News

42
October 25, 2020

As of November 1st, Cyprus will suspend its existing citizenship by investment programme. Although the benefits of such a programme are beyond question – FDI into the local economy and providing an opportunity for people and their families – the problem has been the misfeasance on the part of a few bad apples. What is certain is that on November 2nd all real estate in Cyprus associated with the citizenship programme will essentially be worth zero and real estate prices…

November 11, 2019

The Republic of Cyprus has recently amended its Naturalization by Exception Programme. The changes become effective as of 15 May 2019. Highlights include: A minimum investment of € 2.5m +VAT, compared to € 2m + VAT with current status under some conditions. The holding of relevant real property for a minimum of 5 years, compared to 3 years under the current status. An additional contribution of € 150k into donations and start-ups. The holding of a Schengen Visa before applying….

October 10, 2018

On October 4, 2018, ESMA (the European Securities and Markets Authority) updated its view on the applicability Directive 2011/61/EU on alternative investment fund managers (AIFMs). The update provides guidance with respect to the cross-border management of alternative investment funds (AIFs), which have an umbrella structure with multiple compartments, or sub-funds, via the EU passport regime. Henceforth, AIFMs that wish to engage in cross-border management of AIFs must notify their respective national competent authority regarding the general umbrella fund as well as the names and…

May 21, 2018

Cyprus has brought its domestic law inline with EU directive on mandatory automatic exchange of tax information. Cyprus has recently introduced Law 33(I)/2018 in furtherance of EU Directive 2016/881/EU. The changes concern EU wide administrative cooperation in the field of taxation. The definition of ‘automatic exchange’ has been changed; and there are new provisions requiring ultimate parent entities of multinational enterprises resident in Cyprus for tax purposes to file country-by-country reports within 12 months of the end of each fiscal…

September 9, 2017

When it comes to M&A in Cyprus, there are a number of major laws one should be aware of, as follows: 1. Companies Law Cap. 113 (a) Sections 198-201 of Companies Law regulate mergers, divisions, partial divisions, transfers of assets and exchange of shares in two or more companies intending to merge together. (b) Sections 201A – H of Companies Law as amended by Law 70(I) of 2003 regulate mergers of public companies in line with European practices. (c) Sections…

July 14, 2016

An important amendment to the Assessment and Collection of Taxes Law (N.4/1978) in Cyprus is currently under consideration by the Council of Ministers regarding automatic exchange of information. More specifically, the proposed amendment aims at regulating the conditions under which the Cypriot Tax Commissioner may disclose information on any person with a view to complying with agreements for automatic exchange of information between Cyprus and other countries (both EU and non-EU countries). While the notion of automatic exchange of information…

July 14, 2016

Complete bank secrecy is fast becoming a matter of the past.  The Automatic Exchange of Information (AEOI) portal provides a comprehensive overview of the work the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information, in particular with respect to the Common Reporting Standard. That is why your account provider (bank, building society, insurance or investment firm) may ask you to provide certain information about yourself…

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42
October 25, 2020

As of November 1st, Cyprus will suspend its existing citizenship by investment programme. Although the benefits of such a programme are beyond question – FDI into the local economy and providing an opportunity for people and their families – the problem has been the misfeasance on the part of a few bad apples. What is certain is that on November 2nd all real estate in Cyprus associated with the citizenship programme will essentially be worth zero and real estate prices…

November 11, 2019

The Republic of Cyprus has recently amended its Naturalization by Exception Programme. The changes become effective as of 15 May 2019. Highlights include: A minimum investment of € 2.5m +VAT, compared to € 2m + VAT with current status under some conditions. The holding of relevant real property for a minimum of 5 years, compared to 3 years under the current status. An additional contribution of € 150k into donations and start-ups. The holding of a Schengen Visa before applying….

October 10, 2018

On October 4, 2018, ESMA (the European Securities and Markets Authority) updated its view on the applicability Directive 2011/61/EU on alternative investment fund managers (AIFMs). The update provides guidance with respect to the cross-border management of alternative investment funds (AIFs), which have an umbrella structure with multiple compartments, or sub-funds, via the EU passport regime. Henceforth, AIFMs that wish to engage in cross-border management of AIFs must notify their respective national competent authority regarding the general umbrella fund as well as the names and…

May 21, 2018

Cyprus has brought its domestic law inline with EU directive on mandatory automatic exchange of tax information. Cyprus has recently introduced Law 33(I)/2018 in furtherance of EU Directive 2016/881/EU. The changes concern EU wide administrative cooperation in the field of taxation. The definition of ‘automatic exchange’ has been changed; and there are new provisions requiring ultimate parent entities of multinational enterprises resident in Cyprus for tax purposes to file country-by-country reports within 12 months of the end of each fiscal…

September 9, 2017

When it comes to M&A in Cyprus, there are a number of major laws one should be aware of, as follows: 1. Companies Law Cap. 113 (a) Sections 198-201 of Companies Law regulate mergers, divisions, partial divisions, transfers of assets and exchange of shares in two or more companies intending to merge together. (b) Sections 201A – H of Companies Law as amended by Law 70(I) of 2003 regulate mergers of public companies in line with European practices. (c) Sections…

July 14, 2016

An important amendment to the Assessment and Collection of Taxes Law (N.4/1978) in Cyprus is currently under consideration by the Council of Ministers regarding automatic exchange of information. More specifically, the proposed amendment aims at regulating the conditions under which the Cypriot Tax Commissioner may disclose information on any person with a view to complying with agreements for automatic exchange of information between Cyprus and other countries (both EU and non-EU countries). While the notion of automatic exchange of information…

July 14, 2016

Complete bank secrecy is fast becoming a matter of the past.  The Automatic Exchange of Information (AEOI) portal provides a comprehensive overview of the work the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information, in particular with respect to the Common Reporting Standard. That is why your account provider (bank, building society, insurance or investment firm) may ask you to provide certain information about yourself…

42
October 25, 2020

As of November 1st, Cyprus will suspend its existing citizenship by investment programme. Although the benefits of such a programme are beyond question – FDI into the local economy and providing an opportunity for people and their families – the problem has been the misfeasance on the part of a few bad apples. What is certain is that on November 2nd all real estate in Cyprus associated with the citizenship programme will essentially be worth zero and real estate prices…

November 11, 2019

The Republic of Cyprus has recently amended its Naturalization by Exception Programme. The changes become effective as of 15 May 2019. Highlights include: A minimum investment of € 2.5m +VAT, compared to € 2m + VAT with current status under some conditions. The holding of relevant real property for a minimum of 5 years, compared to 3 years under the current status. An additional contribution of € 150k into donations and start-ups. The holding of a Schengen Visa before applying….

October 10, 2018

On October 4, 2018, ESMA (the European Securities and Markets Authority) updated its view on the applicability Directive 2011/61/EU on alternative investment fund managers (AIFMs). The update provides guidance with respect to the cross-border management of alternative investment funds (AIFs), which have an umbrella structure with multiple compartments, or sub-funds, via the EU passport regime. Henceforth, AIFMs that wish to engage in cross-border management of AIFs must notify their respective national competent authority regarding the general umbrella fund as well as the names and…

May 21, 2018

Cyprus has brought its domestic law inline with EU directive on mandatory automatic exchange of tax information. Cyprus has recently introduced Law 33(I)/2018 in furtherance of EU Directive 2016/881/EU. The changes concern EU wide administrative cooperation in the field of taxation. The definition of ‘automatic exchange’ has been changed; and there are new provisions requiring ultimate parent entities of multinational enterprises resident in Cyprus for tax purposes to file country-by-country reports within 12 months of the end of each fiscal…

September 9, 2017

When it comes to M&A in Cyprus, there are a number of major laws one should be aware of, as follows: 1. Companies Law Cap. 113 (a) Sections 198-201 of Companies Law regulate mergers, divisions, partial divisions, transfers of assets and exchange of shares in two or more companies intending to merge together. (b) Sections 201A – H of Companies Law as amended by Law 70(I) of 2003 regulate mergers of public companies in line with European practices. (c) Sections…

July 14, 2016

An important amendment to the Assessment and Collection of Taxes Law (N.4/1978) in Cyprus is currently under consideration by the Council of Ministers regarding automatic exchange of information. More specifically, the proposed amendment aims at regulating the conditions under which the Cypriot Tax Commissioner may disclose information on any person with a view to complying with agreements for automatic exchange of information between Cyprus and other countries (both EU and non-EU countries). While the notion of automatic exchange of information…

July 14, 2016

Complete bank secrecy is fast becoming a matter of the past.  The Automatic Exchange of Information (AEOI) portal provides a comprehensive overview of the work the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information, in particular with respect to the Common Reporting Standard. That is why your account provider (bank, building society, insurance or investment firm) may ask you to provide certain information about yourself…

42
October 25, 2020

As of November 1st, Cyprus will suspend its existing citizenship by investment programme. Although the benefits of such a programme are beyond question – FDI into the local economy and providing an opportunity for people and their families – the problem has been the misfeasance on the part of a few bad apples. What is certain is that on November 2nd all real estate in Cyprus associated with the citizenship programme will essentially be worth zero and real estate prices…

November 11, 2019

The Republic of Cyprus has recently amended its Naturalization by Exception Programme. The changes become effective as of 15 May 2019. Highlights include: A minimum investment of € 2.5m +VAT, compared to € 2m + VAT with current status under some conditions. The holding of relevant real property for a minimum of 5 years, compared to 3 years under the current status. An additional contribution of € 150k into donations and start-ups. The holding of a Schengen Visa before applying….

October 10, 2018

On October 4, 2018, ESMA (the European Securities and Markets Authority) updated its view on the applicability Directive 2011/61/EU on alternative investment fund managers (AIFMs). The update provides guidance with respect to the cross-border management of alternative investment funds (AIFs), which have an umbrella structure with multiple compartments, or sub-funds, via the EU passport regime. Henceforth, AIFMs that wish to engage in cross-border management of AIFs must notify their respective national competent authority regarding the general umbrella fund as well as the names and…

May 21, 2018

Cyprus has brought its domestic law inline with EU directive on mandatory automatic exchange of tax information. Cyprus has recently introduced Law 33(I)/2018 in furtherance of EU Directive 2016/881/EU. The changes concern EU wide administrative cooperation in the field of taxation. The definition of ‘automatic exchange’ has been changed; and there are new provisions requiring ultimate parent entities of multinational enterprises resident in Cyprus for tax purposes to file country-by-country reports within 12 months of the end of each fiscal…

September 9, 2017

When it comes to M&A in Cyprus, there are a number of major laws one should be aware of, as follows: 1. Companies Law Cap. 113 (a) Sections 198-201 of Companies Law regulate mergers, divisions, partial divisions, transfers of assets and exchange of shares in two or more companies intending to merge together. (b) Sections 201A – H of Companies Law as amended by Law 70(I) of 2003 regulate mergers of public companies in line with European practices. (c) Sections…

July 14, 2016

An important amendment to the Assessment and Collection of Taxes Law (N.4/1978) in Cyprus is currently under consideration by the Council of Ministers regarding automatic exchange of information. More specifically, the proposed amendment aims at regulating the conditions under which the Cypriot Tax Commissioner may disclose information on any person with a view to complying with agreements for automatic exchange of information between Cyprus and other countries (both EU and non-EU countries). While the notion of automatic exchange of information…

July 14, 2016

Complete bank secrecy is fast becoming a matter of the past.  The Automatic Exchange of Information (AEOI) portal provides a comprehensive overview of the work the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information, in particular with respect to the Common Reporting Standard. That is why your account provider (bank, building society, insurance or investment firm) may ask you to provide certain information about yourself…