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N. Pirilides & Associates LLC

A LEADING LAW FIRM WITH A REPUTATION FOR EXCELLENCE

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Under the 1992 law, in order to prevent tax avoidance, permanent residents of Cyprus were prohibited from establishing international trusts. The concept of permanent residence was not defined in the 1992 law or elsewhere. It was unclear whether settlors could relocate to Cyprus after establishing a Cyprus International Trust, and the resulting doubt discouraged many from doing so.
In Cyprus, there are two main methods of dissolving a company voluntarily.  The easiest and cheapest method is the strike off method and the Members’ Voluntary Winding Up method. 
The Cyprus International Trusts Law of 1992 (Law No. 69(I)/1992) remained unaltered since its enforcement back in 1992.  Realising that trusts have the potential of being used as the channel for foreign investments in or through Cyprus, legislature examined the concerns and attempted to improve the already existing legal framework in such a way so that to achieve the boosting of such investments.
Acquiring Cyprus citizenship entitles a person, amongst others, to live and work in Cyprus without any restriction as well as travel without any formalities within the EU. There are essentially 4 ways in which an alien can acquire Cyprus Citizenship: (a) by naturalization, (b) investment by exemption, (c) through marriage to a Cyprus citizen, and (d) due to Cypriot origins.  
Changes in tax bands Reduction in tax free allowance and increase in tax rates Extension of deadline for payment of 2013 tax
Due to the law taxation in Cyprus, our country is an attractive place to register a ship under the Cypriot Flag or to register a shipping company.
The following models of forex are regulated by the Cyprus Securities and Exchange Commission.
All companies of foreign interests, including international companies (ex-IBCs), in order to be eligible to employ third country nationals in Cyprus, should fulfil the following criteria. 
Cyprus Investment Firms (‘CIFs’) may not provide investment services or perform investment activities in third country jurisdictions without first seeking the necessary prior authorisation by the Cyprus Securities and Exchange Commission.
Law 4146/2013 gives the opportunity to  foreigners who intend to invest in Greece.  Such residence permits are available to foreign (non-EU) natural persons (the Applicants) and the members of their family or legal persons in which such natural person(s) is the sole shareholder.
On 16.5.2013 the Ukrainian government submitted a draft law to the Ukrainian parliament to ratify the new double tax treaty and Protocol between Cyprus & Ukraine, which was signed on 8 November 2012.
The CySEC has published a circular to CIFs and providers of fiduciary services licensed and supervised by CySEC.
According to the provisions of Regulation 6(2) of the “Aliens and Immigration” Regulations, third country applicants must fulfil the following criteria in order to be able to apply for such immigration permit:
In order for a trade mark to be registered in Cyprus, a written application for registration in the Register must be filed at the Registry of Trade Marks.
Under the Central Bank of Cyprus (CBC) Law, 2002 -2007, and the Banking Law, 1997- 2009, the Central Bank of Cyprus is the competent authority for the supervision and licensing of banks.  In exercising its supervisory role, the CBC is guided by the recommendations of the Basel Committee on Banking Supervision, the guidelines issued by the European Banking Authority (EBA), and the rules of the EU. In this connection, various directives, circulars and guidelines regarding prudential supervision are issued by the CBC to all banks operating in Cyprus. The supervision of banks incorporated in Cyprus, including both their domestic and foreign subsidiaries and branches, is exercised by the CBC on a consolidated basis.
The general rule is that when a firm provides legal and/or other services to a person outside the EU, these transactions are outside the scope of VAT and therefore VAT is not going to be charged/imposed.
A Cyprus Investment Firm (‘CIF’) may freely provide investment services in a host Member State only if notifies its intention to the Commission, pursuant to Section 79 of the Investment Services and Activities and Regulated Markets Law (the 'Law').
The new record-keeping rules for companies and limited partnerships that were enacted by the BVI in November 2012 to meet OECD requirements have been updated to include a more precise definition of the financial records that must be kept.