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...Read More

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...Read More

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...Read More

Deadline extension for the Submission of 2020 tax returns Please be informed that an amendment to the Assessment and Collection of Taxes Law has been voted and published in the Official Gazette of the Republic on 20 April 2021. In accordance with this amendment, the following deadlines have been extended to 30 September 2021: Electronic...Read More

Why is Cyprus an attractive destination for International Headquarters? Over the last few years, many international groups are looking to re-locate their headquarters and Cyprus, a well-established business hub, has been increasingly popular as a country of choice. This is due to the several benefits associated with setting up offices in Cyprus. Geographically, Cyprus has...Read More

Ultimate Beneficial Owner Register Following our update on 8 January 2021 regarding the introduction of the Ultimate Beneficial Owner register in Cyprus, you are informed that the data collection commencement date has been moved from 18 January to 22 February 2021. The Registrar of Companies is expected to provide more details on the way forward...Read More

Expiration of the Reduced VAT rate on the hotel sector, restaurants and passenger transport from January 11, 2021 The reduced VAT rate of 5% instead of 9% in the following services, which was valid from 1/7/2020, expired on 10/1/2021: Hotels and tourist accommodation and similar premises Restaurants and catering services Transportation of passengers by taxis...Read More

CySEC sets ground to regulate Cryptocurrencies The Cyprus Securities and Exchange Commission (the ‘CySEC’) issued a circular on November 25th, providing guidance to Cyprus Investment Firms (‘CIFs’) on issues relating to crypto assets. CIFs should firstly become authorised by CySEC to trade in cryptocurrencies, as they are not specifically regulated by previous regulation, in Cyprus...Read More

Annual levy alert In line with government measures in response to COVID-19, an extension has been given on the payment of annual levy payable to the Registrar of Companies, amounting to €350 per company, from 30th June to 31st December 2020, without any additional charges. In the case where the new deadline stated above is...Read More