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English Articles

Michalaki, Pitsillidou Law Firm > English Articles (Page 18)

Cyprus IBC – International Business Companies

What is an IBC Company? An international business company or international business corporation (IBC) is an offshore company formed under the laws of some jurisdictions as a tax neutral company which is usually limited in terms of the activities it may conduct in, but not necessarily from, the jurisdiction in which it is incorporated. One of the most common examples that an IBC Company can be used is in International trading where is one of the most commonly used examples where a Cyprus IBC Company can be used. An intermediary Cyprus IBC can be placed in between a Buyer and a Seller. In this way, taxable profits can be transferred...

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Cyprus and Jersey signed on Monday an agreement on the Avoidance of Double Taxation on Income.

According to an announcement by the Ministry of Finance, the text agreed between the two negotiating teams of the two countries will contribute to further developing trade and economic relations between Cyprus and Jersey as well as with other countries. The Ministry also notes that updating, maintenance and expansion of existing agreements' network on double taxation, which is of great economic and political importance, aims to enhance and attract foreign investment and promote Cyprus as an international business center. The agreement is based on OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital. For more information and guidance get in...

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CIF’s reporting to CySec

CySEC demands all Forex Brokers to report Brexit effects. Cyprus financial regulator CySEC has issued a note to all regulated entities on the island, asking them to report the effect of post-Brexit vote trading. The note, signed by CySEC Chairman Demetra Kalogerou, asks all CIF regulated entities to report the amount of their own funds, and also their capital adequacy ratio to CySEC. It appears as if CySEC wants to find out right away if there are any brokers out there with a ‘negative client balances’ problem, as happened to several brokers last year in the aftermath of the Swiss Franc spike. Cyprus continous...

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