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
Extension on the deadline for filing the UBO information to the final solution of the Register of Beneficial owners with the Registrar of Companies has been provided. The deadline has been extended to 29.02.2024. It is important to note that the new aforesaid deadline applies only to companies and other legal entities that have complied...Read More
On 30 June 2022, the Republic of Cyprus approved the new transfer pricing rules and documentation requirements which are in line with the recommendations of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. The effective date of the new legislation is the 1st of January 2022. The aim of new legislation is...Read More
The government of the Republic of Cyprus has implemented a set of incentives to attract international producers to choose Cyprus as their filming location. These incentives include the option for production companies to receive either a cash rebate or a tax credit, as well as tax discounts on investments made in equipment and infrastructure. The...Read More
Based on the announcement issued by the Registrar of Companies on the 10th of November 2023, the Final Solution of the electronic system of the Beneficial Owner Register begins on the 14th of November 2023. The implementation is divided into three phases: Period A: 14/11/2023 – 31/12/2023 All the Companies registered under the Companies Law...Read More
On 17 October 2023, the Council of the European Union (the “Council”) amended the EU list of non-cooperative jurisdictions for tax purposes (the “List”). The Council decided to add Antigua and Barbuda, Belize, and Seychelles to the List and removed the British Virgin Islands (BVI), Costa Rica, and the Marshall Islands. Below is the full...Read More
