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Entries with tag cyprus .

Cyprus' Double Taxation Treaty Network Update

09 Nov 2015
Cyprus continues to expand its double taxation treaty network by signing its first ever treaty with Switzerland. Based on the OECD Model, the DTT offers a zero rate of withholding tax on interest and royalties (subject to anti-abuse provisions), with no withholding tax being levied on dividend payments under certain participation and beneficial ownership conditions. Having recently... Read More AboutCyprus' Double Taxation Treaty Network Update »

By Richard Melton

BEPS: IP ‘Patent Box’ regimes and a (small) window of opportunity when planning through Cyprus

19 Aug 2015
The impact of the Base Erosion and Profit Shifting (BEPS) action plan is already being considered by those looking to structure arrangements for the cross-border licensing of Intellectual Property (IP). The modified nexus approach considered by the Organisation of Economic Cooperation and Development (OECD) Forum on Harmful Tax Practices (FHTP) under Action 5 of BEPS and supported... Read More AboutBEPS: IP ‘Patent Box’ regimes and a (small) window of opportunity when planning through Cyprus »

By Richard Melton

Cyprus Introduces New Tax Rules for Non-Domiciles

07 Aug 2015
On 9 July 2015 Cyprus introduced much anticipated legislation regarding ‘non-domiciled persons’ which provides that such persons resident in the Republic are no longer liable to pay what is known as a Special Defence Contribution (SDC) on certain types of worldwide income from dividends (17%), bank deposit interest (30%) and rental income (3%). According to the Interpretations in Part I... Read More AboutCyprus Introduces New Tax Rules for Non-Domiciles »

By Richard Melton

Cyprus Signs Double Taxation Treaty with Iran

06 Aug 2015
On Tuesday 5th August 2015, Cyprus and Iran signed a treaty for the avoidance of double taxation (DTT), opening the way for new investment opportunities and trade relations between the two countries. “Today, we have signed an agreement to avoid double taxation, which I am sure will open new opportunities, new avenues of co-operation, new investment prospects, and trade and... Read More AboutCyprus Signs Double Taxation Treaty with Iran »

By Richard Melton

Cyprus Introduces Notional Interest Deduction Regime on ‘New Equity’

27 Jul 2015
On 9th July 2015, the Cyprus House of Representatives voted in favour of the introduction of a Notional Interest Deduction regime, aimed at encouraging investment into corporate structures, and thus reducing excessive debt financing. Such changes, aimed to further improve Cyprus’ growth prospects, will align the Republic’s system with that of a number of other EU jurisdictions... Read More AboutCyprus Introduces Notional Interest Deduction Regime on ‘New Equity’ »

By Richard Melton

Cyprus International Trusts and the Modern Concept of Beneficial Ownership

04 Feb 2015
The terms ‘Beneficial Owner’ and ‘Resident’ are key concepts in international treaty planning and are increasingly becoming analogous, with national laws and international conventions looking to deny benefits to a resident person (individual or company) of a contracting state who is not the true beneficial owner of a dividend, interest or royalty. The term ‘Beneficial Owner’ can be... Read More AboutCyprus International Trusts and the Modern Concept of Beneficial Ownership »

By Richard Melton

Cyprus expands double tax treaty network

07 Jan 2015
Cyprus’ double tax treaty network has been expanded with three new agreements with Spain, Lithuania and Norway becoming effective as of January 1, 2015, boosting the island’s services sector which could be hit by Russia’s recent de-offshorisation measures. New treaties were also signed with Switzerland, Guernsey and Iceland in 2014, but these will only enter into force once both sides... Read More AboutCyprus expands double tax treaty network »

By Richard Melton

Cyprus & US sign FATCA Intergovernmental Agreement

17 Dec 2014
On 2 of December 2014, the US and Cyprus governments signed an intergovernmental agreement (the “ IGA ”) for the purposes of the application of the Foreign Account Tax Compliance Act (“ FATCA ”). The IGA provides for the automatic reporting and exchange of information in relation to financial accounts in Cyprus financial institutions held by US persons, and the reciprocal exchange of... Read More AboutCyprus & US sign FATCA Intergovernmental Agreement »

By Philip Jacques

More Positive News for Cyprus

04 Dec 2014
Cyprus is expecting 0.5 per cent growth in 2015, with this year’s slowdown being shallower than expected, the Central Bank of Cyprus (CBC) Governor told the country’s parliament on Monday. This follows a European Commission forecast predicting a 2.8 per cent contraction in the island’s economy this year – an improvement on a previous forecast of 3.2 per cent. Cyprus was bailed out to... Read More AboutMore Positive News for Cyprus »

By Richard Melton

‘My Second Home’ MM2H Programme fuels Asian immigration

18 Nov 2014
It was a pleasure to attend the inaugural Fragomen Global Investor Summit at Claridges in London, craftily timed to coincide with the increase in the UK Tier 1 investment to £2,000,000. Speakers from a broad variety of countries, ranging from Caribbean Islands, to Asia, Australia and Europe discussed the characteristics, advantages and some pitfalls of each scheme.  It quickly... Read More About‘My Second Home’ MM2H Programme fuels Asian immigration »

By John Swann
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