Cyprus Company of Foreign Interests: Your Fast-Track Gateway to EU Residency and Employment
The Cyprus Company of Foreign Interests (CCFI) program, managed by Cyprus’s Business Facilitation Unit (BFU), is a key strategy for attracting non-EU investors to Cyprus, offering them a direct path to EU residency and employment. This program is tailored to integrate global businesses and talent into the EU market, positioning Cyprus as a significant hub […]
ULTIMATE BENEFICIAL OWNER (UBO) REGISTER – FINAL SOLUTION
Further to our article dated 29/10/2023, the Registrar of Cyprus Companies and Official Receiver (RoC) has announced the so-called “final solution’’ system following the “intermediate solution’’ system regarding the UBO register in order to comply with the European directive for the Prevention and combating of the legalization of income from illegal activities of 2021 (Κ.Δ.Π. […]
Adapting to Change: Cyprus’ 2023 Tax Law Update for Digital Platforms
A Game-Changer in Tax Compliance: What You Need to Know Cyprus Parliament has voted and implemented the Council Directive (EU) 2021/514 regarding digital platforms into law. Effective from November 3, 2023, this law mandates the automatic and compulsory exchange of information as reported by Platform Operators, the so-called DAC7, covering activities such as property rentals, […]
Cyprus and Croatia: A New Era in Tax Cooperation
Overview In a landmark move on October 27, 2023, Cyprus took a significant step in international finance by ratifying the Double Tax Treaty with Croatia. The treaty was signed on October 17, 2023, by finance ministers from both nations. It aligns closely with the OECD Model Tax Treaty and addresses crucial Base Erosion and Profit […]
Cyprus Tax – Rundown of Significant Developments in Past Years
Introduction: In recent years, Cyprus has made significant strides in reforming and modernizing its tax system, aligning it closely with international standards. This evolution has been marked by a series of crucial developments, ranging from the expansion of double taxation treaties to the introduction of new tax compliance measures. These changes reflect Cyprus’s ongoing commitment […]
Cyprus: A Fiscal Paradise for Re-domiciliation and Wealth Optimization
In an era where tax efficiency is the foundation of financial optimization, individuals and corporations are in perpetual pursuit of jurisdictions that offer favorable tax regimes. Among these, Cyprus emerges as a beacon of tax efficiency with its attractive Non-Domicile (Non-Dom) Tax Regime. This regime, tailored for individuals who choose to make Cyprus their home […]
Tax treatment of income from renting out via online platforms or otherwise, of self-service resorts.
In today’s digital age, platforms like Airbnb and Booking have transformed the way we think about travel and accommodation. But with this evolution comes new tax implications that affect the property owners. The Cyprus Tax Authorities have recently shed light on this with Circular 10/2023. A Deeper Dive into the Circular Issued on 13 September […]
Seeking Sanctuary: Cyprus’ Investment-Based Residency Offer Amid the Israeli-Palestinian Discord
The enduring Israeli-Palestinian discord has catalyzed a growing faction from both sides to scout for alternative residency avenues as a sort of safety net or “Plan B.” The Permanent Residency by Investment (PRI) scheme of Cyprus has emerged as a beacon of hope amidst this tumult, particularly for numerous Israelis who, over time, have made […]
Navigating Cyprus’s Transfer Pricing Landscape: Insights into Recent Developments
1. Introduction In continuation of our article issued in October 2022, the Cyprus tax authorities released last summer a detailed Tax Circular, currently only available in the Greek language, concerning the particulars of transactions falling below the Local File threshold of EUR 750,000. This Circular is relevant to taxpayers involved in related party transactions, also […]
Ultimate Beneficial Owners Register: Important announcement from the Registrar of Companies
1. Notice to submit Beneficial Owners data to the Register of Beneficial Owners, and imposition of fines for failure to submit The Department of Registrar of Companies and Intellectual Property, following the announcement “Operation of the register of Beneficial Owners in the interim solution” dated 05/08/2022 and in view of the upcoming implementation of the […]
