N. Pirilides & Associates LLC


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The recent changes in the Cypriot Income Tax Law and Special Contribution for the Defence Law definitely open a new era for Mutual Funds in Cyprus.  These are effective as from the tax year 2009.
On 16.12.2011, the Immovable Property Acquisition (Aliens) (Amendment) Law No. 161 (1)/2011 has been voted. Therefore, the restriction concerning the acquisition of secondary residence by EU nationals as well as by companies registered under the Laws of an EU member state or a state party to the E.E.A etc under the Immovable Property Acquisition (Aliens) Law, Cap 109 is no longer applicable.
People who wish to have a civil wedding in Cyprus must apply in person or through a lawyer practising in Cyprus to the Department of marriage services in Cyprus, at the Municipality of their choice (in Limassol, Paphos, Larnaca, Nicosia etc) with the following documents:
Under Section 347 of the Companies Law (Cap 113), companies incorporated outside the jurisdiction of the Republic of Cyprus may register a branch in Cyprus. The registration procedure is to a large extent identical with the incorporation of a new company in Cyprus with the major difference being that the registration of a branch in Cyprus does not create a new legal entity in Cyprus. What this essentially means is that the legal entity, which is established under a different jurisdiction, has a branch in the Republic of Cyprus and it may operate through this branch for its international activities.
It is important to explain and differentiate between: a) Authorised share capital b) Issued or allotted share capital- the total nominal amount actually issued to shareholders at any time c) Paid up share capital- the amount so far paid on shares which have been issued d) Uncalled share capital- the amount which the company is entitled to call on shareholders to contribute
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. 
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 to the Assessment and Collection of Taxes Laws
The following amendments have been made with regards to the Special Contribution for the Defence Law with regards to:
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.