As of the 1st June 2023, a major shift is happening in UAE. The Federal Tax Authority (FTA) will introduce a 9% corporation tax. We are explaining the implications of this substantial policy change. 1.For Business Owners This new mandate is applicable to all business entities across the UAE, including those within onshore and Free …
Tax-Free No More: Clarifying UAE’s Ground-breaking Corporate Tax Shift Read More »
We would like to bring to your attention that according to the Cyprus Company Law, Cap. 113 all Cyprus Companies are subject to an annual government levy of € 350 payable by 30.06.2023. Non-payment of the annual government levy will result in penalties and the de-registration (strike off) of the company from the registry of Cyprus companies. …
𝐇𝐨𝐰 𝐭𝐨 𝐜𝐨𝐧𝐟𝐢𝐫𝐦 𝐲𝐨𝐮𝐫 𝐍𝐨𝐧-𝐃𝐨𝐦 𝐬𝐭𝐚𝐭𝐮𝐬? A person who is a tax resident in Cyprus is liable to pay Cyprus Income Tax (CIT) on their worldwide income, from all sources. Additionally, domiciled residents of Cyprus pay a Special Defense Contribution (SDC) on their passive income derived from dividends, interest, and rentals as per the following …
On 2nd of May 2023, in accordance with the Regulation 6.2 of the Alien and Immigration Regulations, the new requirements for the investment scheme have been officially adopted after the revision by the Council of the Ministers. Category 6.2 (Fast Track Residence) is a permanent residential permit which can be obtained through the investment in …
New Immigration Rules for Investment Visa in Cyprus Read More »
On 20th of April 2023, the European Parliament has finally voted and adopted the new legislative changes in the European Union concerning cryptocurrency in the form of the Markets in Crypto Assts (MICA) Regulation. Moreover, since MICA is the Regulation, it is directly applicable among the Member States without a need for any additional transposition …
Tax Residency Certificate (TRC) is a certificate issued by Cyprus Tax Authorities confirming the tax residency of the person in the Republic of Cyprus in a relevant year and is required for the purposes of benefiting from the application of double tax treaties and be in compliance with the local tax requirements. Some of the …
When purchasing a new property in Cyprus, a buyer pays 19% VAT, which is a standard rate. However, for a purchase of a secondary property or a new one from developer, which has construction permit issued before 1st of May 2004 – the buyer is not obliged to pay VAT. The enactment of the Law …
Proposal for VAT legislation concerning the new buildings and apartments Read More »
Prohibition of acting as sole director and secretary As per to the Companies Law, Cap 113 (the ‘Law’), every company in Cyprus is obliged to have a director and secretary, noting that the latter is responsible for the efficient administration and operations of the company as well as compliance with local legal requirements. However, as …
Cyprus Companies Law: provisions which you should know about Read More »
Non – EU citizens can be eligible for the employment in the Republic of Cyprus providing if they are employed at the foreign entities. The scope of “foreign entities” refers to the instances where: Most importantly, this type of visa, contrary to Temporary Residential Permit or Permanent Residential Permit, allows a third country national to …
How third country nationals can be employed in Cyprus? Foreign company formation Read More »
Based on the Aliens and Immigration Regulation 14, the third – country nationals, who obtain the temporary residential permit in the Republic of Cyprus as visitors, are not allowed to engage in any employment and business activity. Moreover, as from 01/01/2023, The Department of Register of Companies of Cyprus may disclose information about third country …
Restriction on Employment for Third Country Nationals in Cyprus Read More »
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