The Department of Registrar of Companies and Intellectual Property (DRCIP) has announced important updates to the Register of the Beneficial Owners, with amendments to the Prevention and Combating of Money Laundering from Illegal Activities (Amendment) (No. 2) Law of 2024 (Law N.141(I)/2024). As of 06 December 2024 the following amendments were introduced: Omission or neglection of the filing or annual confirmation of the UBO register, will lead to penalise ONLY the legal entity. The penalties are no longer applicable to each Director or Secretary but the Directors that ommit or neglects to fullfil the UBO obligations is liable with the…

Choosing the right location for a holding company involves careful consideration of various tax and non-tax factors. A Cyprus holding company is often the preferred choice, due to the remarkable advantages of Cyprus. About Cyprus as a Jurisdiction for Holding Companies The Republic of Cyprus has established itself as the most attractive jurisdiction within the EU and globally for holding companies. Its investor friendly environment, business-friendly and unique tax system, EU membership and OECD compliance made Cyprus an ideal location for holding company. Being full member of the EU, Cyprus participates in the European Single Market, which allows the free…

According to the Cyprus Income Tax Law, all Cypriot tax resident companies that expect to have taxable income for the running year, must proceed with the submission and payment of the provisional tax in two equal installments before, or on, the following dates: 31/07/20XX: Submission of return and payment of 1st installment 31/12/20XX: Payment of 2nd installment – last day of revision of provisional tax (if needed) Calculation of Provisional Tax in Cyprus: The provisional tax is calculated on the profits that are expected to arise in the current year for companies and self-employed persons. Bear in mind that corporate tax rate is 12.5%.…

The Department of the Registrar of Companies and Intellectual Property following its announcement on the subject of "Notice for registration of details of beneficial owners in the Register of Beneficial Owners and imposition of fines" dated 09/01/2023, informs the start of the application of the final solution for the Register of Beneficial Owners from November 14, 2023. The final solution of the electronic system of the UBO will be implemented in its entirety within 2024. The UBO Register Final Solution will be implemented in 3 (three) consecutive stages, summarised below: Stage 1 - 14/11/2023 - 31/12/2023: All companies established or…