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Articles contributed by Stelios Americanos & Co
South Africa has excellent and long standing bilateral relations with Cyprus . These strong ties are further cemented with the help of the large and influential Cypriot (and Greek) community in South Africa , numbering about 60,000. The Cypriot Community also serves as a link between the two countries, both politically and economically.
Cyprus approved licenses for exploratory drilling to exploit offshore oil and gas deposits in four blocks off its shore. Drilling permits were approved for blocks 2,3,9 and 11. Those interested in searching for hydrocarbons within Cyprus’ exclusive economic zone are Russia, France, Italy and South Korea.
Further amendments were introduced and approved by the Cyprus Parliament on May 24th which are effective retrospectively from 1st January 2012.
As per the previous VAT regulations in Cyprus yacht purchase and yacht leasing was subject to full rate of VAT at 17%. A lot of questions were raised justifiably when the yacht was not actually used within Cyprus and EU territorial waters.
The Republic of Cyprus issued an invitation to all interested persons to apply for hydrocarbon exploration licenses and subsequent hydrocarbon exploitation licenses in respect of certain acreage in the Exclusive Economic Zone of Cyprus.