The joint venture created under PAHALAW’s initiative in promoting international trust and insurance related services to the UK’s non domiciles whose tax exempt treatment (income tax – capital gains and inheritance tax) shall be affected with the upcoming tax changes...
• Offshore trustees have to pay Income Tax (IT) arising on UK source assets; however, when UK bank interests and dividends from UK companies are held by the offshore trustees, they are exempt from IT provided that for that tax year the beneficiaries were not UK...
In order to obtain an even stronger structure for asset protection purposes, we propose a solution based on the combination of a Cyprus International Trust (CIT) and an Insurance Wrapper which is basically a life assurance policy (Proposed Solution). In accordance...
Description: Changes to rules for non-UK domiciled clients represent a window of opportunity for financial advisers before April 2017. This opportunity comes from current legislation which allows non-domiciled clients to gift their asset of a life assurance or capital...
Introduction The purpose of this Legal Briefing is to provide an overview of the legal, regulatory and operational framework relevant for Electronic Money Institutions (EMIs) established in Cyprus. The Electronic Money Law of 2012 (the “Law”) regulates the issue of...
The Cyprus Council of Ministers has approved on the 13th of September a number of changes to the scheme of acquiring the Cyprus Citizenship y investment, coming finally in line with the general strategy of the government to further attract foreign direct investment...
The implementation of the Lands and Surveys Department (Fees and Rights) (Amendment) (No 2) Law on the 14th July 2016 has made the reduction of the Property Transfer Fees by 50% permanent. The decision was taken following the pack of measures launched by the...
On March the 29th of year 2016, Cyprus became a witness to an act of air piracy, or “unlawful seizure” as it is known in legal terms, on Egyptair flight 181, which was operating a domestic flight within Egypt, where an Egyptian national unlawfully seized (hijacked)...
Re-Domiciliation of foreign companies in Cyprus: Process & Benefits Re-domiciliation of companies in and out of Cyprus became possible on the 28th July 2006, when the House of Representatives enacted the Law 124(I)/2006 which amended the Companies Law Cap. 113 and...
The Civil Registry and Migration Department (CRMD), in a continuous effort to reform the old and outdated application and filing procedures for the issuance of a residence permit in Cyprus, announced that as from February 2016 the Art 18 FZ(7) of the Aliens and...
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