According to Companies Law (Amendments) (No.3) 2012 and 2013 voted by the Parliament, amendments were enforced in relation to the fixed annual levy of Euro350 for companies. With the amendments the annual levy of Euro350 has been imposed to all Cyprus companies. More specifically, the amendments made are as follows: All Cyprus companies, either dormant…
Finally, the barrier was lifted as the two countries signed an agreement to be ratified for the avoidance of double taxation. Double taxation is perhaps the most vivid example of a barrier in international relations and economic cooperation, arguably, an unfortunate remnant of the past. Cyprus and Spain signed on 14 February 2013 an agreement…
Undertakings for Collective Investment in Transferable Securities (UCITS) are investment funds that have been established and authorised under a harmonised European Union (EU) legal framework under which a UCITS established and authorised in one EU Member State can be sold cross border into other EU Member States without a requirement for an additional authorisation. This…
According to the Ministry of Education and Culture of the Republic of Cyprus, it was and it still is the official governmental policy and aim to establish Cyprus as a regional educational and research centre, which will attract international scholars and students. Higher education in Cyprus consists of public and private institutions of university and…
Following the enactment of the new Betting Law 2012, the newly formed National Betting Agency, approved and published the application forms for a Class A Betting Services License. The forms include the Class A Operator application form, the Class A representative application form and the Class A Authorised Premises application form. It is reminded that…
The International Collective Investment Schemes Law (No. 47(I) of 1999) (“the Law”) came into force in May 1999. The Central Bank of Cyprus (“the Bank”) has been designated under the Law as the competent authority with the responsibility for the recognition, regulation and supervision of ICISs. The Bank is also the supervisory authority for the…
Here, at LLPO Law Firm, we are usually humble! Sometimes we get proud. We get proud when we win a “lost case” or when we help the “underdog corporate” ride a market wave. We also get proud when we nurture an against-the-odds start-up to get to commercialisation. Today we are proud because one of our…
Cyprus property market is picking up with a 67% growth year to year. In accordance to Land Registry statistics the numbers are not really huge but the rates are and it seems that the real estate market is kick starting. The growth rates per district are the following: Nicosia (Capital): 131%; Limassol: 4%; Larnaca: 50%;…
Cyprus has recently enacted a regulation allowing for a permanent residence permit via property investment. The regulation provides for the grant of a Cyprus permanent residence permit if the candidate purchases a privately-owned residence for self-occupancy in Cyprus, with a value of not less than €300.000. Main Conditions The applicant must prove that he has…
This year’s “Doing Business” report, compiled by World Bank, ranks Cyprus in the 36th position out of 185 countries ranked. Cyprus in 2013 report moved up one position as its 2012 ranking was 37. It is noted however that Cyprus ranks better than its main competitors in the world-wide financial business centre arena. Luxemburg is…