Cyprus Lawyers

The Government of the Kingdom of Bahrain and the Government of the Republic of Cyprus concluded an Agreement for the avoidance of double taxation with respect to taxes on income, based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital. The double taxation treaty between Cyprus and Bahrain will strengthen the economic and commercial relationships between...

The double tax treaty between the Republic of Cyprus and the Republic of Latvia will strengthen the economic and commercial relations between the two countries. The Treaty was signed by the Minister of Finance of the Republic of Cyprus, Harris Georgiades, and the Minister of Economics of the Republic of Latvia, Dana Reizniece-Ozola, in Brussels on 24 April 2016. It should be pointed out that...

In October 2015 the Cyprus Tax Department issued the Circular 2015/13 aiming at creating a stable and credible tax system and establishing new procedures for the issuance of advance tax rulings. Recently, the Cyprus Tax Department announced, through the Decree 130/2016, that the following fees will be imposed: €1000 for tax ruling requests without an expedition. €2000 for tax ruling requests...

Prevention and monitoring of money laundering, as well as the financing of criminal and terrorist activities, is a significant factor that influences the efficient and effective operation of the global economy. Moreover, any connection with these activities has a negative influence on the reputation of institutions which might lead to a potential undermining of the banking sector and the local...

The Circular C132, issued by the Cyprus Securities and Exchange Commission (CySEC), contains additional guidelines concerning the legal and natural persons that are included in the leak documents of the Panamanian law firm Mossack Fonseca (Panama Papers). Specifically, the instructions of Circular C132 concern the following regulated entities: Cyprus Investment Firms Administrative Service...

On Wednesday 1st of June 2016, the Council of Ministers of the Republic of Cyprus approved the following: the reduction of the immovable property tax rate by 50%; the abolishment of the immovable property tax collected by municipalities and communities; According to the statement of the Minister of Finance, Harris Georgiades, this is another significant step towards tax reform and reduction...

In 2012 the Cyprus Parliament passed a Law regarding the annual levy on Cyprus Companies. Following the provisions of Companies Law (Cap. 113), all companies registered with the Registrar of Companies in Cyprus are obliged to pay an annual levy of €350 in order to be considered in good standing and for their name to be reserved on the register of the Companies Registry. The amount of €350 must...

The Department of Merchant Shipping has updated its guidelines to operators of ships calling at ports in the Republic of Cyprus concerning reporting procedures under EU Reporting Formalities Directive and the Reporting Formalities for Ships Arriving-Departing from Ports of the Republic Law of 2012 (148 (I)/2012). All the necessary information shall be provided online via the SafeSeaNet...

Cyprus is one of the most important maritime locations in the world. Precisely, Cyprus is the third largest maritime fleet in the EU and the tenth largest fleet in the world. The ideal geographical location of Cyprus between Europe, Asia and Africa and the considerable tax incentives contribute to making the island a market leader in ship management activities. Shipping is one of the most...

Civil marriage in Cyprus is governed by the provisions of Marriage Law (104(I)/2003) and it is under the jurisdiction of municipalities. Specifically, a civil wedding is officiated by the Mayor, or any other member of the municipal council, authorised by the Mayor. Additionally, a wedding ceremony could be performed by an individual authorised by the Minister of Interior for this particular...