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Structure considerations and tax incentive schemes What is a Family Office? The idea A Family Office is a setup established for the purpose of serving high net worth individuals and their families, aiming to preserve and grow their wealth as well as to provide structuring and succession planning advice and strategies. A Family Office can...
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In 2012, Cyprus introduced a comprehensive legislative framework to regulate betting activities. The Betting Law 2012 updated pre-established rules and guidelines and introduced new ones. Perhaps one of the most significant changes introduced by the Gambling Law was to appoint the newly established National Betting Authority (NBA) as the supervisory authority over all gambling activities...
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The legal framework governing trusts in Cyprus is based on The Trustees Law, Cap. 193, (“The Trustees Law”), which is largely based on the English Trustee Act of 1925 and on The International Trusts Law, No. 69(I)/92, (“The International Trusts Law”), enacted in July 1992 and amended with the International Trusts (Amending) Law, No. 20(I)/2012....
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On 14 July 2022, the House of Representatives approved a bill for the amendment of Tax Law, proposed as part of a Government strategy to attract foreign employees and specialised Cypriots with a high standard of living, permanently residing abroad for a number of years. The Law Amendment was published in the Cyprus Government Gazette...
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Following the Government’s announced Strategy for Attracting Business to Cyprus, the Council of Ministers approved a bill today, which makes the tax framework more attractive to foreign employees and specialised Cypriots with a high standard of living, permanently residing abroad for a number of years. The employees and companies to be established in Cyprus due...
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Changes to the Tax Treatment of Real Estate Development and Construction Companies
The Tax Department of the Republic of Cyprus has issued a Circular according to which, the Circular 1987/21 governing the tax treatment of Real Estate Developers and Contractors, is being abolished on January 1st, 2022. The tax treatment of Real Estate Development and Construction Companies from tax year 2022 onwards, will be subject to the...
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New incentives for relocation & work permits
Cyprus – New incentives for relocation & work permits The Cyprus government has announced new incentives to attract companies in the country, placing an emphasis on high-tech, research and innovation companies. The implementation of the strategy is expected to start from January 2022. In summary, the new measures include the following: Establishment of a Business...
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The CySEC’s policy statement set out detailed requirements for crypto firms seeking registration in the regulator’s CASP register. This register is publicly accessible and include information such as the crypto firm’s name, the legal form, its address and services. The new policy also introduces a definition for crypto assets that slightly extends beyond its traditional...
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Enforcement of Social Insurance Regulations as from 13 September 2021
The Ministry of Labour, Welfare and Social Insurance has recently announced amendments in relation to the Social Insurance Regulations, that went into force on 13 September 2021. The main amendments are the following: The application for registration of an employer should be submitted no later than one (1) day before the date that the applicant...
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