New VAT Rules Encourage First Time Buyers in Cyprus
New VAT provisions were brought into effect on 8th June 2012 designed to encourage first time buyers in the Republic of Cyprus. Law N73 (I)/2012 amends the VAT Law by offering first time buyers a reduced rate of VAT.
VAT is currently charged on all properties for which the building permission was granted after May 2004. The current full rate of VAT is 17%.
The new law introduces a reduced rate...
The New and Improved Cyprus International Trusts Law
The law on international trusts in Cyprus has undergone considerable changes this month with the enactment of a new law that amends the International Trusts Law. The amendments have been heralded as positioning Cyprus as the most favorable trust jurisdiction in the European Union and its much-anticipated provisions have been received with considerable praise by investors and professional...
Capital Gains Tax in Cyprus
Capital Gains Tax (“CGT”) is a tax imposed on capital gains made by companies and individuals in Cyprus.
Application
It is applied to any gain that is attributable to:
the disposal of immovable property located in the Republic; and
the sale of shares in a company that owns immovable property in the Republic provided that the relevant company is not listed on a recognized stock exchange.
Rate...
An Introduction to Personal and Business Income Tax in Cyprus
In a challenging financial climate, it has never been more important to comprehend the system of taxation in the jurisdictions in which you operate. One needs to be fully aware of the entire picture concerning applicable fiscal provisions and the advantages that one jurisdiction may present over another in order to make informed and correct choices about various venues for undertaking...
Double Tax Treaties in Cyprus
The Cyprus government’s fiscal policy clearly embraces tax incentives for foreigners, which act as a considerable inducement for those wishing to conduct international business on the island. One of the simplest indicators of this intention is the high number of double taxation treaties that Cyprus has executed with other countries.
Double taxation treaties operate as vehicles for...
Confidentiality Agreements
Protection of confidential ideas, processes and creations are an exceptionally important element of most businesses. The law rewards the revelation of certain business ideas into the wider market by allowing the creator a certain degree of exclusivity – for example the protection granted by a patent, or that offered by copyright – however any such protection has limited lifespan and does not...
Copyright in Cyprus
Copyright is a right granted to the creator of an original work to exclusive use of that work for a period of time limited by law.
In Cyprus copyright is governed by the Copyright Section of the Department of the Registrar of Companies and Official Receiver. The governing laws are: N.63/77, N.18(I)/93, N.54(I)/99, N.12 (I)/2001, N.128 (I)/2002, N.128 (i) 2004 and N.123 (I) 2006.
Copyright...
Patent Protection
A patent is a right to ownership of an invention granted to the inventor by the government. It allows the patent owner exclusive use of (and the right to license out use of) the invention in return for revealing it to the public domain. In December 1997 Cyprus entered the European Patent Organization (EPO) and became a signatory of the Patent Cooperation Treaty (PCT). The Department of...
Registering a Trade Mark
A trademark is a distinctive sign or indicator that is used by a business or an individual to distinguish his goods or services from others on the market. The trademark will be unique to that business or individual and will serve to identify the source of the goods and services. A trademark may consist of: words; signs; symbols; logos; pictures; shapes; colours; letters; phrases; designs and...
Evading Difficulties When Buying Property in Cyprus
Each year hundreds of buyers are attracted to purchasing real estate on the island of Cyprus. With a system of registered land and a legal process broadly based on that of England and Wales, buying a property in Cyprus is relatively straightforward. However, as with any jurisdiction, there are a number of potential snares of which a purchaser needs to be aware in order to avoid difficulties....