BRIEFINGS

Companies registered in Cyprus that do not proceed with the payment of the annual levy of €350 on time will be liable to penalties.

On 24/05/2016 the Republic of Cyprus entered for the first time into a Double Tax Treaty (DTT) with the Republic of Latvia. This is the 60th Double Tax Treaty entered into by Cyprus. The DTT was formally approved by Cyprus on 03/06/2016 and was signed by the relevant Ministers of each country. 

The Agreement for the Avoidance of Double Taxation between Cyprus and Lithuania was signed on the 21st of June 2013 and, after the exchange of the relevant notifications, the Agreement was entered into force on the 17th of April 2014.

The new double tax treaty between Cyprus and Spain that was signed on February the 14th, 2013 enters into force on 1st of January 2015. The new treaty was expected originally to come into force on the 1st of January 2014 however since there was no official exchange of the ratified documents between the Governments of Spain and Cyprus, this was postponed.

The double tax treaty between Cyprus and the United Arab Emirates has entered into force on 2/4/13 and became effective as of 1/1/2014.

Shares of private limited companies are a personal property and may be transferred in the manner laid down in the company’s articles of association.

After the amendment in the legislation, dormant companies, which were exempted from the payment of the annual levy of Euro 350 for 2012 in accordance with the previous legislation, have to proceed with the payment of 2012 fee, prior to the end of March 2013.