Simerini interview with Elias Neocleous
On 28 May Simerini, one of Cyprus’s largest daily newspapers, published a wide-ranging interview with Elias Neocleous, managing partner of the firm, setting out the events leading up to the establishment of Elias Neocleous & Co LLC, Elias’s vision for the future of the firm and his views on the future of the legal services […]
Signature of the new double taxation agreement with Luxembourg
On 8 May 2017 the finance ministers of Cyprus and Luxembourg signed a double taxation agreement, the first between the two countries. Negotiations on the agreement had begun in 2007. According to the official announcement the text, which is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on […]
Protocol amending the Convention for the Avoidance of Double Taxation between Cyprus and San Marino
A Protocol amending the double taxation agreement between Cyprus and San Marino was signed on 19 May 2017 in Nicosia. The agreement has been in force since July 2007. Details of the amendments made by the Protocol, which will take effect only when it has been ratified by both countries, have not yet been released.
“The law firm of the future”
Cyprus Weekly, the top-selling English-language newspaper in Cyprus, recently published a wide-ranging interview with Elias Neocleous, the managing partner of our firm. In the interview Elias set out the progress that has been achieved since the new firm was created, and his vision for the future of the firm, the legal profession and the Cyprus […]
European Court of Justice decides that national courts have the power to block “fishing expeditions” for tax information
In the wake of an ever increasing body of rules and regulations on the exchange of financial information on taxpayers and the significant recent shift from the traditional request-based (limited scope) procedure (typically invoking the relevant provisions of double taxation treaties) to automatic mass exchange of information (with FATCA and the Common Reporting Standard casting […]
Waiver of interest and penalties imposed under Law 246 of 1990
The Cyprus tax department has announced that, in accordance with the provisions of article 59(7) of the VAT Law of 2000 as amended, taxpayers may apply for the cancellation of any interest and penalties imposed under Law 246 of 1990, which has been repealed, which relate to arrears that fall within the tax periods from […]
Central Bank of Cyprus ship management survey
Cyprus, and particularly Limassol, is one of the world’s most important third-party ship management centres. The Central Bank of Cyprus has recently published the results of its latest survey of the ship management sector, which covers transactions between resident ship management companies and non- resident owners or shipping related entities in the second half of […]
The new double tax agreement between Cyprus and Barbados
The new double taxation agreement between Cyprus and Barbados, which was signed on May 3, 2017, was published in the Official Gazette on May 12. It will enter into force once each country has notified the other that their domestic ratification procedures have been completed and its provisions will have effect from the following 1 […]
Review of authorisations for Cyprus Investment Firms to undertake activities overseas
The Cyprus Securities and Exchange Commission has issued a circular (No C204 dated 4 May 2017) to Cyprus Investment Firms it regulates requiring them to review their existing third-country-passports to provide investment and ancillary services and undertake investment activities overseas, and to provide confirmation that all requisite authorisations are in place. Specifically, they should assess […]
The effects of Russian de-offshorisation legislation on the Cyprus UHNWI sector
Citywealth, the leading portal for ultra-high net worth clients and their advisers and managers working in the private wealth sector, recently included an article on the latest developments in the UHNWI sector in Cyprus, drawing extensively on the views of Elias Neocleous, managing partner of our firm. The article focused on the changes that have […]
