The Cyprus Government recently presented a new strategic plan for attracting investors and companies to the country, with particular emphasis on high-tech, shipping, innovation, research and development, biogenetics and biotechnology research. The plan is in line with the guidelines of the European Commission and the Recovery and Resident Facility and will be implemented in…
A new amendment to the Income Tax Law, on, 21 December 2021, was published in the Cyprus Government Gazette (“Law amendment”) whereby an additional corporate tax residency test is introduced based on incorporation. The additional test aims to capture Cyprus incorporated / registered companies that are not tax resident in any other jurisdiction commonly referred…
Cyprus Law permits the so-called “re-domiciliation” process allowing a company to transfer its “seat” of incorporation into, or out of Cyprus, in accordance with Companies (Amendment) Law of 2006, Law No. 124(I)/2006) (the “Law”). This law provides a major advantage for a foreign company that can transfer its seat to Cyprus and perhaps later to…
The Republic of Cyprus was established in 1960 after the former colony gained independence from Britain. Since 1974, however, a de facto division of the island has existed, with the Cyprus government controlling 63% of the territory in the South, and the pseudo state, formed by the Turkish Cypriots and backed by Turkish Army Units,…
National flag-carrier Cyprus Airways said on Monday it has opened bookings for a new route linking Larnaca with London. The new route will fly between Larnaca airport and London Heathrow, and flights are scheduled to commence from September 10. The airline offers competitive fares for the popular destination, with a limited time offer for bookings…
G20 finance ministers on Saturday gave their backing to a “historic” global deal to tax multinational companies more fairly and urged hold-out countries to sign up. A framework for international tax reform, including a minimum corporate rate of 15%, was agreed this month by 131 countries. But the endorsement by the 19 biggest economies plus the European Union will help ensure it becomes a reality following years…
UK and Cyprus have a very strong relationship that is getting deeper and wider. British High Commissioner to Cyprus, Stephen Lillie said on Thursday that the UK and Cyprus have a very strong relationship that is getting deeper and wider, noting that defence engagement was an important part of this growing relationship. Lillie on Thursday…
The requirement for the establishment of the Ultimate Beneficial Owner (UBO) Register. The requirement for the establishment of the Ultimate Beneficial Owner (UBO) Register, originally emanated from the 4th Anti-Money Laundering Directive (EU) 2015/894), which was transposed into national legislation on the 3rd day of April 2018 through the Prevention and Suppression of Money Laundering and Terrorist…
The deadline for payment of the Temporary Tax for the year 2021, is 31 July 2021 All companies which are Cypriot tax residents, and which expect to have taxable income for the tax year 2021, must estimate this income and pay the temporary tax in two equal instalments before, or on, the following dates: 31…
Exsus is growing. Like any company that has existed for a while, there comes a point where it is important to regroup and reconsider the values and qualities that the company is expressing. If something is not supporting our ideals, it is time to find a new way to present ourselves. This is an opportunity…
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