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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Strengthening of investor protection
The law governing the Cyprus Securities and Exchange Commission has been amended to improve the Commission’s corporate governance and strengthen its investor protection powers. Law 137(I)/2018 provides for the CySEC board to be enlarged from five members to seven and for the appointment of an audit committee. It also expands CySEC’s information-gathering and investigatory powers […]
Amendments to Cyprus-San Marino double tax treaty enter into force
The Cyprus Tax Department has announced that the procedures for ratification of the protocol dated 19 May 2017 amending the Convention on the Avoidance of Double Taxation between Cyprus and San Marino have been completed, and that the protocol entered into force on 27 June 2018. The protocol replaces the text of Article 25 of […]
New tax exemptions and allowances for the film and audio-visual production industry
In September 2017 the Cyprus government approved an initiative to encourage the development of the film and audio-visual production industry in Cyprus by means of grants, tax incentives and other assistance. Law 139(I) of 2018, which took effect on 11 December 2018, amends the Income Tax Law to provide tax exemption of income from production […]
Cyprus Securities and Exchange Commission announcement on Registered Alternative Investment Funds
The Cyprus Securities and Exchange Commission (“CySEC”) has issued an announcement reiterating the legal and regulatory framework applicable to Registered AIFs (“RAIFs”). According to CySEC, communications and promotional material issued by several market participants contain incorrect information about the regulatory requirements that apply to RAIFs, and CySEC wishes to correct any misunderstanding. RAIFs are governed […]
Cyprus Tax Department announcement on Country by Country Reporting
The Cyprus Tax Department announced on 22 November that Constituent Entities of Cyprus Ultimate Parent Entities will not be subject to local filing in their jurisdiction of tax residence, provided the information exchange arrangement under the CRS Multilateral Competent Authority Agreement has been activated. In addition, local filing will not be applicable for Cyprus-resident Constituent […]
Implementation of Directive (EU) 2017/1852 of 10 October 2017 on tax dispute resolution mechanisms
The Cyprus Tax Department has published draft legislation to implement Directive (EU) 2017/1852 for consultation. The draft legislation comprises an amending law, which adds two new articles to the Income Tax Law of 2002, and regulations to be issued under the second of those articles. The draft law and regulations replicate the Greek language text […]
Latest Central Bank of Cyprus investment funds statistics
On 19 November the Central Bank of Cyprus released its latest statistics on Cyprus-based investment funds, produced on the basis of the revised European System of Accounts 2010 and giving information as at 30 September 2018. During the 12 months ended 30 September the number of investment funds increased to 142, compared with 108 at […]
Entry into force of the protocol amending the Convention on the Avoidance of Double Taxation between Cyprus and Mauritius
The Cyprus Tax Department has announced that the procedures for ratification of the protocol dated 23 October 2017 amending the Convention on the Avoidance of Double Taxation between Cyprus and Mauritius have been completed, and the protocol entered into force on 2 May 2018. The protocol replaces text of article 27 of the Convention, which […]
Mondaq award for Contributor Most Read in Cyprus
Mondaq, launched in 1994, is one of the most comprehensive Internet repositories of professionals’ knowledge and expertise. It disseminates legal, regulatory and financial commentary and information supplied directly by hundreds of the world’s leading professional advisors, covering more than 80 countries, and tracks detailed readership of this information through its website and distribution network. At […]
Reduction of non-performing loans in the Cyprus banking sector
On 7 November the Central Bank of Cyprus (CBC) published its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 31 July 2018, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are excluded. During the month […]
New Memorandum of Understanding on cooperation with Russia in combating crime
On 18 October 2018 the Cyprus Ministry of Justice and Public Order and the Prosecutor General’s Office of the Russian Federation signed a memorandum of understanding on cooperation in combating crime and protecting human rights and fundamental freedoms. Cooperation between the two authorities will include exchange of information on their legal systems and their national […]
Removal of Namibia from EU list of non-cooperative tax jurisdictions
On 6 November 2018 Namibia was removed from the EU’s list of non-cooperative tax jurisdictions by a decision of the Economic and Financial Affairs Council, which considered that Namibia has made sufficient commitments at a high political level to address EU concerns. As a result, Namibia has been moved from annex I to annex II, […]