On June 1, 2021, the Kingdom of the Netherlands and the Republic of Cyprus signed in Nicosia the Convention for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion. Cyprus was the last member of the European Economic Area with which the Netherlands had not yet concluded […]
The Tax Department of the Republic of Cyprus has published an information letter to extend the deadlines for exemption from administrative fines for DAC6 reporting until 30 September 2021 (previously – 30 June 2021). The revised submission deadline for DAC6 has been set for the following reportable cross-border arrangements: Reportable cross-border arrangements (RCBAs) that were
Cypriot government recently modernized the program for granting permanent residence for non-Europeans. A number of changes have been made. However, according to some MPs, the new conditions are not much different from the old program, and are still not as attractive as programs in Spain, Greece, the Netherlands and some other EU countries. “The main
With the constant strengthening of AML regulation and enhancing transparency around the globe, the Cyprus Council of Ministers on 16/12/2020, have resolved to appoint the Registrar of Companies (RoC) as the competent authority to maintain a centralized register of beneficial owners (“UBO”) of companies and other legal entities; and an intermediate (temporary) platform has been
The tax department-approved 14 foreign investors’ applications for payment of a reduced VAT rate for the acquisition/construction of a residence under the Cypriot investment program. However, during the audit service, these properties were not identified, with the result that the service accuses the tax department of not carrying out the necessary audits. Based on the
The Central Bank of Cyprus identified three main reasons due to which the banks were able to significantly reduce the level of non-performing loans (NPLs). The modernization of the legal framework and the appropriation of laws on real estate seizure from insolvent borrowers were of tremendous and primary importance. The second factor is the resale
The need to draw up plans to attract investors without granting citizenship is identified by the government, which is still measuring the losses that will result in the economy from the immediate and irreversible termination of the Cypriot investment program. The Cypriot investment program was not suspended but ended permanently and irrevocably, said Interior Minister
The international services sector showed a slight deterioration in October 2020 before abolishing the Cyprus investment program (CIP), as shown by new data from the registrar of companies. According to the new data of the companies’ registrar, in October 2020, the registration applications rose to 1038 from 1055 in October 2019, recording a decrease of
Cyprus’ re-tweaked deal with Russia to avoid double taxation is good news as terminating the agreement by Moscow would have hurt the economy in sparking an exodus of Russian businesses, tax experts said. Russia and Cyprus signed a new deal this week amending the double taxation treaty between the two countries after the Russian side
