Cyprus, due to its attractive tax regime, coupled with its EU Member status, its implementation of the Markets in Financial Instruments Directive (MiFid I & II), and regulatory regime has proved the perfect jurisdiction for the incorporation and operation of Investment Services Firms (in their majority CFD Forex FX companies). The setting up of a Forex and CFDs company is more complex than the setting up of a usual company as it is then classed as a Cypriot Investment Firm and must comply with the laws regulating such activities as well as the Cyprus Company Law.
The tourism and leisure travel sector is one of the most advanced sectors in Cyprus. Travelers around the world mostly prefer to book their holidays online, a concept which likewise applies when travelling to our island.
The Department of Labour examines applications from employers for the employment of foreigners, for the satisfaction of pressing, short term needs in the labour market, in certain economic fields and occupations according to the Ministerial Council’s decision No. 33.210 dated 15/3/1990.
The general principles of the law of agency are included in sections 142-198 of Contract Law Cap.149 (the “Law)”. An agency contract describes the agreement by which the first party (the Principal) appoints another party (the Agent) to act on behalf of or to represent him in transactions with third parties.
In July 2017 the Cyprus parliament voted for a Cyprus tax law amendment adding the “60 day rule” test for the purpose of determining whether an individual is a Cyprus tax resident or not. This law amendment is effective as from 1 January 2017.
This permit is the perfect solution for persons who wish to prolong their stay in Cyprus for more than 3 months (90 days). This type of permit is valid for 1 year and can be renewed on an annual basis. Under this permit, a person is allowed to live in Cyprus on a temporary basis and also bring his close family members to live with him.
What is the liability of shareholders of a Cyprus limited company?
A company limited by shares has separate legal personality from that of its shareholders. The liability of a shareholder for the company's liabilities is commonly limited to the amount, if any, that remains unpaid on that shareholder's shares.
In an effort to combat money laundering and the financing of terrorists’ activities and to increase transparency, the European Commission issued the 4th AML Directive in May 2015 and repealed the previous one.
A Long-Term Residence Permit is granted to individuals who have resided legally and continuously within the controlled areas of the Republic for 5 years prior to the submission of the relevant application and posses valid residence permits.