Cyprus or Wyoming LLC? The Comparison with Real Numbers

The question comes up almost daily: Cyprus or America? Both options are legal, proven, and functional. They simply serve different profiles, and choosing without numbers is choosing blindly.

Below, we put the Cypriot Ltd and the Wyoming LLC side-by-side, without marketing fluff.

Comparison Table

Criterion	Cypriot Ltd	Wyoming LLC
Corporate Tax	15%	0% (foreign source, foreign owner)
Dividend Tax for Greek Resident	5% in Greece	5% in Greece
Formation Time	2–3 weeks	24–48 hours
Formation Cost	€2,200–€4,800	~€900–€1,400
Annual Cost	€3,000–€5,500	~€1,200
Audited Financial Statements	Mandatory	Not required
Bank Account Opening	4–8+ weeks, strict KYC	A few days with fintech
EU VAT / VIES	Yes	No
Substance Requirement	High	Low for foreign-owned
Stripe / PayPal Business	Yes, with process	Immediately

Scenario 1: Freelancer with €60,000 profit

Developer in Athens, clients in the US and Northern Europe.

Cyprus: 60,000 − 9,000 (15%) = 51,000. Minus 5% Greek dividend tax = 48,450. Minus ~4,000 operating costs = €44,450.

Wyoming LLC: 60,000 − 0 corporate tax. Minus 5% = 57,000. Minus ~1,200 operating costs = €55,800.

Difference in favor of Wyoming: €11,350 per year.

Scenario 2: Agency with €200,000 profit

Cyprus: 200,000 − 30,000 = 170,000. Minus 5% = 161,500. Minus ~6,000 operating costs = €155,500.

Wyoming LLC: 200,000 − 0. Minus 5% = 190,000. Minus ~1,500 = €188,500.

Difference in favor of Wyoming: €33,000 per year.

Scenario 3: Trader of goods within the EU with €150,000 profit

Here, the picture changes. If you buy goods from Germany and sell to Italy, you need an EU VAT number and VIES. An American LLC doesn't provide this, so a comparison of net profit is irrelevant: a Cypriot company (or another European structure) is the functionally correct choice, despite being more expensive.

The same applies if you actually move to Cyprus: with non-dom status, dividend tax is zeroed out, and the overall rate drops to 15%, something the American structure cannot compete with for a Cyprus resident.

When to choose Cyprus

• You actually move and utilize non-dom status
• You trade physical goods within the EU and need VIES
• You set up a holding structure with European subsidiaries
• Your activity is regulated and requires European licensing

If you recognize yourself in any of these, forming a company in Cyprus is an absolutely logical choice and worth its cost.

When to choose Wyoming

• You live in Greece and do not plan to move
• You sell digital services, SaaS, consulting, or products outside the EU
• You want quick setup and low annual compliance costs
• You need immediate access to Stripe, PayPal, and American platforms

For the vast majority of Greek digital professionals, the best current option for an offshore company is to form a company in America — simpler, cheaper, and with fewer points of failure.

If you want to see what's included and at what cost, everything is detailed in the formation packages.

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Frequently Asked Questions

Which structure is cheaper overall? The Wyoming LLC, with an annual cost of around €1,200 compared to €3,000–€5,500 for a Cypriot Ltd, and without the obligation for audited financial statements.

Can I conduct intra-community transactions with a Wyoming LLC? Not with an EU VAT number. An American LLC is not registered with VIES, so for trading physical goods within the EU, a Cypriot or other European company is more suitable.

Do I pay double tax with a Wyoming LLC? No. For a foreign owner without actual activity in the US, no federal income tax is due, and Wyoming has no state tax. Tax is paid only in Greece, 5% on dividends.

Is a Cypriot company considered more "serious" in the eyes of clients? It depends on the market. For European corporate clients, an EU company facilitates invoicing and VAT. For international and American clients, an American LLC often confers greater prestige.

Can I transfer an existing Cypriot company to an LLC? There is no direct transfer. In practice, a new LLC is formed, contracts and clients are gradually transferred, and the Cypriot company is closed by strike-off or liquidation after its obligations are settled.

What is the risk of each structure? In Cyprus, the main risk is the challenge to tax residency due to lack of substance. With a Wyoming LLC, the risk is incorrect or incomplete reporting in Greece and failure to file annual forms with the IRS.