The Department of the Registrar of Companies and Intellectual Property has issued an announcement regarding the Companies (Amendment) Law 2024, L.18(I)/2024, published in the Official Gazette of the Republic on March 5, 2024 (the “Law”). In accordance with this Law, the maximum financial penalty for late submission of Annual Reports, starting from the year 2021,...Read More

The Cyprus IP Regime (“Regime”) makes Cyprus an attractive location for the set-up of an IP holding and development company, as it offers efficient tax rate as well as legal protection afforded by EU Member States and by the signatories of all major IP treaties and protocols. In October 2016, the Cyprus House of Representatives...Read More

Effective April 6, 2025, the UK tax landscape is set to undergo a significant transformation with the abolition of the remittance basis of taxation. This change marks a shift towards a more streamlined and structured approach to taxation (significant increase of tax burden in the UK), particularly for UK resident individuals who are not domiciled...Read More

The Ministry of Interior of the Republic of Cyprus has introduced a fresh set of criteria for individuals seeking naturalization as citizens of Cyprus. These amended criteria outline the prerequisites for eligibility to apply for Cypriot citizenship. According to the updated regulations, prospective naturalized citizens must have maintained legal and continuous residence for a period...Read More

On February 21, 2024, the President of the Republic of Cyprus made public the Council of Ministers’ decision to abolish the compulsory annual levy of €350, previously mandated for all companies registered in Cyprus with the Registrar of Companies. The imposition of this annual levy has been a legal requirement for a period spanning 12...Read More

According to amendment N. 1(I)/2024 of the Central Agency of Equal Distribution of Burdens (Establishment, Objects, Responsibilities and Other Related Matters) Law which was published in the First Appendix of the Official Gazette of the Republic dated January 26, 2024, no levy is imposed from February 22, 2021 in cases of transfer of real estate...Read More

The concept of Employee Share Ownership Plans (ESOPs) is a useful tool for achieving an advantageous relationship between employees and shareholders. ESOPs have been internationally identified to simultaneously increase employee satisfaction and the financial wealth of the companies. In Cyprus, with its evolving trade and commerce sector, and the strive to become an international business...Read More

Several factors attract individuals to become tax residents in Cyprus, including the fact that Cyprus is a member of the European Union, it has a well established international business and investment hub and of course the various tax benefits that it offers. Individuals may become tax residents in Cyprus under the following conditions. Cyprus Tax...Read More

In the world of international wealth management and asset protection, the Cyprus International Trust (CIT) stands out as a powerful and versatile tool. Established under the Cyprus International Trusts Law of 1992, a CIT offers a range of purposes and uses that cater to the needs of individuals, families, and businesses. In this article, we...Read More

In order for a Cyprus company to be able to employ third country nationals, such company must be registered as a Foreign Interest Company. Since 1 January 2022 the Business Facilitation Unit (BFU)has been the single point of contact for foreign companies for a fast and efficient processing of requests received from foreign companies. What...Read More