EXPRESS TRUSTS: THE REGISTER FOR BENEFICIARIES
INTRODUCTION On the 18th of June 2021, the Cyprus Securities and Exchange Commission (the “CySec”) pursuant to Article 61C of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2021 (the “AML Law”) issued a regulation (Regulatory Administrative Act 257/2021) (the “Directive”), identifying the obligations and procedure for the registration, notification, administration, …
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COMMENCEMENT OF THE BENEFICIAL OWNERS REGISTER WITH THE REGISTRAR OF COMPANIES
INTRODUCTION On the 12th of March 2021, the Registrar of Companies and Official Receiver (the “Registrar”) pursuant to Article 61A of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2021 (the “AML Law”) issued a regulation (Regulatory Administrative Act 112/2021) (the “Directive”), identifying the obligations, methodology and procedure companies and legal …
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CYPRUS – THE REGISTERS FOR REAL BENEFICIARIES (Companies – Trusts and other Legal Bodies)
A. INTRODUCTION On 18/02/2021 the Cyprus House of Representatives has enacted the amending law on the Prevention and Suppression of Money laundering and Terrorist Financing Law of 2021 (the “AML Law”) transposing at a national level the 5th Anti-Money Laundering EU Directive 2018/843 (the “AMLD”) which imposes minimum standards to the Member States for the …
CYPRUS AND DAC6
INTRODUCTION The Directive (EU) 2018/822 expand once more the provisions of the Directive 2011/16/EU – Directive on Administrative Cooperation (DAC), regarding mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements. The Directive (EU) 2018/822 represents the 6th modification of DAC, and for this purpose it is called DAC6. …
CYPRUS – THE TAX TREATMENT OF INTEREST
A. INTRODUCTION With this publication we outline the main provisions of the Taxation Laws in relation to the tax treatment of interest income and interest expense and we elaborate on the various financing schemes available. B. THE BASIS OF TAXATION OF INTEREST INCOME Generally, the Taxation Laws in Cyprus are applicable only to tax residents …
Cryptoassets in Cyprus – Under the ambit of the 5th AML Directive
A. INTRODUCTION The enactment of the amending law to the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188(I)/2007 on 18.02.2021 (“the new AML Law”) fully implementing the EU Directive 2018/843 (“the 5th AML Directive”), constitutes the introduction of cryptoassets in the Cyprus regulatory system.
Cyprus implements the 5th AML Directive
Key developments and the introduction of cryptoassets service providers
The Management and Control Test – Taxation of Cyprus and Foreign Companies
I. THE LAW For taxation purposes, companies and individuals, are categorised as: (a) residents or (b) non – residents.
NEW RULES EXPANDING THE CROSS-BORDER MOBILITY OF EU COMPANIES WITHIN EU – DIRECTIVE (EU) 2019/2121
Introduction The freedom of establishment, one of the fundamental principles of Union law, allows for the mobility of businesses within the EU. Up until the entry into force on the 1st of January 2020 of the new Directive (EU) 2019/2121 on cross-border conversions, mergers and divisions (hereafter “the 2019 Directive”) one could argue that the harmonisation …
Cyprus, a “bonus stage” in the gaming business world?
Cyprus has long been an established hub for international business and recent years have seen an increasing number of tech companies and start-ups choosing Cyprus for their regional headquarters from where to service clients in, amongst others, Europe, Middle East and North Africa. In addition to being established as a safe and reliable jurisdiction, Cyprus …
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