Сypruslaw.org

08/11/2017

19/07/2017

From January 1st 2017, the Cyprus Income Tax Law is modified in relation to the term of «residents of the Republic of Cyprus». This amendment will also affect other tax laws, in places where such laws define Cyprus tax residents according to the Cyprus Income Tax Law.

The Cyprus Income Tax Law defines the term of «resident of the Republiс» meaning an individual who spends in the Republic of Cyprus a period that exceeds 183 in the tax year.

The amendment within the definition provides to the individual who does not stay in any other country for one or more periods which exceed a total of 183 days in the same tax year and providing that the individual is not a tax resident of any other country in the same year, is considered to be a resident in the Republic in that tax year, given that the conditions below are met:

The individual stays in the Republic of Cyprus for at least 60 days in the tax year

Operates any business in the Republic and/or is employed in the Republic of Cyprus and/or possess an office with Cyprus tax resident individual at any time during the tax year

Keeps, leases or owns a permanent home in the Republic of Cyprus.

The law is further modified to emphasise that if an individual in aggregation meets all of the above requirements will not be deemed as Cyprus tax resident in the tax year, if during that year the following is terminated: operation of any kind of business in the Republic of Cyprus and/or employment in the Republic and/or holding an office with a tax resident in the Republic of Cyprus.

The new conditions will become implemented from the tax year of 2017 along with the publication of the modified law in the Official Gazette, that will be published on the 21st of July.

If you wish to find out more about taxation in your particular case – please reply with your question.
We look into each case individually and will get back to you with more information.

EU citizenship for the whole family just in a few months! Investment of 2 000 000 EURO (2.2 mln. USD) in Cyprus.
This is neither a residence permit nor an investor visa. This is a fast track citizenship of an EU member state.
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Phone: +357 2531 7998.

11/06/2017

The Cypriot economy expanded 3.4 per cent in the first quarter of the year, compared to the respective three-month period of 2016, and a seasonally adjusted 3.3 per cent, the statistical service said citing a flash estimate.

Compared to October to December, the Cypriot economy grew 0.6 per cent in the first quarter, Cystat said in a statement on its website on Tuesday.

The acceleration of growth in the first quarter was mainly on increased activity in hotels and restaurants, retail and wholesale trade, construction and manufacturing, Cystat said. Financial intermediaries saw their output drop.

The Cypriot economy grew in the first quarter of last year an annual 2.3 per cent and a quarterly 0.3 per cent. Economic growth for the entire 2016 was 2.8 per cent.

In a first reaction, President Nicos Anastasiades said that the first quarter growth figure “exceeded any optimistic forecast,” while Finance Minister Harris Georgiades said that it confirms the island’s prospects.

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Phone: +357 2531 7998.

07/06/2017

According to World Tourism and Travel Council (WTTC), in ten years time, it is expected that 4.7 million tourists will visit Cyprus. In 2027, Cypriot tourism industry will earn 5.6 billion euros, which will comprise 26.6% of GDP in the Republic of Cyprus. In 2016, 3.2 million tourists have visited the island, which is more than half a million of tourists in 2015.

According to the forecasts of the Cyprus Tourism Organization (STO), in 2017 around 3.4 million tourists shall visit Aphrodite’s island.

Over the past year, the revenues of the tourism industry in the Republic of Cyprus amounted to 3.8 billion euros.

This year, the tourism sector will earn about 4 billion euros

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Phone: +357 2531 7998.

28/05/2017

A temporary casino will open in Limassol in October 2017 and will operate until the multi-million Euro casino, which will be built next to My Mall at Zakaki, opens for business in 2020.

The licence will allow the consortium to operate a casino license for 30 years (as a monopoly for the first 15), while the group plans to build and operate a luxury 500-room hotel offering up to 1,000 slots as well as 100 table games and four satellite casinos and three slot-machine parlours. If all goes according to plan four satellite casinos will open in July 2017, the largest will be in Nicosia with 50 slot-machines and 5 gaming tables. The three slot-machine parlours will open in Paphos, Larnaca and Famagusta districts.
The projects are expected to create thousands of jobs with a capital investment in excess of €500 million.

Hard Rock International has venues in 71 countries, 168 cafes, 23 hotels and 11 casinos. Beginning with an Eric Clapton guitar, Hard Rock owns the world’s greatest collection of music memorabilia, which is displayed at its locations around the globe. The company owns, operates and franchises cafes in numerous cities including London, New York, San Francisco, Sydney and Dubai. It also owns, licenses and/or manages hotel/casino properties worldwide. Destinations include the company’s two most successful Hotel and Casino properties in Tampa and Hollywood, as well as other locations including Bali, Chicago, Cancun, Ibiza, Las Vegas, Macau and San Diego.

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Site: cypruslaw.org
Email: [email protected]
Phone: +357 2531 7998

22/05/2017

Two out of the three public universities in Cyprus are listed amongst 100 best new universities according to British Times Higher Education edition based on THE World University Rankings.

Cyprus University of Technology (TEPAC) is on the 88-th place, University of Cyprus (UCY) now takes the 52-nd.

Professor Konstantinos Christofidis at UCY has confirmed that University of Cyprus (UCY) is on the list for the second time in a row, and that it has changed positions from 55-th place to 52-nd, last year as well as this year.

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Email: [email protected]
Phone: +357 2531 7998

16/05/2017

The Cyprus gas industry is steadily growing. International oil and gas giants (Total, ENI, ExxonMobil) are expanding their development on the Cyprus sea shelf.

The French oil giant Total has announced their plans to start exploratory drilling off the coast of the island during the first two weeks of July, as Total has signed a contract to explore and divide production at sites 6 and 8 within the Exclusive Economic Zone (EEZ) of Cyprus.

The company said that in 2018 it is planning to start drilling at site 6.

Total and the Italian concern ENI won a tender for joint exploration and production of hydrocarbons on site 6, ENI on site 8. The consortium of ExxonMobil-Qatar Petroleum - on site 10.

23/01/2017

Qualitative English education!

A good selection of private English schools providing primary and secondary education in all the major cities of Cyprus.
The best English education in the Mediterranean and one of the best in EU.
A number of well-known UK universities have their branches in Cyprus. 12 local universities offer high European standards of education for the bachelor, master and MBA programmes.

22/01/2017

Wealthy and healthy country!

Cyprus is a member of European Union and Eurozone. By GDP per capita Cyprus is at the level of rich European countries – ranked 31st in the World.

Average lifetime – 81 years by women, 78 years by men. Cyprus has modern and effective Healthcare system.

More info - cypruslaw.org

21/01/2017

Business with Low Taxes!

One of the lowest corporate taxes in Europe (12,5%). No Inheritance tax.
Non-domiciled Cyprus tax residents (i.e. those individuals who have not been tax residents for the last 17 years out of 20) are not subject to tax on dividends generated worldwide and in Cyprus.

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21/01/2017

Country of new industries!

Offshore gas deposits have recently been discovered. The value amounts to 300%-3000% of GDP. Gas extraction will start from 2019.
Construction of the first casino resort is set to increase the number of tourists by 0.5 to 1mln a year.
cypruslaw.org

20/01/2017

You can have a comfortable life!

One of the lowest crime rates in the European Union.
More than 90% of the population of Cyprus speak English.
Cyprus ranks 5th best destination country for relocation in the world.
Advanced Legal system based on English law.

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