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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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Legislation Regulating the Settlement of Overdue Tax Debts
Legislation Regulating the Settlement of Overdue Tax Debts Details on the Amending Law Regulating the Settlement of Overdue Tax Debts have been provided, in a Decree published in the Official Gazette published dated 23 July 2021. Online application The application for inclusion in the Scheme should be submitted through online application on Ariadni Government Portal,...
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CySec - Update on Cryptocurrencies
CySec – Update on Cryptocurrencies The Cyprus Securities and Exchange Commission (The ‘CySEC’) has recently issued a Directive (R.A.D. 269/2021) in order to provide guidance for the registration and operating conditions of providers of services related to crypto assets pursuant to the 5th Anti-Money Laundering Directive. Additionally, it has also decided that Cyprus CASPs should...
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Why is Cyprus an attractive destination for International Headquarters?
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...
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Ultimate Beneficial Owner Register
Following previous announcements, we would like to inform you that the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188(I)/2007 (AML Law) has been amended on the 18th of February 2021 in order to be fully aligned with the EU Directive 2018/243. As per this amendment, a registry of Ultimate Beneficial Owners of...
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Cyprus introduces Ultimate Beneficial Owner register within 2021
The evolving transparency measures taken across the world and the continuous advances in Anti-Money Laundering Legislation, have been leading the EU member states to the development of Centralised Registers of Ultimate Beneficial Owners (“UBOs”). On 16 December 2020, the Council of Ministers, in line with Article 57(b) of the “Prevention and suspension of money laundering...
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CySEC sets ground to regulate Cryptocurrencies
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...
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Cyprus Investment Program Discontinued
On October 13th, a decision was taken by the Council of Ministers of Cyprus to terminate the existing Cyprus Investment Program. The current program, which has been running since 2013 is set to be discontinued on November 1st. Investors will be able to submit their applications by 31st October 2020 and all pending applications are...
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