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Taxation for physical persons and Investment Manager

Physical persons: First, a person who was employed for performing a particular service in Cyprus but was a non-resident of Cyprus by the time he was employed, it is highly probable to be exempted from the payment of 50% of income tax for a 10-year period on the remuneration. But to be eligible for the exemption, the payment for this service should be greater than 100.000 Euro. Additionally, for a person who was employed for a service paid by maximum 8.550 Euro, but he was not a resident of Cyprus when the employment was made, he will be granted a 20% exemption...

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Termination, Renewal, Fees and Taxation of Franchise Agreements

Termination of a franchise agreement: First, the franchise relationship is bound by a contract the franchisor and the franchisee made, in order to terminate this relationship, they have to refer to the general principles of contract law. A lot of franchise agreements are made for a specific period of time and after this period come to an end there is no existing relationship. However, there might be particular obligations that exist after the end of the contractual relationship like confidentiality or competition regulated by confidentiality and competition law. Moreover, if there is no specific time for the termination of the franchisee agreement,...

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Investment Firm of a Branch in Cyprus

What rights have the Investment Firms of member states and third countries according to the law? An Investment Firm may provide an investment or other services through the establishment of a Branch in Cyprus. These services and activities are covered by the authorization granted to the Cyprus Investment Firm (CIF). Furthermore, an Investment Firm aims to establish a branch in Cyprus, by notifying the writing of intention the ‘Cyprus Securities and Exchange Commission’ (Cysec), as well as the following information with regards to the branch: The address The persons responsible for its management and the organizational structure. The program of operations setting...

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Domestic Violence

The general definition of ‘domestic violence’ or ‘family violence’ is the emotional, physical, psychological or sexual abuse perpetrated against a person. It can be committed by a family member or intimate partner and it could be described as a broader term, which often consists of child abuse, elder abuse, and other violent acts between family members. The particular case study concentrates on the main area of concern which is the domestic abuse. It is a severe violent crime including irruptive behavior from one person often injuring another. Physical harm to various degrees, is the final result of these crimes, and the offender may...

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The procedure of transferring a Cyprus Property to the Land Registry Office

Property law is the area of law that governs the various forms of ownership and tenancy in real property and in personal property, within the common law legal system. In the civil law system, there is a division between movable and immovable property. Movable property roughly corresponds to personal property, while immovable property corresponds to real estate or real property, and the associated rights and obligations. The Legal System in Cyprus according with the conveyance procedure of property, is normally based on UK legislation, but in the discipline of immovable property the Cyprus legislation and its legal system is different than the one implemented in the UK. The provisions of the Constitution of Cyprus protect the safety...

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Tax implications for individual and corporate investors in Cyprus

The term individual investor refers to individuals who buy and sell securities for their personal account, and not for another company or organization. In contrasts, corporate investor refers to companies that invest in other companies.   Cyprus tax resident but not domiciled individual investors: First, for tax on disposal, they are exempted from income tax, but for real estate Fund, 20% capital gains tax is applied in the case the Fund owns in Cyprus immovable property. They are benefited regarding tax on distribution of profits as they are exempted from income tax and SDC tax. Moreover, based on corporate income tax, they are...

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Franchise in Cyprus

When it comes to a ‘Franchise Agreement’ with a franchisor, it should be decided what form the agreement will take. For instance, being an agreement for a limited company, a partnership or a sole trader.   General or Limited partnerships: First, the companies are regulated to a significant extent by the Cyprus Companies Law, Cap 113 and the Partnerships and Business Names Law Cap 116, of the Laws of Cyprus. Also, the companies have obligations under European Laws, which will take precedent in case there is a clash between the national law and the European Law. In addition, there is a body of the...

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Compensation available by the Investor Compensation Fund in Cyprus

Compensation available by the Investor Compensation Fund in Cyprus The Investor Compensation Fund(ICF) was established under Law 144(I)/2007) is part of the Investor Compensation Fund (ICF) for the Clients of Cyprus Investment Firms (CIFs). The ICF's aim is to protect the claims of the covered clients against those Cyprus Investment Firms that are part of the ICF. This is made by giving compensation to clients if the CIF is unable to do so, because of financial circumstances that are not likely to have a better financial performance in the near future.   Role of the ICF: First, the ICF is likely to give...

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The procedure of transferring a Cyprus Property to the Land Registry Office

Property law is the area of law that governs the various forms of ownership and tenancy in real property and in personal property, within the common law legal system. In the civil law system, there is a division between movable and immovable property. Movable property roughly corresponds to personal property, while immovable property corresponds to real estate or real property, and the associated rights and obligations. The Legal System in Cyprus according with the conveyance procedure of property, is normally based on UK legislation, but in the discipline of immovable property the Cyprus legislation and its legal system is different than the one implemented in the UK. The provisions of the Constitution of Cyprus protect the safety...

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Financial Instruments Fund

Financial Instruments Funds are monetary contracts between parties. Financial instruments are assets that can be traded. They can also be seen as packages of capital that may be traded. Most types of financial instruments provide an efficient flow and transfer of capital all throughout the world's investors. These assets can be cash, a contractual right to deliver or receive cash or another type of financial instrument, or evidence of one's ownership of an entity. Initially, considering the profits arising from the trading in financial instruments, there is an exemption from the tax on the profits that arising from trading in qualifying...

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