According to the latest figures released by the Cyprus Central Bank, the number of International Business Companies (IBCs) has reached an all time high of 47,000. The Cyprus Central Bank says a third of the registrations came from European Union nationals and applicants based in EU countries made up another third, making Cyprus one of the most popular jurisdictions in Europe.
Previously known as offshore companies, 5,700 of the IBCs were registered last year alone. Along with shipping companies, the IBCs are making a massive impact on Cyprus' economy as they generate an estimated CYP250 million a year in foreign exchange earnings.
Although the number of IBC registrations is continuing to rise, the tally of offshore companies with an actual physical presence in Cyprus is about the same as last year at 1,080. Cyprus's offshore sector employs over 6,000 staff - many are expatriates but the majority comprise Cypriot university graduates.
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