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How third country nationals can be employed in Cyprus? Non-EU citizens can be eligible for the employment in Cyprus under the condition that they are employed at a foreign entity. The concept of a foreign entity includes companies where: Non-EU shareholders own the majority of the company’s shares (more than 50%); Foreign direct investment of […]
How to open a company in Cyprus Establishing a virtual office Establishing a virtual office is suitable for small companies. This might be the right way for you if you need to fulfill substance company requirements in Cyprus but don’t have a large budget to spend. They can be in compliance while reducing their costs. […]
Second provisional tax instalment for 2022 We would like to remind you that the 31st of December 2022 is the submission deadline for a revised (where needed) provisional tax calculation for 2022 and the payment deadline for the second provisional tax instalment for 2022. Provisional tax payment obligation The following should re-consider whether they should […]
NEW ADDITIONS TO THE EU LIST OF NON-COOPERATIVE JURISDICTIONS FOR TAX PURPOSES On 14 February 2023 in an effort to promote fair tax competition and deal with harmful tax practices the EU decided to add four more countries to the EU list of non-cooperative jurisdictions for tax purposes: British Virgin Islands, Marshall Islands, Cost Rica, […]
Tax incentives for highly qualified foreign specialists approved in Cyprus. On July 14 the Cyprus Parliament approved important amendments to the Income Tax Law. They introduced provision of significant tax benefits to highly qualified foreign specialists. In particular, employees who were hired by Cypriot companies from January 1, 2022 will now be exempt from paying […]
As of November 23, 2022 the access to the Register of Beneficial Owners for the general public is suspended according to the Judgement of the Court of Justice of the European Union (CJEE). Following the above-mentioned Judgement of the CJEE, Article 1, point 15(c) of Directive (EU) 2018/843 of the European Parliament and the Council, […]
Please note that all Belize companies will need to be re-registered. The reason for the re-registration is due to the repeal in the IBC Act. These companies will now be governed under the Business Companies Act. This takes place from November 28th, 2022 when the registry re-opened. There is no transaction that will be processed […]
Wishing you a Merry Christmas and a Happy New Year filled with health, wealth, and joy. Sending love and warm wishes to you and your family this holiday season. May the new year bring you prosperity, happiness, and success. May this holiday season be filled with laughter, love, and cherished moments with loved ones.
LGBTQ rights in Cyprus – interesting facts In this article, we will explain how LGBT and gender issues are regulated in Cyprus. In Cyprus, the following is legally fixed: In Cyprus, the following is legally fixed: Since 2015, same-sex marriages have become civil unions. Civil partnership agreements provide the same rights as marriage, unless otherwise […]
Updating the Register of Beneficial Owners in Cyprus Definition of beneficial owner Pursuant to Section 2 of the Money Laundering Prevention and Suppression Act 2007-2021, hereinafter referred to as the “Law”, the “beneficial owner” of a legal entity is the natural person who has ultimate ownership or control over the legal entity. Ownership or control […]
Review the financial statements of some companies instead of an audit in Cyprus The House of Representatives voted on June 9, 2022 for the following amendment to the Companies Act: “Verification instead of audit of financial statements for companies whose net turnover does not exceed 200,000 euros and the total value of assets does not […]
Payment of temporary tax for 2022 in Cyprus In accordance with the Cypriot income tax law, all companies that will have taxable income for the 2022 tax year must file with the tax authorities by July 31, 2022 a temporary tax return form (T.D6). This form is based on estimated taxable income for the current […]