Virtual and physical offices in Cyprus Create a virtual office Opening a virtual office is possible for small companies that need to comply with the laws of Cyprus, but do not have a large budget. Thus, they can comply with the requirements while reducing their costs. Create a physical office Another option is to rent […]

Merry Christmas & Happy New Year 2023! We are sending you the warmest wishes of joy, happiness and love. May this holiday season be filled with light and laughter. May the holidays and the year ahead bring all the health, happiness and success to you an your loved ones.

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 […]

Cyprus Companies: Extension to the Annual Fee Payment for the year 2022 The Cyprus parliament on the 30th of June approved the extension of the deadline for the payment of the annual levy tax for the year 2022 to the Cyprus Registrar of Companies from 30th of June to 31st of December 2022. Methods of payment of […]

NON-DOMICILE STATUS IN CYPRUS In 2015, a special status began to operate in Cyprus for investors permanently residing in this country, the so-called “Non-Dom” (“not domiciled”). Obtaining this status allows a resident of the jurisdiction not to pay defense tax (DTT), as well as receive some other tax benefits. Who can get Non-Dom status? All […]

CySEC Circular C517 In addition to Circulars C489, C501 and C511, the Cyprus Securities and Exchange Commission (“CySEC”) wishes to draw the attention of regulated entities to the additional restrictive measures of the Council of the European Union (“EU Council”) that were introduced on June 3, 2022 against Russia in connection with its military aggression […]

The Cabinet of Ministers of Cyprus approved a new tax scheme for foreign professionals On May 10, the Cabinet of Ministers of Cyprus approved a new tax incentive scheme aimed at attracting foreign companies and highly skilled labor to the country. Under the new scheme, those highly qualified professionals who earn at least €55,000 per […]