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N. Pirilides & Associates LLC

A LEADING LAW FIRM WITH A REPUTATION FOR EXCELLENCE

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PUBLICATIONS

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.
The Cyprus government has introduced a levy of €350 payable by all Cyprus Companies. The levy is an annual fee payable as follows: A fixed annual levy of €350 is imposed to all companies that are registered in Cyprus. For Group of Companies the total amount cannot exceed the €20.000.
Stamp duty is payable on all agreements and documents which involve property situated in Cyprus as well as and/or matters or things taking place in Cyprus.
After so many years of consultations, the new Fiduciary Law was finally passed on December 12th by the plenary of the House of Representatives in Cyprus.
Income tax in Cyprus is based on the principle of tax residence. A company is resident in Cyprus for tax purposes if its management and control are exercised in Cyprus. An individual is resident in Cyprus for tax purposes, if he/she resides therein for a period or more which in aggregate exceed 183 days in the same tax year. Cyprus tax residents are liable to tax in respect of worldwide income. Non Cyprus tax residents are liable to tax in respect of Cyprus source income only. Non Cyprus tax residents having a permanent establishment in Cyprus may opt, if it is to their benefit, to be taxed as Cyprus tax residents.
In order to sell, offer to sell, or hold with the purpose to sell alcoholic drinks in the Republic of Cyprus, one needs to obtain the license for the sale of intoxicating liquors (retailer’s licence and dealer’s license) by the Municipality, within which the premises are located, or in any other case by the District Officer of the District, within the boundaries of which the premises are located.
In recent years the seizure of vessels and detention of mariners under inhuman conditions for ransom payment claims on behalf of ship-owners for their release has increased dramatically. The Cyprus Government has followed other jurisdictions in preparing legislation to combat piracy on the high seas, mainly with the provision of specially trained and certified armed guards/escorts on the merchant vessel flying the flag of Cyprus.
On the 01.07.2012, the House of Representatives has passed the Limitation of the Right to Take Action Law of 2012 (hereinafter the Law) which provides the valid period during which the plaintiff has the right to take legal action after the completion of the cause of action.
Permanent residence does not require the applicant to renew his/her residence permit in Cyprus every year, as the name suggests. Furthermore, Schengen countries grant travelling visas with more ease and flexibility once such permit is issued.