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Cyprus International Trusts Law and amendments

The Cyprus International Trusts Law of 1992 (Law No. 69(I)/1992) remained unaltered since its enforcement back in 1992.  Realising that trusts have the potential of being used as the channel for foreign investments in or through Cyprus, legislature examined the concerns and attempted to improve the already existing legal framework in such a way so that to achieve the boosting of such investments. The Cyprus House of Representatives voted in favour of the Bill for the much anticipated reform of the Cyprus International Trusts Law of 1992 and the amendments were published in the Official Gazette on 23/3/2012. These amendments have...

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Cyprus Trusts

Cyprus trust law is essentially based on the English system. Trusts are mainly regulated by the Trustee Law, Chapter 193, enacted in 1955 and based on the English 1925 Trustees Act. This is supplemented by the English doctrine of equity and English case law prior to 1960.  In 1992, Cyprus enacted the International Trusts Law.   This was done to update and modernise the law and establish Cyprus as an offshore and financial centre and a serious trusts jurisdiction. The Law does not provide a comprehensive definition of ‘trusts’. Trusts law was principally developed by Cyprus case law.  Accordingly, a trust...

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Protection given to immovable property purchasers in Cyprus

The rapid growth of the real estate market in Cyprus and the complexity and variety of the related transactions led to the need of replacing the previous legislation regulating the specific performance of immovable property contracts.   The Sale of Immovable Property (Specific Performance) Law 81 (I) of 2011 (the "New Law") has helped to protect the rights of property purchasers for some years as the act of depositing a contract of sale at the Land Registry effectively prevented the vendor from selling the property in question to someone else or changing his mind about the sale.   The New Law has certainly helped to...

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Information on Cyprus Company Formation

General Type of entity: Private Type of Law: Common Our time to establish a new company: 15 days Corporate taxation: 12.5% Double taxation treaty access: Yes Change of Residency permitted: Yes Share capital or equivalent Standard currency: Euro Permitted currencies: Any Minimum issued: €1 Usual authorized: €1,000 License Fees Annual Levy: €350 Directors or managers Minimum number: One Local required: No, but advisable for purposes of tax residency Publicly accessible records: Yes Location of meetings: Anywhere, but advisable to take place in Cyprus for purposes of tax residency Members Minimum number: One Publicly accessible records: Yes Location of meetings: Anywhere, but advisable to take place in Cyprus for purposes of tax residency Company Secretary Required: Yes Local: Cyprus resident advisable for compliance purposes Accounts  & Annual...

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Legal advice on Investment Fraud & Scams victims

What separates a legitimate business failing with an investment fraud is a fine line. Business can become fraudulent by taking wrong decisions but it’s another thing when a scam is set up and ran as a ‘’legitimate investment opportunity. However if you become a victim of investment fraud the one thing you don’t do, is to give up. At Michalaki, Pitsillidou & Co LLC we provide expert advice in all investment fraud cases we help investors recover lost funds We have knowledge on ways investment scammers target potential victims and how they operate, we work closely with other experts such as accountants...

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Procedure of Civil Partnership

The entrance into a Civil Partnership, under the Civil Union Law of 2015 (the Adoption Law is excluded) has respective effects and consequences with the marriage and any reference in any legislation of the Republic of Cyprus to "spouse" shall be interpreted as a reference to "civil partner". The entrance into a Civil Partnership takes place at the District Office of the District, where one of the persons concerned resides, by reporting in person upon appointment before the District Officer, who acts in his capacity as a Registrar. In case the persons concerned do not permanently reside in Cyprus, they can...

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Immigration Law In Cyprus

PASSPORT REQUIREMENTS All persons except the following require passports valid for at least 3 months beyond the period of intended stay for visitors not requiring visas and 6 months for those requiring visas: citizens of European Union countries, Iceland, Liechtenstein, Norway and Switzerland holding a valid national identity card with the bearer’s photograph; holders of Laissez-passer issued by the United Nations (nationals of Egypt and Israel can enter Cyprus with a Laissez-passer if they are holding an entry permit previously obtained by the Immigration Department in Nicosia); holders of travel documents issued by the Cypriot Government to the Cypriot citizens; holders...

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Cyprus Offshore Banking Unit

An Offshore Banking Unit (now known as an International Banking Unit - IBU) is a Cypriot limited liability company, or a branch of a foreign bank, which has obtained a banking license from the Central Bank. In Cyprus, non-Cypriot banks are offered the status of IBU, being restricted to banking operations with non-residents in foreign currencies, and with Cyprus-registered non-resident companies and their expatriate staff. The Central Bank issues IBU licenses and normally requires fully-staffed operation. If the IBU is controlled from abroad, and there is no local permanent establishment, there will be no profits tax. The following forms are permitted: Branches...

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Cyprus is still the TOP CHOICE for Corporate

The main points of the Troika bail –out/ bail-in plan for Cyprus have been finalized, putting an end to the continuous speculations of commentators. The bail-out/ bail-in plan focuses on minimizing the expenses of the public domain by, among other provisions, reducing salaries, freezing hiring and terminating the provision for thirteenth salary. Another main section of the bail-out plan has been the increase of public income by an increase of the taxes of luxury products such as alcoholic drinks and smoke products, an increase which again will affect only locals. An increase of the corporate tax by 2,5% is anticipated within...

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ADVANTAGES OF COMPANY REGISTRATION IN CYPRUS

Cyprus is one of the most popular locations in Europe for registering companies. A combination of factors, such as the favourable tax legislation, the straightforward corporate legislation and the country’s stable tax policy has led Cyprus into becoming an attractive jurisdiction, in which thousands of new companies set up with the Registrar of Companies every year, making the country a significant international financial centre. Cyprus has an effective and developed legal system and, as a former British colony, it is a common law country with business legislation similar to that of the UK. As Cyprus is a European Union member, a...

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