Publications - IBCCS TAX LTD

How third country nationals can be employed in Cyprus? Foreign company formation

Leave a Comment / Announcement, Companies, Cyprus, Economy / March 10, 2023 March 10, 2023

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 …

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Restriction on Employment for Third Country Nationals in Cyprus

Leave a Comment / Announcement, Companies, Cyprus, Economy, Taxation / February 23, 2023 February 23, 2023

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 …

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New EU list of non-cooperative jurisdictions for tax purposes

Leave a Comment / Announcement, Companies, Cyprus, Economy, Taxation / February 15, 2023 February 15, 2023

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 …

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Electronic signature and its legal recognition in Cyprus

Leave a Comment / Announcement, Companies, Cyprus, Economy, Taxation / February 7, 2023 February 7, 2023

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 …

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Legal obligations and current changes in the offshore jurisdictions

Leave a Comment / Announcement, Companies, Cyprus, Economy, Taxation / December 16, 2022 December 16, 2022

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 …

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Imposition of 0.4% Tax on Cyprus immovable property sales and shares

Leave a Comment / Announcement, Companies, Cyprus, Economy, Taxation / December 8, 2022 December 8, 2022

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 …

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Residential Permit for third – country nationals: new changes

Leave a Comment / Announcement, Companies, Cyprus, Economy, Taxation / December 1, 2022 December 1, 2022

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 …

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UBO Reporting: breach of personal rights

Leave a Comment / Announcement, Companies, Cyprus, Economy, Taxation / November 24, 2022 November 28, 2022

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 …

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Unpaid Annual Levy and possible strike off

Leave a Comment / Announcement, Companies, Cyprus, Economy, Taxation / November 14, 2022 November 15, 2022

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 …

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Tax Exemptions on the First Employment: Clarifications

Leave a Comment / Announcement, Companies, Cyprus, Economy, Taxation / November 10, 2022 November 10, 2022

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 …

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