Cabinet abolishes €350 annual company fee

(Source: Philenews 21/02/2024) With today’s decision, the Cabinet abolished the annual company fee of €350 as an additional measure to ease the burden on businesses. The decision will take effect from this year. The annual fee was first imposed in 2011 as part of fiscal consolidation measures. In the initial stages of the governance change last spring, the Ministry of Finance opposed the abolition of the fee, which parties were requesting through the Parliamentary Trade Committee. The ministry had cited before the Parliament the potential loss of annual revenues amounting to €40 million, budgeted for 2024, from the possible abolition of the fee and advocated for a gradual and phased elimination of the burden based on the turnover of businesses. Based on recent data submitted to the Parliament, a large number of companies, many of which are inactive, owe the state treasury a total amount of approximately €30 million due to their non-compliance with this obligation in previous years.  
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07-01-2025
TechIsland welcomes new decrees on third country workers

(Source: CBN) TechIsland has welcomed the government's implementation of the decrees issued by the Ministry of Labour and Social Insurance, aiming…

03-01-2025
Cabinet revises 'start-up visa' scheme for third country nationals

(Source: CNA) The Cabinet has approved the revision of the "start-up visa" scheme, aiming to make it more substantive and more attractive, Deputy…

26-11-2024
Cyprus’ credit rating restored to ‘A’ grade by Moody’s

(Source: CyprusMail) Ratings agency Moody’s on Saturday restored Cyprus’ credit rating to its ‘A’, specifically giving the…

30-10-2024
The Innovative Synergy of Living and Working in Cyprus

By our Business Development Department. Cyprus Vision 2035 is a transformative roadmap aimed at positioning Cyprus as a premier destination for…

24-10-2024
Maria Panayiotou: FinTech and RegTech are transforming the way fund management companies operate

(Source: InBusinessNew 24/10/2024) Maria Panayiotou, President of the Cyprus Investment Funds Association (CIFA), believes it is is time to attract…

17-09-2024
Fraudulent emails – Identify and discard

By our IT department. Based on Hong J.  (Hong, 2012) Phishing emails are a type of targeted email attack where social engineers lure the…

12-09-2024
Chief Scientist highlights Cyprus' role as technology hub in New Delhi

(Source: CNA 11/09/2024) The Central Bank of Cyprus (CBC) has published detailed interest rate data for deposits and loans for each credit…

05-09-2024
State aiming for a Single Supervisory Authority by the end of the year

(Source:InBusinessNews 02/09/2024) The Cabinet’s decision last February for the creation of a Single Supervisory Authority seems to be on the…

25-07-2024
Invest Cyprus: EIB decision to open office in Nicosia “a significant milestone for Cyprus”

(Source:CBNNews 24/07/2024)   Invest Cyprus has welcomed the European Investment Bank Group (EIB Group)'s decision to open offices in Nicosia,…

16-07-2024
Cyprus closing in on first ‘A’ Fitch rating in 13 years

(Source: InBusinessNews 16/07/2024) Good news is always welcome, but when it concerns the Cypriot economy and its performance, it is also extremely…

12-07-2024
Assets under Management of Collective Investments at €9.1b in Q1

(Source: Cyprus Business News 10/07/2024) During the first quarter of 2024, the number of Management Companies and Undertakings of Collective…

09-07-2024
Work remains to be done before Cyprus can join US visa waiver programme

(Source: InBusinessNews 19/06/2024)   "We are at the final stage regarding the issue of entry visas to the USA," President of the Republic…

29-05-2024
Invest Cyprus: Moody's credit rating upgrade "exciting news" for Cyprus

(Source: CyprusBusinessNews 28/05/2024) International ratings agency Moody’s has upgraded Cyprus’ credit rating to positive from stable,…

29-05-2024
‘Petrified’ non-doms poised to flee UK over Labour’s tax plans, say experts.

(Source: The Gurdian 20/05/2024)   “People are jumping on planes right now and leaving,” said Nimesh…

24-05-2024
Chimarides: “Cyprus can become a model, low-risk jurisdiction and place to do business”

(Source: CyprusBusinessNews 20/05/2024) Economic diplomacy and good governance are essential if Cyprus is to maintain and further enhance its…

14-05-2024
Cyprus Citizenship new law

By our Legal Administration Department On the 30th of November 2023, the House of Representatives passed a new law (149(I)/2023) as an…

09-04-2024
Invest Cyprus cultivating significant potential investment from Lebanese and French companies

(Source: InBusinessNews 22/03/2024)   French and Lebanese companies active in Lebanon and France, including members of the Chambre de Commerce…

28-03-2024
Interior Ministry announces naturalisation criteria as Cyprus aims to attract highly-skilled overseas talent

(Source: InBusinessNews 22/03/2024) The qualifications required to apply for naturalisation, according to the provisions of the Civil Registry…

08-03-2024
Larnaca is redefining itself for tourism and investment

Larnaca is redefining itself for tourism and investment (Source: Cyprus Mail 26/02/2024) The city of Larnaca is emerging as an attractive…

01-03-2024
New rules on alternative investment fund managers and plain-vanilla EU investment funds

(Source: CIFA Newsletter 28/02/2024) The European Council adopted new rules to improve European capital markets and strengthen investor protection…

01-03-2024
Updated double tax treaty between Cyprus and France

The Cyprus Ministry of Finance has announced the signing of an updated treaty for avoidance of double taxation between Cyprus and France on 11…

29-02-2024
Yoshio Yamawaki: It is important to make Japanese companies aware of Cyprus’ advantageous FDI environment

(Source: Cyprus Business News 29/02/2024) In a recent interview with GOLD magazine, Japanese Ambassador Yoshio Yamawaki explored the potential…

28-02-2024
Cyprus establishes administrative services supervisory body

(Source: Philenews 27/02/2024) The Cabinet on Tuesday approved the establishment of a unified supervisory authority for administrative service…

14-02-2024
Cyprus is an increasingly attractive destination for yachts

(Source: InBusinessNews 13/02/2024) Nikiforos Pampakas, General Manager at Limassol Marina, suggests that Cyprus is becoming an increasingly…

12-02-2024
Yuriy Krasilnikov: Cyprus’ IP box provides great business conditions

Source: Cyprus Business News 12/02/2024) According to Yuriy Krasilnikov, the CEO and Co-founder of Made on Earth Games , there are many…

21-01-2024
Artificial Intelligence (Al) in Accounting

By our Accounting Department AI in accounting refers to the use of artificial intelligence (AI) technologies, such as machine learning…

15-01-2024
Cyprus (DAC 7) implementation regarding tax transparency rules for digital platforms

On the 3rd of November 2023 the "Law amending the Administrative Cooperation in the Field of Taxation Laws" (Law) was published in the Official…

30-12-2023
Cyprus Shipping – An assessment of 2023, looking ahead to 2024

(Source: InBusinessNews 29/12/2023)   In recent weeks, due to the attacks on merchant ships in the Red Sea, Shipping has again…

22-12-2023
Sound Industrial Relations 2014 (SIR 2014)

It is with great pleasure to announce that Cyprofund Administration Services Ltd has been successfully certified with the Sound Industrial…

05-07-2023
Evolving Banking Landscape: Trends and Challenges

By our Banking department.   Introduction: The banking industry has undergone a remarkable transformation in recent years, driven by rapid…

11-02-2023
Cyprus: Combating Financial Crime in Cyprus and the Legal Framework

By our Compliance Departments Cyprus, having the financial services and international business sector as one of the vital pillars of its economy,…

13-01-2023
The importance of Fund Administrators in the Funds ecosystem and their evolution throughout the years

By Marios Charalambous, Manager at CPF Fund Administration Fund administrators play an increasingly pivotal role in the funds ecosystem by providing…

11-02-2022
Filing of beneficial owner information in the BO Register for Investment Funds

The Department of Registrar of Companies and Intellectual Property (the “RoC”), in an announcement issued on 11 February 2022 clarified…

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