Harris Sharpe

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Harris Sharpe

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[embedded content] Until recently a Cyprus International trust was confidential. With no reporting, no financial audits and no particular public disclosure. Nevertheless in order to ensure that trustees are accountable for the trusts that they control the following mandatory public disclosures are in effect: Public Disclosure of Trusts in Cyprus to the Stamp Duty Commissioner  For a trust to be validly constituted in accordance with the laws of Cyprus it must be presented to the commissioner…
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The Cyprus Department of Taxation has published the rates applicable for the 10 year government rate of each state, which once increased by 3%, constitutes the reference rate for the purposes of the Cyprus Notional Interest Deduction (NID) for the year ended 2019. Cyprus 2019 NID Rate in practice means that the maximum allowable deduction shall be equal to the reference rate of the jurisdiction of the asset. Referring back to the initial publication on…
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In September 2015, Cyprus introduced the Notional Interest Deduction (“NID”) regime. A new and powerful tax tool provided to business enabling them to create a return on new equity injected into a local business. The return is achieved by deducting a ‘notional’ interest expense from their taxable income subject to the value and the applicable reference rate. Why was the Cyprus Notional Interest Deduction (NID) Introduced? The legislator and the advisers realized that local business…
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When a foreign company is going to be operating in Cyprus it can do so by registering with the department of the registrar of companies and official receiver. In this article we will be considering the legal aspects regarding doing business in Cyprus, the relevant obligations, as well as the differences between the various business vehicles that a Foreign Company operating in Cyprus may choose from for a quick answer scroll to the Questions and…
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The Cyprus Government has published a draft legislation on the 15th of January 2020 whereby it tries to regulate the services offered by British Insurance Companies in Cyprus. The proposed law comes to regulate British insurance Companies as well as British re-insurance companies by amending national relevant law. For the avoidance of any doubt in this article the term Insurance Company shall also include a Re-Insurance Company. Last year a similar law was passed whereby…
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The Cyprus Government has published a draft legislation on the 15th of January 2020 whereby it tries to regulate the services offered by British Insurance Companies in Cyprus. The proposed law comes to regulate British insurance Companies as well as British re-insurance companies by amending national relevant law. For the avoidance of any doubt in this article the term Insurance Company shall also include a Re-Insurance Company. Last year a similar law was passed whereby…
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Cyprus private companies limited by shares are required to prepare and submit to the registrar of companies an annual return HE32. The Cyprus annual return HE32 must be accompanied by: Audited Financial Statements (the “FS”) Declaration of the Director and Secretary (the “Declaration”) confirming that the FS submitted are those presented to the shareholder at an Annual General Meeting (“AGM”) 4 Common Mistakes Affecting Cyprus Annual Return HE32 Although the above seems a simple and…
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Cyprus private companies limited by shares are required to prepare and submit to the registrar of companies an annual return HE32. The Cyprus annual return HE32 must be accompanied by: Audited Financial Statements (the “FS”) Declaration of the Director and Secretary (the “Declaration”) confirming that the FS submitted are those presented to the shareholder at an Annual General Meeting (“AGM”) 4 Common Mistakes Affecting Cyprus Annual Return HE32 Although the above seems a simple and…
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The MOF (Ministry of Finance) has started checks on the qualifying investments undertaken between 1st of May 2013 and 31st of December 2018 as part of the Cyprus Investment Programme. The MOF requested the members of the Register of Service Providers of the Cyprus Investment Programme to provide supporting documents for their clients qualifying investments to check that they still hold those qualifying investments which entitled them to be naturalized under the Cyprus Investment Programme…