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.
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.
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.
