Updates regarding MiCA, the Travel Rule and more On 20.04.2023, the EU parliament endorsed the first EU rules to trace crypto-asset transfers, such as bitcoins and electronic money tokens and common rules on supervision and customer protection. In a press lease it was stated that green light to new rules for tracing transfers in the…
INTRODUCTION: A EUR1 certificate, also known as a Movement Certificate EUR.1, is a document that is used in international trade to certify that goods being exported from one country to another are eligible for preferential tariff treatment, such as lower tariffs, under the terms of a trade agreement between the two countries. It is proof…
The Non-Habitual Residence (NHR) Programme The Portuguese NHR program was recently (2020) updated in an effort to starch foreigners to Portugal. Successful applicants of NHR can be enjoy decreased income tax on particular foreign income for 10 years. Eligibility for the NHR requires that applicants: * Are existing taxpayers but have not been tax residents…
IntroductionAn Investment Fund can be defined as a collective investment undertaking raising external capital from a number of investors with a view and purpose of investing it in accordance with a defined investment policy for the benefit of those investors.Procedure Initially the establishment and incorporation of a Cyprus company is required in order to obtain…
Naturalisation is the legal process that allows a foreign national to obtain Cypriot Citizenship once she or he has met the legal criteria. In Cyprus dual Citizenship is allowed as there is no restrictions under the Civil Registry Law 2002 neither by the Treaty concerning the establishment of the Republic of Cyprus 1960, which means…
Introduction Cyprus is an island in the Eastern Mediterranean, situated at the crossroads of three continents and civilizations and has been a member of the European Union since 2004 and adopted the euro in 2008. Cyprus’ strategic location has established it as a prominent business hub for worldwide organisations. The island is known for its…
Under the Withdrawal Agreement, the UK nationals and their family members who have exercised their right under the EU law to move and reside freely in the Republic, before the withdrawal date and/or until the end of the transitional period, have the right of residence, work and free movement and also have the possibility to continue…
Permanent Residence of UK Nationals and their family members in the Republic of Cyprus after Brexit. The Brexit Withdrawal Agreement sets out the terms of the UK’s withdrawal from the EU and provides for a deal on citizens’ rights. It sets out a transition period which lasts until 31 December 2020. During this time, British…
On 10 August 2020, Cyprus and Russia concluded the negotiations of a new protocol to amend the existing provisions of the Cyprus-Russia tax treaty. 15% WHT on dividend and interest payments According to the agreement reached, the existing withholding tax (WHT) rates on dividend and interest payments made from Russia to Cyprus will increase…
What is the importance of DAC6? In May 2018 the EU Council Directive 2018/822/EU has amended the Directive 2011/16 on mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (hereinafter the “DAC6”). The DAC6 can be seen as a highly important amendment after the Common Reporting Standards (CRS),…