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
On September 12th, the European Commission introduced a groundbreaking package of proposals aimed at streamlining taxation rules within the European Union (EU). This comprehensive initiative comprises three key components: Business in Europe: Framework to Income Taxation (BEFIT): BEFIT is set to revolutionize the way businesses operate within the EU. It will establish a unified set...Read More
At Wealthmore Services Ltd, we understand the importance of team bonding and spirit in the workplace. That’s why we organized a hiking day for our team at Almirolivado/ Amiandos mine trail (Troodos area) on Friday 5th of May 2023, and it turned out to be an incredible experience! We started our day with a light...Read More
Credit rating agency DBRS Morningstar has acknowledged the Cyprus government’s announcement that it aims to achieve budget surpluses in the coming years, despite various risks. The country’s finance minister cited strong economic performance and prudent fiscal policies as key factors contributing to this goal. The announcement was made as part of the Cyprus government’s plan...Read More
Cyprus has launched a new immigration scheme aimed at attracting non-European Union (EU) citizens to invest in the country’s economy and obtain permanent residency or citizenship. The new scheme, known as the Cyprus Investment Programme (CIP), outlines specific investment thresholds and criteria that must be met by applicants in order to qualify for the program....Read More
The Cyprus International Trust is a powerful legal structure that has been used for decades by individuals and businesses to protect their assets, manage their wealth, and plan their estates. However, what many people do not know is that the Cyprus International Trust can also be used as a purpose trust, providing a range of...Read More
