Banks in Cyprus to require audited accounts
In regard to certain structural changes that are currently taking place on the Cyprus Banking sector, that also affect the status of your company/ies that hold bank accounts in Cyprus. Amongst other structural reforms, Cyprus banks have amended their requirements in regard to the submission of the Audited Financial Statements for all companies that maintain […]
Annual Levy
Annual Levy of EUR 350.00 – companies registered in Cyprus Please be informed that as per the Article 391 of the Companies law (as amended Law No. 6(I)/2013), it is obligatory to pay the annual fee – Annual Levy for all companies registered in Cyprus. The fee equals to EUR 350.00 (three hundred and fifty […]
Banking and Shell companies in Cyprus
Despite its very favourable tax regime, Cyprus has successfully avoided being implicated as a tax heaven and maintains its place among the lawful jurisdictions for business development. Nevertheless, the Cypriot banking system continuous to be closely scrutinized in the international press primarily due to the country’s poor compliance with the European Union directives and recommendations […]
Cyprus: Social Contribution increase and implementation of National Health Insurance System 2019
We would like to inform our clients about the increase in Social Insurance Funds and the implementation of the new National Health Insurance System (NHIS). Social Insurance Contributions Increase As from 1 January 2019, both employer and employee contributions on insurance earnings to the Social Insurance Fund will increase by 0,5%, from 7.8% (currently) to […]
Cyprus UK Double Tax Treaty
On 22 March 2018, Cyprus signed a new tax treaty and accompanying Protocol (the new DTT) with the United Kingdom. The agreement updates the existing convention signed by the two countries in June 1974 and came into effect in March 1975 (amended by the 1980 Protocol). The agreement is based on the new OECD Model […]
UBO Registry in Malta
Following the transposition of the 4th AML Directive, the Maltese laws (hereinafter “the Regulations”) have been amended to introduce the provisions on beneficial ownership information in order to further promote transparency in corporate structures, trusts, etc. Effective from 01 January 2018, Malta has introduced a Register of Beneficial Owners (hereinafter “the Register’) that will become […]
New Beneficial Ownership regime now implemented by the British Virgin Islands
On July 1, 2017 in the British Virgin Islands (the ‘BVI’) a new legislation – The Beneficial Ownership Secure Search System Act – has been enacted. It is binding all registered agents to build and maintain a beneficial ownership database, access to which would be granted only to a limited number of designated persons and […]
“Cyprus tax resident individual” – amendment of the definition in the Income Tax Law in Cyprus
On 14 July 2017, an amendment to the definition of “Cyprus tax resident individual” was implemented by the House of Representatives. The new rules were voted into the law as per the Cypriot Income Tax Law legislation. From 01 January 2017, a Cyprus tax resident individual is a physical person who: does not spend more […]
New Non-Domiciled Rules in Cyprus
Forward As part of the overall exertion to improve Cyprus’ attractiveness as an international business and financial center, and in order to remain highly compliant as a traditional jurisdiction, the House of Representatives on 16 July 2015 passed a number of new laws. One of the changes, introduced the new status of a “non-domicile” (non-dom) […]
London Office Opening – Announcement
At IBCCS we are happy to announce the opening of our London office in order to enhance our presence within the region and further augment our services for clients in one of the world’s most influential financial centres, to offer our professional services which include: Registration and management of companies and partnerships; Legal & […]
