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 […]

Refugees from Ukraine in Cyprus More than 15,000 Ukrainians are currently stationed in Cyprus, a third of whom were living on the island when Russia invaded their country, Interior Minister Nikos Nouris said. The Minister also reiterated that, despite the large number of other refugees on the island, Cyprus was quick to grant conditions to […]

Happy Easter Day Cyworld Wealth team wishing you sunshine, good times and a very happy Easter!

Tax Benefits for Employees in Cyprus Extension of the tax exemption applicable to employees in Cyprus:             – Income tax exemption of 50% for new residents and employees with an income of at least €55,000 with the possibility to extend the benefit from 10 – 17 years; potential beneficiaries of the allowance are persons with […]

Citizen Incentives Employees who are third-country nationals will have the right to apply for naturalization after five (5) years of residence and work in Cyprus, or after four (4) years if they hold a recognized certificate of strong knowledge of the Greek language. The transfer of social security contributions will also be ensured through intensified […]