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N. Pirilides & Associates LLC

A LEADING LAW FIRM WITH A REPUTATION FOR EXCELLENCE

Offering high-quality and effective legal advice

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PUBLICATIONS

For the purpose of raising revenues and decreasing government spending, the House of Representatives of Cyprus voted on the 26th of August 2011, the following changes in the Tax and Company Legislation.
Cyprus Government with its new property Amnesty Bill has taken a huge step forward with the modernization and simplification of procedures and legal provisions that eventually lead to the security of updated title deeds by respective property owners. 
The relevant law relating to the establishment and operation of such offices in Cyprus is the Tourism and Travel Offices and Tourist Guides Law. 
Third country nationals (Non-EU) are restricted as to the size and type of the property (other than land) that they wish to purchase in Cyprus.
The ongoing growth of international arbitration as preferred dispute resolution mechanism, both in commercial and in investment disputes, is undeniable. The bigger the amount in dispute, the more likely is it that it eventually ends up before an arbitral tribunal.
Directors have powers to take majority business decisions on behalf of the companies. Consequently, various duties are imposed on them, to ensure that the companies' interests are protected.
N. Pirilides & Associates LLC provides a complete range of consulting/advisory services for the establishment, licensing and operation of Investment Firms in Cyprus. Our experienced team guarantees successful implementation of your aim to acquire an EU passport through obtaining a license to operate as an Investment Firm from the Cyprus Securities and Exchange Commission (CySec).
Despite the fact that someone may be granted a judicial decision in favour of that party by the Courts of Cyprus ordering the other side to pay its debts, however he/she may be unable to collect his/her money because, in many occasions, there are many debtors who may try to avoid payment of their debts despite the existence of the judicial decision issued against them by the Court of Cyprus.
The procedure of re-domiciliation (transfer) of an overseas company to Cyprus is quite simple and straight-forward.
Cyprus and Germany have signed an Agreement for the Avoidance of Double Taxation on Income and on Capital which replaces, an older Agreement of 1974 between the two States.
Cyprus offers important possibilities for international tax planning. One such possibility which has proved to be very beneficial for international businesses is the use of a Cyprus Holding Company.
The following amendments have been made with regards to the Special Contribution for the Defence Law with regards to:
The following amendments have been made to the Assessment and Collection of Taxes Laws
Companies engaged in the development of intellectual property rights and the subsequent licensing of these rights and the collection of royalties must always consider which is the best investment structure which among other factors have the least tax leakage.
Where dividends are received from abroad, any overseas tax withheld is given as a tax credit against the tax resulting in Cyprus.
Interest income under the Cypriot Income tax legislation is generally exempt as provided by section 8(19) of the Cyprus Income Tax Law 118(I) 2002 as amended.