per week | 50.00 / per week | ||||
| Tax rate / VAT rate | 25% – corporate tax (as of March 2024);
20% VAT; 8.75-39.35% – tax on dividends |
12.5% – corporate tax;
19% VAT; 0% – tax on dividends |
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| Company formation | 2,500 | 1,500 | 2,000 | 1,500 | ||
| Incorporation cost | administration service cost | |||||
| Medical system (NHS) | 2,65% deduction from monthly salary (NHS) | 2,65% deduction from monthly salary (GESY health system) | ||||
What do we offer:
Depending on the business sector the company is placed in, professional legal set-up and assistance with the registration and integration into the Cyprus business community.
Migration services for business owners & employees, and private individuals. We will oversee your relocation every step of the way, beginning with the guidelines, review& analysis of the documentation as to the final stage of submission and obtainment of the Residency permit and lawful right of staying in the Republic.
Fiduciary services. Our experience allows us to provide support on all matters concerning the establishment and smooth operation of a company in Cyprus, by liaising with government authorities on all legal and taxation matters.
Accommodation assistance. Finding a suitable house or apartment for yourself/ family/ employees can be complicated, especially once you are outside of your home country, and you can become a victim of highly increased interest rates and fraud resales. Language differences might cause further complications.
S. Dionysiou & Partners LLC advises on various matters related to business or private immigration. For any further assistance you may contact us at info@dplawcyprus.com!
