Review of the Treaty between the Russian Federation and Malta

Tax amendments-Cyprus

The first package of measures for the improvement of public finances was discussed and voted by the House of Representatives on 26 August 2011. We will review in this newsletter those measures relevant for ...

Guidance from Inland Revenue Cyprus on profit margins

On 27 June 2011, the Inland Revenue in Cyprus has provided guidance on the profit margins with reference to the transactions of Companies with tax residency in Cyprus related to concluding and providing loans ...

Amendments to the taxation of intellectual property rights in Cyprus

A recent Cyprus law provides incentives for intellectual property (IP) rights to be registered in Cyprus Companies. The amendments are effective from January 1, 2012 and apply to all expenditure for the ...

Immigration Permit in Cyprus

  1. New and accelerated procedure for granting Immigration Permit to applicants who are third country nationals and intent to invest in the Republic of Cyprus According to the provisions of ...

Cyprus - Germany Double Tax Treaty Update

The Double Tax Treaty (DTT) with Germany which was in place since 1974 has been replaced with a new DTT, which is more favourable.   WHAT HAS THE NEW AGREEMENT CHANGED?   Article 5 (Permanent ...

Tax alert: Cyprus is out of the Russian “black list”

Further to the new Protocol to the Double Taxation Treaty (DDT) between Cyprus and Russia, which has been ratified from both countries, Cyprus will be removed from the “black list” of the Russian ...

New treaty signed between Cyprus and Ukraine

A new treaty between Cyprus and Ukraine has been signed in Nicosia on 08.11.2012. The new treaty upholds Cyprus as the most favourable jurisdiction to use for inbound and outbound investment in Ukraine. The ...

New package of the European Commission on tax evasion and avoidance

On December 6, 2012, the European Commission presented an Action Plan for a more effective EU response to tax evasion and avoidance. The plan sets forth a comprehensive list of measures to help Member States ...

Amendments to record keeping requirements introduced in the BVI

Recent amending acts have introduced enhanced record keeping requirements for all British Virgin Islands (“BVI”) companies and limited partnerships. In light of the new laws, all BVI companies and limited ...

Bank Restrictive Measures-Cyprus

New restrictive measures 10th decree   The restrictive measures have been relaxed considerably we are attaching the latest measures issued on 25/04/2013 and are valid for 16 days as of 25/04/2013. The ...

Changes in Cyprus tax legislation

During November and December 2012, the House of Representatives voted for a number of new and amending laws under the Memorandum of Understanding between the Republic of Cyprus and Troika in order to ...

Cyprus-Fast track economic citizenship program

The Council of Ministers has now decided on 15.04.2013 to implement an "economic citizenship" programme, granting accelerated citizenship to applicants who satisfy one of the following ...

Cyprus-Norway Double Taxation Treaty

Cyprus and Norway have signed an Agreement on the Avoidance of Double Taxation and the Prevention of Tax Evasion, concerning Income Taxes, as well as a relevant Protocol. The Agreement was signed recently ...

Bulgaria and offshore companies

According to the law that will take effect from Jan. 1, 2014, companies registered in jurisdictions with preferential tax regime and the associated persons are prohibited directly or indirectly to enter ...

Bank of Cyprus and blocked deposits

Bank of Cyprus (BOC) announced the release of €950 million in blocked deposits, an indication the recapitalisation effort is on track.  In a statement, the bank’s CEO cited the stabilising ...

Cyprus-Spain Double tax treaty

On 14th February 2013, Cyprus and Spain had signed a new double tax treaty and  protocol.   The main provisions of the new treaty are summarized below. The new treaty is based on the OECD ...

The status of capital restriction in Cyprus 03/03/2014

Cyprus-Amendment to the fast track economic citizenship program

The Council of Ministers on 19.03.2014 has amended the Cyprus "economic citizenship" programme, which grants accelerated citizenship to applicants, as follows: A.1 Investment in government bonds ...