News

UK to abolish Non-Dom Tax Regime. Why Cyprus is the best alternative?

  • Post category:News

The UK will abolish the non-dom tax regime starting in April 2025 and replace it with a new residence-based system featuring globally competitive provisions for individuals temporarily residing in the country. This announcement was made by Rachel Reeves, the Chancellor of the Exchequer, during the presentation of the 2025 UK budget. Reeves stated that UK will abolish the non-dom tax regime and remove the outdated concept of domicile from the tax system as of April 2025 and in its place, a residence-based scheme with internationally competitive arrangements for temporary residents while addressing loopholes will be implement. The abolishment of the…

Continue ReadingUK to abolish Non-Dom Tax Regime. Why Cyprus is the best alternative?

Validation of UBO Registry

  • Post category:News

The Department of the Registrar of Companies and Intellectual Property announced the start of the procedure validating the UBO Registry.  The organization or its official/partner must, from 01/10 to 31/12 of the current year, confirm details of the beneficial owners or top management or due diligence, if not he has already done so. This is a standard confirmation procedure resolved by the administrator or secretary, after the final solution imposed by the Department of the Registrar of Companies and Intellectual Property for submission up to 29/02/2024. If for any reason, the UBO Registry was submitted after 01/03/2024, penalties are imposed.…

Continue ReadingValidation of UBO Registry

OBTAIN A CYPRUS PASSPORT IN 3-5 YEARS

  • Post category:News

Naturalization of third country nationals by years of residence The amended Civil Registry Law, published in the Official Gazette on the 19th of December 2023, represents a significant opportunity for third country nationals who legally reside in Cyprus to apply for a passport in just 3 to 4 years, establishing the country’s approach to naturalization as the most accelerated route available in the European Union via residency (see below the Requirements to be met). Naturalization of third country nationals by years of residence for Highly-Skilled professionals According to article 111B(2), as per the Decision of the Council of Ministers with…

Continue ReadingOBTAIN A CYPRUS PASSPORT IN 3-5 YEARS

Cyprus Digital Nomad Visa

  • Post category:News

The introduction of the "Cyprus Digital Nomad Visa Scheme" is included in the Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus. The Cyprus Digital Nomad Visa is applicable to non-EU and non-EEA nationals, who can perform their work remotely, using digital technology and allows them to reside in Cyprus and work for their company which is registered abroad. Who is eligible? Non-EU or non-EEA nationals who: Can perform their work remotely through digital technologies; Are employed in a company registered abroad or self-employed offering services remotely to their clients who are located abroad; Have a…

Continue ReadingCyprus Digital Nomad Visa

Abolishment of Annual Company Fee (Levy)

  • Post category:News

On 21 February 2024, the Government announced a package of targeted supportive measures for the Cyprus economy. One of the measures was the abolition of the Annual Levy of €350 payable to the Registrar of Companies and Intellectual Property by all registered entities. The payment of the annual levy has been a statutory obligation for all companies registered in Cyprus since 2011. We would like to inform you that on 21 March 2024, the Department of the Registrar of Companies and Intellectual Property (the “Registrar”) announced that according to the Companies (Amendment) Law 2024, L.25(I)/2024, which was published in the…

Continue ReadingAbolishment of Annual Company Fee (Levy)

The Cyprus Holding Company

  • Post category:News

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…

Continue ReadingThe Cyprus Holding Company

Provisional Tax

  • Post category:News

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%.…

Continue ReadingProvisional Tax

UBO Register: Implementation of Final Solution

  • Post category:News

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…

Continue ReadingUBO Register: Implementation of Final Solution

Submission date and penalties of Annual Returns (HE32)

  • Post category:News

The Department of the Registrar of Companies and Intellectual Property announced that in accordance with the Companies (Amendment) Law 2022, N.87(I)/2022, dated June 24, 2022, the maximum total charge for Annual Reports with a date of compilation within the years 2021 and 2022, will not exceed €150 for each violation. This will be valid until December 31, 2024. From 01/01/2025, the annual reports for the years 2021 & 2022 will have a maximum monetary charge of €500. In the case where the reference date of the annual report is for the year 2023 (i.e. from 01/01/2023 onwards) and thereafter, the…

Continue ReadingSubmission date and penalties of Annual Returns (HE32)

UBO Registry and imposition of fines

  • Post category:News

The Department of the Registrar of Companies and Intellectual Property, following its announcement on the Functioning of the Register of Beneficial Owners in the interim solution, dated 08/05/2022 and in view of the forthcoming implementation of the final solution of the electronic system of the Register of Beneficial Owners, which is expected around the end of October 2023, invites all companies incorporated or registered under the Companies Law, Chapter 113, if they have not already done so, such as by September 30, 2023 register the details and information of their beneficial owners in the Register in order to avoid the…

Continue ReadingUBO Registry and imposition of fines