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Articles contributed by Stelios Americanos & Co
Cyprus: the gateway for investments in and out of South Africa
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.
ITALY, FRANCE, RUSSIA AND SOUTH KOREA JOIN ENERGY SEARCH
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.
Recent amendments to the Tax legislation
Further amendments were introduced and approved by the Cyprus Parliament on May 24th which are effective retrospectively from 1st January 2012.
YACHT SCHEME FOR CYPRUS COMPANIES WITH SIGNIFICANTLY REDUCED VAT UP TO 80%
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.
Offshore Cyprus Hydrocarbons Exploration-Notice for Second Licensing Round
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.