Following the latest amendments effected in August 2020 to the Cyprus Investment Programme (CIP), a new category has been added, that of Honorary Naturalization, for reasons of public interest.
Cyprus and Russia have just agreed on an amendment of the double taxation agreement between the two countries. The Russian government assured the withdrawal of the termination procedures of the Convention.
It was the 2013 economic crisis in Cyprus which led to the introduction of new amendments into Cyprus Companies Law, Cap. 113, for the provision of mechanisms for the protection of businesses which were facing difficulties due to the 2013 banking crisis.
The Supreme Court of Cyprus, with its recent ruling dated 09.07.2020 has provided an applicant with the necessary leave to file an application against the Registrar of Companies seeking the issue of the prerogative order of Mandamus, by which the Registrar of Companies will be compelled to execute a duty that they are legally obligated to complete.
The Tax Department had recently announced various amendments to the procedure for affixing stamp duties on agreements, based on their value, effective from 27.07.20 onwards in relation to rental, employment agreements and SPAs.
The Cyprus NID rules were first introduced in the Cyprus Tax Law in 2015. According to these rules, tax resident companies & Cyprus permanent establishments (PE) of non-tax resident companies are entitled to NID upon the introduction of new equity employed in the production of taxable income.
The Tax Department issued on the 22nd June 2020 a new circular, according to which the special allowances of unemployment, under partial and complete suspension, sick leave, child care and self-employed, again under partial and complete suspension, will not be taxed and thus will not be included in the 2020 individual Tax Return.
The Government of Cyprus issued in March some formal announcements with the aim of supporting Cyprus companies which have been affected by the restrictive measures imposed and due to the spread of COVID-19.
Cyprus Justice has been undoubtedly one of the biggest victims of COVID-19, mainly because of the absence of any national regulations providing for the use of technology means for the accomplishment of a more effective Justice that could be of major assistance in light of the Supreme Court announcement of 16.03.2020 re the partial suspension of the Cyprus Courts operations, thus resulting to the suffocation of Justice in Cyprus.
The Russian Deputy Finance Minister has officially informed Nicosia that the double taxation treaty between the two countries needs to be renegotiated, otherwise Russia will withdraw unilaterally.
In cooperation with top-tier Ukrainian legal firm, we have been representing a HNW Ukrainian national in relation to a breach of trust and conspiracy to defraud action.
The UK government on 23.01.2019 announced it had reached an out-of-court settlement to the tune of £1m over claims by 33 EOKA veterans who sued the UK government for torture whilst in detention during the 1955-1959 insurgency.
