The impact of new Russian law (Russian Deoffshorisation) on Cyprus and on other international financial centers
Russian government adopted measures to promote transparency and to combat tax avoidance by Russian taxpayers using foreign company structures. Persons who meet the criteria of Controlled Foreign Company, certain trusts and certain funds might not be affected by the Russian Legislation (Russian Deoffshorisation). Read more…
PKF Cyprus acting as an Introducer for the opening of bank accounts in Cyprus
PKF Cyprus in its efforts to provide decent and fast banking to its international clientele has established a number of introduction agreements with number of foreign banks and with almost all banks operating in Cyprus. This development is giving the power and authority to PKF Cyprus to act as an introducer for the opening of bank accounts in Cyprus and abroad. In Cyprus opening a fully functional, activated and operational account, taking in mind that the requested documents and information were submitted properly to the bank, it will take less than 3 or 4 working days. Read more….
Granting Cyprus citizenship / passport to foreign investors
A non-Cypriot citizen, who meets certain economic criteria, either personally or through a Cyprus company/ companies in which he/ she participates as a shareholder – proportionally based on the percentage of participation, or even as a high-ranking senior manager of a company/ companies may apply for the acquisition of the Cyprus citizenship (Cyprus Passport) through Naturalization by exception. Read more…
Cyprus Immovable Property tax guidance
Cyprus immovable property tax is due for payment on or before the 30th of November of each year. Paying of Immovable Property tax one month in advance, a discount of 15% is granted on the outstanding amount. Paying of Immovable Property tax after due dates an additional charge of 10% is imposed on the tax due, plus interest and any administrative fines provided for in the legislation.
The Cyprus Immovable Property tax is currently based on the total market value at 1 January 1980 for all properties. Read more….
Cyprus an Island of golf courses?
The development of Cyprus golf courses will be launched in the near future and will cost millions. By creating golf courses, Cyprus has the opportunity to attract thousands of wealthy foreign visitors and investors. President Anastasiades announced, inter alia, increasing incentives in order to encourage the construction of new golf courses. In Cyprus there are ten golf courses under construction and in the process of applying for obtaining planning permissions.
The concept of Cyprus trusts (Cyprus international trusts)
One of the key factors for Cyprus success as an international financial center is the enactment of the Cyprus Trusts Law which provides for the formation and administration of International Trusts. A foreigner wishing to establish a Cyprus trust has the following options:
– To create a Cyprus trust, either by a trust deed or by will;
– To incorporate a Cyprus International company to be the holder or the manager of movable property including securities and stock to be placed in Cyprus trust in the Cypriot corporation or in an overseas company and managed by the Cyprus International Company and vice versa;
– To incorporate a Cyprus subsidiary company or a branch of an overseas corporation to hold or manage movable property placed in trust in the Cyprus subsidiary or branch of the overseas corporation;
– To set up a Cyprus international trust under the provisions of the Cyprus International Trusts Law. Read more…
Disclaimer: The authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this document. Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.
PKF/ATCO Ltd is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.
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