The Cyprus Permanent Residence Permit which is granted to non-EU nationals investing in the Republic of Cyprus has been recently amended. The program has been revised in its current form on the 24th of March 2021, while the previous revision was in February 2016. The amended Residence Permit scheme continues to apply to the applicant, […]
Amendment to the VAT Law
On 3 November 2017, an amendment to the Cyprus VAT legislation was voted into law by the House of Representatives, which will impose VAT at the standard rate of 19% on land transactions for business purposes, bringing it into line with the common EU system of VAT. The amendment law has published in the Official […]
Cyprus Tonnage Tax System: Flags which appear on the Grey List and Black List of the Paris MOU for the Fiscal Year 2017
The Department of Merchant Shipping on the 31st of October 2017 with regard to the Cyprus Tonnage Tax System (Law 44(I)/2010), the Director of the Department relied on sections 17(2), 27(2) and 40(2) of the Law and the relevant tables contained in the Annual report of the Paris MOU for the year 2016 and has […]
New rules for taxation of intra-group Back To Back financing Arrangements
On 30 June 2017, the Cyprus Tax Department (“CTD”) issued a Circular with respect to the new rules for the taxation of intra-group financing arrangements which apply from 1 July 2017. The new Circular provides for the application of transfer pricing methodology to such activities based on the arm’s length principle as advocated by the […]
Cyprus Tax Resident individual, “60 days rule”
On July 14th 2017 the Parliament of Cyprus has approved by common consent the proposal of amending the rules for determining tax residency of individuals in Cyprus. The “60 day rule” intents to attract a significant number of individuals (investors, entrepreneurs, digital nomads, artists, sportsmen and other businessmen) who do not fulfill the tax residency […]
Convention for the Elimination of Double Taxation between the Republic of Cyprus and the Grand Duchy of Luxembourg
The Convention for the Elimination of Double Taxation with respect to Taxes on Income and on Capital and the Prevention of Tax Evasion and Avoidance was signed 8th May2017 in Nicosia. The text has been agreed between the two countries will contribute to further develop the economic relationship and to enhance the co-operation in tax […]