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21-05-2008

Welcome to NASOS A. KYRIAKIDES & PARTNERS, a Cyprus based Law Firm. The site is designed in order to provide its users with useful information about our Firm and the legal services we provide.

We also provide our users with all necessary information regarding Cyprus, the use and advantages arising out of International Business Companies (Offshore Companies), Double Tax Treaties, International Trusts helping them to conduct their business effectively having by paying less tax or zero tax while safeguarding their anonymity. We are glad you have chosen to visit our web site and please return often as the site is expanded and updated.

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On 26th of August 2011 the Cyprus House of Representatives voted a series of amendments to tax and companies legislation in order to increase various taxes and impose a levy on companies incorporated in Cyprus. Further measures are expected over the next few months which will predominantly focus on the provision of tax incentives and other measures for promoting growth.

The Companies Law

Annual levy

• For 2011 and subsequent years an annual levy of €350 will be payable to the Registrar of Companies by all companies incorporated in Cyprus. For groups of companies there is a ceiling of €20,000.
• Dormant companies, companies which do not own any assets and companies owning property in the occupied areas of Cyprus are exempt.
• The levy for 2011 is payable by the end of the year; for subsequent years the levy is payable by 30 June.

Penalties will be imposed in the event of late payment. If the levy is paid no later than two months after the due date a penalty of 10% will be charged. If the levy is paid between two and five months after the due date, a penalty of 30% will be charged. Companies which have not paid after five months from the due date may be struck off the register. They can be restored to the register only by paying an increased levy of €500 per year if they are restored within two years or €750 per year if they are restored to the register after more than two years.