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 »
By the virtue of the European Council’s decision on 14 February 2023, the EU list of non – cooperative jurisdictions for tax purposes has been revised and updated by including the following countries: Russia, Costa Rica, British Virgin Islands and Marshall Islands as the “black listed” jurisdictions. This means that the countries failed to comply …
New EU list of non-cooperative jurisdictions for tax purposes Read More »
For all our clients, who are not able to be physically presented and sign the document, which requires a specific form and/or when the identity of the person should be identified, the qualified electronic signature is the best and effective alternative. By virtue of the Regulation (EU) No 910/2014 incorporated into Cyprus national legal system through …
Electronic signature and its legal recognition in Cyprus Read More »
The recent changes in the offshore jurisdictions for the companies as well the main legal obligations are important to be analysed for those, who are planning to incorporate a company or already have the company in the offshore jurisdiction. In the corporate context, an offshore entity is the company, which business activity takes place outside …
Legal obligations and current changes in the offshore jurisdictions Read More »
On 27 October 2022, the law regulating the levying of a 0.4% tax on all sales of immovable property with the proceeds going to financially support Greek Cypriot refugees has been published in the Official Gazette by that amending the provisions of the Central Agency for Equal Distribution of Burdens (Creation, Objects, Responsibilities, and Other …
Imposition of 0.4% Tax on Cyprus immovable property sales and shares Read More »
On 01.01.2023 the new changes in the application for the temporary residential permit for the third country – nationals, those who are outside of EU, (“Visitor”) in Cyprus will come into effect, meaning that the following additional requirements should be satisfied: Detailed statement of bank account transactions in a financial institution in the Republic of …
Residential Permit for third – country nationals: new changes Read More »
On 22 November 2022 the Court of Justice of the European Union (“CJEU”) ruled that the provision of Directive (EU) 2015/849 establishing that all Member States must ensure that information on the beneficial ownership of legal entities is accessible in all cases to any member of the general public is invalid and in conflict with …
On 3 November 2022 the Department of Registrar of Companies and Intellectual Property (“ROC”) announced that it intends to proceed with the 𝐝𝐞𝐫𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬, 𝐢𝐟 𝐭𝐡𝐞𝐲 𝐟𝐚𝐢𝐥𝐞𝐝 𝐭𝐨 𝐬𝐞𝐭𝐭𝐥𝐞 𝐭𝐡𝐞 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐟𝐨𝐫 𝐚𝐧𝐧𝐮𝐚𝐥 𝐥𝐞𝐯𝐲. The ROC may remove a company from the register if the company fails to pay the annual fee provided for …
On 01.11.2022 the Tax Department has issued the Circular (Νο. 10/2022) for the purposes of clarifying new tax income exemptions for the practical application as well as conceptualizing the term “first employment”. By virtue of the Circular, it should be noted that the first employment of an individual ceased to exist or never existed in …
Tax Exemptions on the First Employment: Clarifications Read More »
On 13.10.2022 the Cyprus Tax Department notified all legal entities and their official representatives that the Bilateral Competent Authority Arrangement (CAA) for the exchange of Country-by-Country (CbC Reports) between Cyprus and the United States of America for Reporting Fiscal Years will be effective on or after 01.01.2022. As a result, if the Ultimate Parent Entity …
Clarification on Bilateral Agreement between Cyprus and United States Read More »
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