In accordance with the Economic Crime (Transparency and Enforcement) Act 2022, non-UK entities that hold UK property must make a submission to the new Register of Overseas Entities (ROE) by 31st of January 2023. The new Register requires overseas entities that own a UK property to declare their beneficial owners. The Register specifically creates three…
On 30/11/2022, the Council of Ministers approved the Amendment of the Policy for theRegistration of Companies in the Register of Foreign Interest Companies.The Decision modifies the eligibility criteria of foreign interest companies and specificallyincludes the criterion of a company’s obligation to prove an initial investment in the Republicof at least €200,000, which should be proven…
The deadline for the settlement of the second instalment of the 2022 temporary tax is the 31st of December 2022. The deadline refers to the second and final instalment of the temporary tax for the current year, which all Cyprus tax resident companies and individuals having income subject to income tax other than salary income…
The Cyprus Migration Department revised the current regime for obtaining a visitor’s permit during November 2022. The main additions are in relation to the eligibility of more dependant applicants and additional documentation to be submitted along with the application. The new regime and/or additions that have been decided, will be enforced starting from January 1st…
Andrea Antoniou, Partner of our Law firm, discusses her journey to partnership and gives her perspective on Cyprus legal system.Don’t miss her interview featured in the August issue of Gold Magazine!!
On 15 July 2022, the Cyprus House of Representatives voted in favour of a bill which replaces two of the existing income tax exemptions for employment income with new versions. We outline below the new income tax exemptions, which are subject to conditions: New 50% exemption on remuneration will apply as from 1 January 2022,…
Cyprus ranks first among the countries of the European Union and the world, in terms of the percentage of blood donors, which reaches 9% of the population. Seventy thousand units of blood collected every year prove the social sensitivity of Cypriots.
A legal obligation and the benefits Failing to carry out a DPIA or conducting a DPIA in an incorrect manner can lead to fines up to €10.000.000 or, if it’s company to be penalized, the fine may be up to the 2% of the total worldwide annual turnover of the previous financial year.Therefore, complying with…