Category: Cyprus
Cyprus: European Mandatory Disclosure Regime (EU MDR) – A New Reality For Cypriot Intermediaries, Another Burden On Cypriot Taxpayers?
Mandatory disclosure rules are not something new for European Member States ("EU MS"). In fact, with the United Kingdom leading the race (from 2004), Ireland (in 2008) and then Portugal (in 2011) were the first -and only- EU MS to introduce mandatory disclosure rules in their local legislation. ... - Continue reading
Cyprus: Cyprus – Russia Double Tax Treaty
Cyprus strikes a deal on Double Tax Treaty with Russian Government The Republic of Cyprus and Russia had entered into a Double Tax Treaty (DTT) in 1998 in a joint effort to avoid the double taxing of income and capital generated in Cyprus, in order to promote the economic cooperation between the two countries. Since its introduction, the DTT has been the catalyst for Russian investment in Cyprus, being an attractive jurisdiction with regards to its tax benefits. ... - Continue reading
Russia and Cyprus sign amended double taxation treaty
Russia and Cyprus get together for tax reform. ... - Continue reading
Cyprus: Cyprus And Switzerland Agree Updated Double Tax Treaty
On 20 July 2020 Cyprus agreed an updated double tax treaty (DTT) with Switzerland. The signatory for Cyprus was Foreign Minister Constantinos Petrides, while his counterpart, Pierre-Yves Fux, signed on behalf of the Swiss Federal Council. The revised protocol will update the existing agreement, which has been in force since July 2014. Details of the protocol were published in the Official Gazette on the 24 July 2020 and are now undergoing the ratification process. ... - Continue reading
Cyprus, Russia agree to amend double tax treaty: Cypriot minister
Cyprus and Russia decide to amend their double taxation agreement. ... - Continue reading
Cyprus: Cyprus Residency Permit Procedures
Now that the day for Britain to officially leave the European Union is approaching, UK nationals seeking Cypriot residency might wish to accelerate their efforts. This article acts as a guide to this process. ... - Continue reading
Cyprus: Marshall Islands | Economic Substance Regulations
MOre on the Economic Substance Regulations ("ESRs"). ... - Continue reading
Cyprus and Switzerland sign protocol for avoidance of double taxation
Cyprus and Switzerland team up to combat double taxation. ... - Continue reading
Cyprus: Announcement – Cyprus Investment Programme
New declaration for companies operating in Cyprus. ... - Continue reading
Cyprus: Double Tax Treaty Between Cyprus And Kazakhstan Ratified; Will Enter Into Force 2021
Cyprus and Kazakhstan sign double taxation agreement with one another. ... - Continue reading
Higher tax bill for Cyprus businesses after new law
Cyprus is aiming to better tackle tax avoidance by companies through a new legislation. The latter mainly addresses base erosion and profit shifting. ... - Continue reading
Cyprus: Cyprus Holding Company Advantages
Tax benefits of a holding company in Cyprus. ... - Continue reading
Cyprus: The End Of Treaty Abuse And A Fresh Start Of Tax Treaty Use – The Multilateral Instrument (MLI)
Cyprus signed the Multilateral Instrument(MLI) earlier this year in an attempt to reform its tax system. This article navigates through the effects of this tax treaty. ... - Continue reading
Cyprus: Cyprus Company Tax Benefits And Other Relevant Incentives
Here are some of the tax benefits of a having a company in Cyprus. ... - Continue reading
Cyprus: Ratification Of Multilateral Instrument
The BEPS MLI has been ratified in Cyprus as from 2020. Here's more to it. ... - Continue reading
European Union: Extension Of Tax Benefit For UK Nationals Receiving A Government Service Pension
Residency in Cyprus when you are a UK national. ... - Continue reading
Worldwide: Cyprus Ratifies The Base Erosion And Profit Shifting Multilateral Instrument Issue
On January 2020, Cyprus signed its agreement of the MLI. ... - Continue reading
Cyprus: Cyprus Extends Deadline For Payment Of Overdue Taxes
Good news for Cypriot taxpayers - Announcement of extended period for payment of overdue taxpayers. ... - Continue reading
Ukraine-Cyprus tax treaty protocol would alter taxation of indirect real estate transfers
The protocol is expected to take effect on 1 January 2020. ... - Continue reading
Ukraine- President signs law on ratification of tax treaty with Cyprus
Double taxation agreement signed between Ukraine and Cyprus ... - Continue reading
Ukraine: The Parliament Of Ukraine Has Ratified Documents Amending Double Taxation Treaties
On 30 October 2019, the Parliament of Ukraine ratified Protocols amending double taxation treaties with the United Kingdom and Cyprus. ... - Continue reading
Cyprus: Substance – From Corporate Tax Perspective And Other Factors
Substance is vital when it comes to the tax residency of companies and their management and control aspect. ... - Continue reading
Cyprus: Convention Between The Republic Of Cyprus And The Netherlands For The Avoidance Of Double Taxation
Last week saw Cyprus add The Netherlands to the long list of countries with which it has signed double taxation agreements. ... - Continue reading
Cyprus aims to become the bridge between Kazakhstan and Europe
Services sector professionals in Cyprus are monitoring Kazakhstan’s emerging market economy for some time now and they have set an ambitious goal. This is no other than turning the Mediterranean island into the bridge between the booming Central Asia country and Europe. This is what Costas Markides of KPMG Cyprus… – Continue reading
Cyprus: The Cyprus Investment Programme And The Benefits
The Cyprus Investment Programme is rapidly becoming one of the EU’s most popular residence schemes.
- Non Cypriot citizens (and their families) can acquire Cyprus Citizenship by investing €2.5 million* in Cyprus.
- Following the application, Cyprus citizenship will be granted in six months, assuming the application has been completed accurately and the correct documentation filed.
- The applicant needs to be in posession of a residence permit for a period of six months before obtaining the citizenship.
Cyprus: Cyprus And Tax Treaties
A Tax Treaty (TT), in general terms, is an agreement between two or more jurisdictions that regulates the tax amount that an individual or a company must pay, so they are not taxed twice on the same type of income. ... - Continue reading
Cyprus: Permanent Residence Permit
The Law Firm of G. Vrikis & Associates LLC has been representing numerous clients in their application for Permanent Residence Permits in Cyprus. The below is a brief outline of the key provisions and documentation required for such an application to proceed further. ... - Continue reading
Cyprus: Country Update-Cyprus: AML
The financial services and international business sector in Cyprus is one of the vital pillars of the Cyprus economy. That said, Cyprus aims to be in full compliance with the AML European framework, and in this respect constantly implements changes in its local laws to align with EU Directives and Regulations. ... - Continue reading
Cyprus: Is “Substance” The Current Buzzword?
"Substance" - the new rule of the tax world ... - Continue reading
Cyprus: The True Impact Of BEPS On International Business Structures
In the last decade, OECD officials have recommended measures to combat tax avoidance, culminating first in the BEPS (Base Erosion and Profit Shifting) initiative in 2015 and then the MLI (Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS) effective from July 2018 – yet have all their… – Continue reading