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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
EU Directive on Administrative Cooperation (DAC6)
The European Union has added further impetus to its objective of enhancing transparency against harmful tax practices with the amendment to Directive 2011/16/EU, commonly referred to as DAC6. This builds on the Common Reporting Standard (CRS), which allows for the automatic exchange of information...
The Limassol Economic Forum
Elias Neocleous & Co LLC is pleased to continue its successful association with The Limassol Economic Forum, which will take place on Friday, 18 October 2019. Celebrating its tenth year, the forum is the largest and most significant business gathering in Cyprus. The forum brings together busin...
Tax perspective of conducting business in Cyprus by South African residents
Introduction There has been a recent upsurge in interest from Africans wanting to do business in Cyprus and, in particular, from South African citizens through diverse opportunities of investment. These include the Cyprus permanent residency program and the Cyprus citizenship program. Also, the use...
Elias Neocleous & Co LLC presenting its Corporate Social Responsibility in Insider issue
In today’s modern business environment, where corporate actions (or inactions) are increasingly scrutinized and judged on social media platforms, it is necessary for all those in the corporate world to reassess how they implement Corporate Social Responsibility Actions (CSR). Simple charity and spo...
CySEC policy statement and directive in relation to the prohibition of marketing, distribution and sale of binary Options
The Cyprus Securities and Exchange Commission (CySEC) issued today its Policy Statement 03-19 on the imposition of national product intervention measures (NPIMs) in relation to the marketing, distribution and sale of binary options (available in English here). The Policy Statement follows from the...
Mondaq award for Contributor Most Read in Cyprus
For the fourth consecutive month Elias Neocleous & Co LLC was awarded Mondaq’s “Contributor Most Read” for Cyprus. The continued recognition is a welcome acknowledgement that not only is the material we publish being read, but it is sought after and well received by our clients, and the busines...
ESMA Ceases Renewal of Product Intervention Measure Relating to Binary Options
On 1 July 2019, the European Securities and Markets Authority (ESMA) as the EU securities markets’ regulator, announced that it ceases its temporary measure to prohibit the marketing, distribution or sale of binary options to retail clients in the European Union (EU). By virtue of its previous deci...
A National Strategy on Decentralized Technologies and Blockchain
In its session of 18 June 2019, the Council of Ministers of Cyprus, approved a National Strategy on Decentralized Technologies and Blockchain, encouraging the use of these technologies in both the public and private sectors (the financial services sector, in particular, as regards banking and inves...
CySEC – Circular on Risk Based Supervision Framework and Electronic submission of information for 2018
The Cyprus Securities and Exchange Commission (CySEC) has informed all Cyprus Investment Firms (CIFs) of a new version of the form RBSF – CIF Version 2 for conducting statistical analyses, risk management and other purposes.All authorised CIFs must submit the new form electronically to CySEC no lat...
Submission of income tax return for employees
31st July 2019 is the last day for Income Tax Return submission for employees, for the tax year 2018. It is also the last day for payment of the tax due calculated via self-assessment for an employee, for the tax year 2018. It is important to note that: submission of the Income Tax Return is ONLY...
Lobbyists to Face Tighter Regulation
In a 2015 report by Transparency International, Cyprus was ranked last among 19 EU countries when it came to the existence of legislation to monitor and regulate lobbying.The Council of Europe considers lobbying as the concerted effort to influence policymaking and decision-making by an individual...
Process of negotiating a bilateral Competent Authority Arrangement (CAA) for the exchange of Country-by-Country Reports between Cyprus and the United States of America
On 20th of June 2019, Cyprus tax authorities announced that negotiations between Cyprus and USA are being conducted with a view to conclude a bilateral Competent Authority Arrangement (“CAA”) for the exchange of Country-by-Country reporting between Cyprus and the USA. The negotiations’ status is al...