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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
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taxpayers may apply for the cancellation of any interest and penalties imposed under Law 246 of 1990, which has been repealed, which relate to arrears that fall within the tax periods from […]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 […]
Costas Stamatiou at ICC FraudNet spring conference 2017
As the Cyprus member of ICC FraudNet, Costas Stamatiou recently participated in the FraudNet spring conference held in Miami, USA, at which participants shared valuable information about the latest developments in fraud and asset recovery. ICC FraudNet is an international network of independent lawyers who are the leading civil asset recovery specialists in each country. […]
Cyprus and Barbados sign double taxation avoidance agreement
After several years of negotiations, Cyprus and Barbados signed an agreement for the avoidance of double taxation on 3 May 2017 in London. The two countries have a good deal in common: both are former British colonies that achieved independence in the 1960s and both have a service-based economy, in which tourism and international financial […]
Elias Neocleous & Co LLC assists with the establishment of the first active domestic UCITS in Cyprus
Elias Neocleous & Co LLC has a specialist funds advisory team forming part of our Financial Services Support and Advice practice area. We recently assisted a major regional financial institution with the establishment and licensing of the first active domestic Undertaking for Collective Investment in Transferable Securities fund in Cyprus. The fund operates as a […]
“Roam like at home”: abolition of mobile roaming costs across the EU from June 2017
Communicating while travelling will be made easier and cheaper, as the EU extends the four fundamental freedoms set out in the Treaty on the Functioning of the European Union to add the free movement of data as a new freedom in the single market. The abolition of mobile telephone roaming surcharges throughout the EU, which […]
The new Merchant Shipping (Marine Equipment) Law
The Department of Merchant Shipping (DMS) has announced the enactment of the Merchant Shipping (Marine Equipment) Law (Law 23(I)/2017), which transposes the latest EU Marine Equipment Directive into national law. The objective of the new Marine Equipment Directive is to enhance safety at sea and to prevent marine pollution through the uniform application of the […]
CySEC request for regulated entities’ assistance in consultation on payment services
The latest circular from the Cyprus Securities and Exchange Commission to entities that it regulates requests their participation in a public consultation on draft guidelines setting out payment service providers’ obligations regarding detection and prevention of the abuse of funds transfers for terrorist financing and money laundering purposes. The consultation is being undertaken jointly by […]