According to the Societies and Institutions Laws 1972 and 1997, “Society” is an organized association of at least twenty (20) persons for the attainment of a certain non-profitable object.
The following information and/or documents will be required in order for the permit to be issued by the Council of Ministers for the acquisition of immovable property by foreigners.
The current law enacted as from 1 July 2016 and is fully compliant with the provisions of Article 5 of the OECD BEPS project following the “ Modified Nexus Approach” which this approach only allows to taxpayer to benefit from an IP regime to the extent that it can show that it itself incurred expenditures, such as R&D, which gave rise to the IP income.
The Minister of Interior has decided to issue an Immigration Permit to applicants from third countries, in cases where some conditions provided by Regulation 6(2) of the “Aliens and Immigration” Regulations are satisfied.
The announced changes and procedural amendments affect ONLY those who have applied for residence permit or an immigration permit and their application is still pending examination as at 08.02.2016.
Cyprus is one of the first countries amongst 51 jurisdictions committed to implement the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard by 2017.
A branch or a representative office of an overseas company may be registered in Cyprus if within one (1) month of the establishment of the place of business, it registers itself as an overseas company with the Registrar of Companies in Cyprus.
The taxable income of companies, whether registered in Cyprus or not, which have their management and control in Cyprus will be liable to corporate tax at the rate of 12.5%, irrespective of whether the shareholders are Cyprus residents or not.
The publication demonstrates the attention paid by tax authorities to the issue of substance of companies in relation to the issue of strengthen the tax residence status.
The changes effected in December 2015 with regards to record keeping obligations for companies and limited partnerships aim to ensure that the BVI remains compliant with OECD requirements.
A company is a legal person separate from its members and therefore the identity and motives of those who form and control the company are not relevant.
Securities nowdays are often required by the creditors for various transactions. One form of a security is a pledge over shares in a company, which by its nature is a possessory security interest and thus involves the delivery of possession, actual or constructive.
