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The On the 24th of February 2020, a law stripping Cyprus citizenship was proposed and published in the official newspaper of the Republic of Cyprus. This is important because the Cyprus Investment Programme was in the spotlight a while back. More specifically, local and international news articles announced that family members of Cambodia’s long-ruling prime minister, Hun Sen and Jho Low who was connected to 1MDB scandal in Malaysia where granted Cyprus Citizenship.  In response,…
[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…
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…
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…