The agreements were signed at the Presidential Palace
The modernization of the state technological infrastructure and the acceleration of the adoption of cloud services in the public and private sector of Cyprus are the main objectives of the Memorandum of Cooperation signed on Tuesday at the Presidential Office between the Ministry of Research, Innovation and Digital Policy of Cyprus and Amazon Web Services. (AWS).
Undersecretary Kyriakos Kokkinos said after the signing ceremony that the cooperation with Amazon Web Services opens a new era of opportunities for the country, allowing and facilitating the adoption of the cloud in all areas of government and industry.
On behalf of Amazon Web Services, European Public Sector Director Cameron Brooks stated that AWS is part of the wider digital transformation of Cyprus, as the country launches a new era of innovation, with entrepreneurs, public organizations and companies sharing the vision of a modern
“Through this Memorandum of Understanding, we are committed to supporting this vision by offering initiatives that will promote innovation, help grow local businesses, support the modernization of technology infrastructure and develop digital skills for future generations “, he added.
As per DIRECTIVE 2011/83/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 October 2011, on consumer rights:
EU consumer protection rules ensure that when you buy goods and services in the EU you have clear information on the product or service you’re buying, its price, shipping and delivery costs as well as on your rights when things go wrong.
Under EU rules, a trader must repair, replace, reduce the price or give you a refund if goods you bought turn out to be faulty or do not look or work as advertised.
If you bought a product or a service online or outside of a shop (by telephone, mail order, from a door-to-door salesperson), you also have the right to cancel and return your order within 14 days, for any reason and without a justification.
The below website may give further guidance as to EU consumers rights and complaints:
Cyprus government approves new tax scheme for foreign workers and companies
The Cabinet of Ministers of Cyprus on Tuesday 11 of May approved a new tax incentives scheme aimed at attracting foreign companies and high-quality workers to Cyprus to relocate their headquarters in Cyprus.
In statements made after the Cabinet meeting, Finance Minister Constantinos Petrides said additional measures are expected to be implemented in order to further incentivise foreign workers into relocating to Cyprus to be implemented by the Ministry of Interior.
“We are convinced that this scheme is one of the most competitive of its kind in the European Union,” Petrides said.
“There is already a lot of interest, and it particularly concerns high-tech companies, which in recent years seem to choose the island as a place to relocate their headquarters,” the minister added.
Petrides also explained that the government is confident that the scheme will further promote the development of the technology sector in Cyprus, as both a medium and long-term strategic objective. The main advantages are the following:
a.50 per cent tax break for workers receiving upwards of €55,000 in annual wages.
The time period for which the tax break would be applicable will be extended to 17 years, up from its current period of 10 years.
Spouses of employees of third countries, to be able to work in Cyprus.
The time period for the tax break kicks in the worker’s first year of employment in Cyprus.
Moreover, the above terms will also be applied retroactively to current eligible workers making more than €55,000 in annual wages, provided that they resided abroad for 12 straight years before they started working in Cyprus. A grace period of two years will be given to new employees, as well as a period of six months to existing workers, in order for them to gain the necessary prerequisite criteria for the scheme.
This concerns cases where an employee’s initial remuneration started at an amount below the minimum annual salary of €55,000.
“Through this relocation, the tax base is expanded and consequently the state’s tax revenues,” the minister concluded.
The Department of Population and Migration has proceeded with a revision and subsequent improvement of the criteria for granting an immigration permit to applicants who are third country (Non-EU) nationals and who invest in Cyprus.
1.1 In accordance with the provisions of Regulation 6(2) of the Foreign and Immigration Regulations, the Minister of Interior decided to issue immigration permits to third-country nationals, in cases of investments that meet the requirements outlined below.
1.2 The applicant must meet one of the investment criteria set out in paragraph 2.1, as well as the qualitative criteria set out in paragraph 3 below. It is noted that the funds to be used for the investment have to come from abroad.
2.1 The applicant must make an investment of at least €300,000 in one of the following investment categories:
(A) Investment in a house/apartment: purchase of a house or apartment from a land development company, which should be for a first sale of at least €300,000 (+ VAT).
(B) Investment in real estate (excluding houses/apartments): purchase of another form of real estate such as offices, shops, hotels or similar developments or a combination of them with a total value of €300,000. Such an investment may involve a resale property.
(C) Investment in the equity capital of a Cyprus registered company with activities and staff in Cyprus: The investment must have a value of at least €300,000 in the equity capital of the company, which is both based and active in the Republic of Cyprus and has a proven physical presence in Cyprus and employs at least five (5) people.
(D) Investment in units of a Cyprus Collective Investment Enterprise (either AIF / AIFLNP / RAIF).
It is understood that any alienation of the holder of the immigration permit from the investment in which he/she has made without its immediate replacement with another of the same or greater value, which should meet the conditions set out above, will result in activation of the process of cancellation of the permit under the provisions of Regulation 6 of the Immigration Regulations.
2.2 The applicant must, in addition to the investment under paragraph 2.1 above, be able to prove that he/she has at his/her disposal an insured annual income of at least €30,000. The annual income increases by €5,000 for each dependent family member respectively and €8,000 for each dependent parent (of the applicant and/or his/her spouse). This income may emanate from salaries, pensions, dividends from shares, bank deposits, rents, etc. coming from abroad in cases where the applicant chooses to invest as per paragraph 2.1.(A) above. The calculation of the total income may include that of the spouse.
In instances where the applicant chooses to invest as per paragraphs 2.1.(B), 2.1.(C) or 2.1.(D) above the applicant’s total income or part of it may also be derived from sources or activities within the Republic of Cyprus.
3.1 The applicant and the spouse must submit a clean criminal record certificate from their country of residence or from the Republic in case they reside in Cyprus.
3.2 The applicant and the spouse shall certify that they do not intend to be employed in the Republic except as directors of a company in which they have chosen to invest under this policy.
3.3 In cases where the investment does not relate to the share capital of a company, the applicant and/or the spouse may be shareholders in companies registered in Cyprus and the income from dividends in such companies may not be considered as an impediment for the purposes of obtaining the immigration permit. They may also hold the position of director in such companies without pay.
3.4 In cases where the applicant chooses to invest as per paragraphs 2.1.(B), 2.1.(C) or 2.1.(D), he/she should present data on his/her place of residence in the Republic by way of producing, for example, a title deed of property, a sale purchase agreement or rental agreement).
We would like to bring to your attention that according to the Cyprus Company Law, Cap. 113 all Companies are liable to pay the levy of €350 for the year 2018.
Please note that the deadline for the payment is 30/06/2018. If the levy is not paid till 30/06/2018, penalties will be imposed as follows:
• amount due to be paid is €385 if paid between 01/7/2018 – 30/08/2018;
• amount due to be paid is €490 if paid between 01/09/2018 – 30/11/2018;
• amount due to be paid is €500 if paid later than 30/11/2018.
Non-payment of the levy may result the deregistration (strike off) of the company from the Registry. The reinstatement of the company to the Registry can be effected only through Court Order.
Please contact our team at email@example.com for further assistance by 15th of June 2018 the latest in order to facilitate the electronic payment on your behalf.
On April 19 the Latvian parliament with majority votes supported a bill banning Latvia’s banks from doing business with shell companies in the first reading.
Under the draft law, the shell company is defined as an entity that fits one or several of the following three criteria. Firstly, there is no actual economic activity and no documentary proof to the contrary. Secondly, the entity is registered in a jurisdiction where companies are not required to submit to the authorities their financial statements. Thirdly, the entity has no place of business in its country of domicile.
The bill says banks will have to cease cooperation with shell companies within 14 days and close their accounts within 60 days. Therefore clients have time to finalize their business and move assets abroad freely until end of June 2018.
Following this period, these clients will be able to retrieve the money to their accounts in the holder bank or another one, but the clients will not be able to use this money for business.
This serves as a last call to businesses to abandon old style tax-free and audit-free structures, and relocate their business and banking to more reputable jurisdictions like Cyprus and others benefiting from minimal tax obligations but complying fully with all EU and international standards and requirements.
Should you require any advice on closure of Latvian bank accounts, or solutions for relocating your businesses and funds, please get in touch with us and NAKLAW team will be happy to help!
Nasos A. Kyriakides & Partners LLC is participating at the VEDOMOSTI LEGAL FORUM in Moscow on April 12th and 13th.
You can visit our booth No. 1 to discuss the latest legal developments in Cyprus companies, Cyprus banks, Tax issues, Cyprus passport by investment and any other questions that you may have.
Furthermore following the liquidation of ABLV Bank in Latvia and near term closure of all offshore accounts in Latvian banks, our Firm as the Major Law firm in representing depositors of ABLV and other banks. Therefore whilst in Moscow we are also available to meet regarding this matter and present possible legal steps for recovery of blocked deposits as well as further solutions for banking.
Senior members of our Firm will attend the forum, including Mr. Nasos Kyriakides, the Managing Director of our Firm and Mr. Martins Rozitis – Legal Consultant from Latvian branch.
You can book an appointment with us at firstname.lastname@example.org or come directly to our booth in VEDOMOSTI LEGAL FORUM in Moscow, Marriott Royal Avrora Hotel on 12. and 13. April.
Since 9th of April 2016 the Central Bank of Cyprus (CBC) has activated the Deposit Guarantee Scheme (DGS) compensation for FBME Bank Ltd – Cyprus Branch (FBME) deposit holders.
The Deposit Guarantee and Resolution of Credit and Other Institutions Scheme, which has been established by Law (“the DGS”), will pay via the Deposit Guarantee Fund for Banks compensation to the depositors of FBME in relation to their deposits at FBME which are covered by the DGS, with the maximum amount of compensation to each eligible FBME deposit holder being €100.000 per depositor.
The eligible depositors of FBME are reminded to submit the standardized statement of particulars for compensation, which upon assessment by FBME is submitted to the CBC for review. The last day of submission of depositors’ particulars and accompanying documentation regarding the payout procedure for deposits at FBME is the 11th of April 2018. DGS will proceed to compensate all eligible FBME deposit holders.
Nasos A. Kyriakides and Partners LLC, may act on behalf of FBME eligible deposit holders and provide support during the compensation process by the DGS.
For any information, you may contact us at email@example.com
With regards to the liquidation of Bank ABLV, we have partner European fully regulated broker, that can open accounts for clients from any jurisdiction and provide transfer for any transferable securities (bonds, stocks, ETFs, funds, futures, options) from bank ABLV.
• Account opening within 1-2 days in case all necessary documents are provided.
• Minimal value of transferable securities – at least 100K EUR
• Procedure of security transfer depends on each situation individually and is discussed directly with client.
Please get in touch with us for further instructions or in case you have any additional questions.
Mr. Martins Rozitis
Nasos A. Kyriakides & Partners LLC
Office: +357 25352352, Mobile: +371 26536624
Company tax returns (form IR4) for all companies must be filed within 15 months from the end of the tax year, which is 31 December, i.e. the tax return for the year 2016 must be filed not later than 31 March 2018. The tax returns must be based on audited financial statements.
In case of late filing, an immediate penalty of €100 is imposed, with further penalties arising until submission.
Legal action may be initiated against the company and its directors for failure to submit company tax returns.
Furthermore be reminded that if you wish to obtain a Tax Certificate for the year 2018:
Any request up to 31.03.2018 – IR 4 of 2015 must be submitted at the Tax Office.
Any request from 01.04.2018 – IR 4 of 2015 & 2016 must be submitted at the Tax Office.
For more information please contact us at firstname.lastname@example.org