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The Cyprus Investment Program has ceased as of 01/11/2020. Our office as a Registered Service Provider for the Cyprus Investment Program,  provides annual reporting  to the Ministry of Interior and the Ministry of Finance, for applicants who have been naturalized as per the Cyprus Investment Program prior to its termination and who continue to have ongoing obligations as per the conditions of the scheme to report to the abovementioned Ministries on an annual basis....

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Coronavirus and its impact on commercial contracts: is it a force majeure event?

With the worldwide spread of coronavirus (covid-19), its declaration by the World Health Organisation as a pandemic and the uncertainty surrounding the current situation, businesses and individuals have been forced to navigate the challenges brought on by the rapid spread of the virus, its impact on their daily lives, freedoms and economic stability, while complying with measures taken by national governments. In the commercial spectrum, we are also seeing an impact on our clients: on the performance of contracts, limited resources, wellbeing of the workforce and cash flow, which may continue to be significant. Companies worldwide, have begun to declare force...

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Cyprus Rent Control Act 1983 amendments introducing a “fast track” eviction process for non-paying tenants

1. Introduction The Republic of Cyprus on the 31st of January 2020 has passed a much needed amendment in the Cyprus Rent Control Act 1983 (Amendment 3(1)/2020) providing landlords the necessary tools to recover any unpaid rents but most importantly evict a non-paying tenant using a fast track method. 2. In which cases does the Rent Control Act apply? • Properties located within the “Controlled area” as defined by the act; and • Properties that have been erected on or before the 31st of December 1999; and • Tenants is a statutory tenant as defined by the act, meaning a tenant which at the expiration...

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General Data Protection Regulation (“GDPR”)

  What is it?   Since the 25th of May 2018 the General Data Protection Regulation (“GDPR”), governs the processing and transfer of personal data of natural persons. Does it apply to me? It applies to undertakings (including natural and legal entities e.g. companies) which: process personal data as part of the activities of one of their branches established in the European Area  (“EEA”), irrespective of where the processing takes place; or  offer goods/services to, or monitor the behavior of individuals in the EEA despite being outside the EEA (Art. 3 GDPR).   Why is it important?  The burden of proof has shifted from the supervisory authority...

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EUROPEAN COMPANY Societas Europaea (SE) in Cyprus

The “Societas Europae” (SE) is a European public limited company which can be formed in any Member State of the European Economic Area. The formation and maintenance of an SE is governed by the European Statute which contains two parts: a Regulation and Directive on employee involvement which has to be reflected in national legislations of the Member States. The majority of the countries have already implemented the amendments to the national legislation, including Cyprus

A European Company can be set up in the following ways:


On the 21st of December 2012 the Cyprus Parliament passed a Law regarding the special levy on all companies registered in Cyprus.

Law 190(I)/2012 amended the Law 117(1) of 2011 on Company Law by which introduced the annual levy on Cyprus Companies for the amount of €350 per annum, either the company is dormant or not.

Important Changes to the Cyprus Tax System

Defence Tax Related

Non domiciled persons are not subject to defence taxFor physical persons, defence tax was applicable on those who were Cyprus tax residents, and was applied on certain types of worldwide income (e.g. 17% on dividends, 30% on bank deposit interest, 3% on rental income). Cyprus tax residency for individuals is determined by the number of days each person spends in Cyprus on each calendar year (183 days).


Cyprus is being promoted as a leading Intellectual property (IP) holding jurisdiction following the introduction of a favourable tax regime in relation to income generated from any type of IP. The new favourable IP regime enables the reduction of taxable profits in cases where a Cyprus company is the owner of the IP rights. Together with the wide Double Tax Treaty network offered by Cyprus, the guaranteed access to EU Directives, as well as a variety of tax benefits, Cyprus has become a very attractive jurisdiction for IP investment holding structures. All types of intellectual property, as defined in the IP...

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