The Residences – Boutique Villas (May 2017)

  Our sister company, Pingos Estates, has just launched a new project, The Residences, which will be an exclusive gated community of seven boutique villas located on the outskirts of Ayia Napa, within walking distance of the picturesque Potamos, Ayia Thekla Beach and the Ayia Napa Marina, which is currently under construction. With large plots [...]

Cyprus Tax Treaty Update (April 2017)

Cyprus-India: The new treaty replacing the 1994 treaty entered into force on 14th December 2016 and applies as from 1 January 2017 for Cyprus and as from 1 April 2017 for India. It provides for a 10% withholding tax rate on dividends, interest and royalties. The 10% rate also applies to technical service fees. Cyprus-Iran: [...]

Intra-Group Financing Arrangements (March 2017)

The Department of Tax has informed the Institute of Certified Public Accountants of Cyprus (ICPAC) that from 1st July 2017 the pre-agreed minimum profit margins of 0.125% – 0.35% on intra-group back to back financing arrangements will no longer apply. As a result, all tax rulings issued concerning this matter will cease to be effective from [...]

Immigration Programs – Malta (October 2016)

Malta offers attractive immigration programs through which we can assist you obtain a permanent residence permit or the citizenship of Malta through investments. A brief description of the said programs will be provided below, however, if you would like to receive more information regarding the programs or regarding how we can assist you please contact [...]

Cyprus Citizenship – revised criteria (September 2016)

he Cyprus Government has announced the revised criteria for granting the Cypriot citizenship by investment which are significantly improved compared to the previous ones, therefore, making Cyprus an even more attractive option. The most important changes are as follows: The minimum investment required is reduced to €2,0 million compared to the previous €2,5 million for collective [...]

Bank of Cyprus revised fees (August 2016)

Bank of Cyprus, the island’s largest lender, has decided to change its fees and commissions for services for the first time since 2010 in an attempt to divert more business from traditional banking to online banking. The new fees and commissions which will become effective on October 17, are included in a 16-page catalogue sent [...]

Ancoria Bank in Cyprus (July 2016)

Ancoria Bank has launched operations with a total of two banking branches, one in Nicosia and another in Limassol, a total staff of 60 and an initial capital of €50m, the lender’s chief executive officer said. The goal of Ancoria, the first bank to obtain a banking licence from the Central Bank of Cyprus following [...]

New regulations regarding AML (June 2016)

The Central Bank of Cyprus issued an amendment to the Directive regarding money laundering and terrorist financing following the international trend towards stricter AML regulation of the banking services industry. The main provisions of the amendment are: Enhanced “Know-Your-Client” procedures, including the requirement to interview clients either face to face or via video call. Enhanced [...]

Property sales increase by 24% (June 2016)

ccording to the Department of Lands and Surveys the total number of property transactions during the first quarter of 2016 rose by 24% compared to the first quarter of 2015. The increase is attributed to the improvement of the economy, the stabilization of the banking sector but also to the immigration programs introduced by the [...]

Cyprus Company registrations rise by 24% (June 2016)

The Registrar of Companies announced that the number of new companies registered in Cyprus during the first five months of 2016 rose by 24% compared to the same period of 2015. The increase is attributed to the recent amendments in the domestic tax law which made Cyprus an extremely attractive jurisdiction, both for businesses, as [...]