CYPRUS DTT NETWORK UPDATE

NEW Cyprus- Bahrain DTT agreement signed in March 2015 In an attempt to strengthen its relations with Gulf countries, Cyprus recently signed a Double Tax Treaty (DTT) agreement with Bahrain.  The DTT agreement between the two countries was signed on 9 March 2015. It is expected that upon signing the DTT, economic and trade ties […]


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Dubai: Opening a bank account

If an individual is an owner or a part owner of a registered onshore or offshore company in Dubai, then he/she is able to set up a corporate bank account for the company. Furthermore, Dubai allows residents and non-residents to open private bank accounts. The emirates also allow companies that are not based in Dubai […]


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Cyprus Investment Firms

The Cyprus Investment Firms Law 144(I)/2007 includes the legislation concerning investment terms and subsidiary services as well as particular policies concerning capital requirements, the setting up of branches, supervision and authorization of Cyprus Investment Firms (CIFs). In order to be granted CIF authorization, applicants must make a formal application and meet particular requirements. The most […]


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Cyprus enhances migration benefits

After two critical years, the economy of Cyprus is finally starting to stabilize. Over two years have passed since the island’s banking sector crashed, where the government was obligated to sequestrate deposits over €100,000 in order to stop the entire country from collapsing financially. Since March 2013, Cyprus’ economy has revived. Cyprus has lifted all […]


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Amendments to the Cyprus – South Africa DTA

Cyprus and South Africa signed a Protocol modifying their current Double Taxation Agreement (DTA) on 1 April this year. The existing DTA was signed back in 1997 and was introduced in December 1998. The Protocol reevaluates three sections included in the 1997 DTA. These sections are the exchange of information, withholding taxes on dividends as […]


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Cyprus: Domicile under Cypriot Tax Law

Up until recently, non-Cyprus residents enjoyed most of the benefits offered by the Cyprus Tax Regime. Therefore, in order to benefit from all the advantages offered by the Tax Regime, an individual had to be considered as a non-Cyprus resident. The reason the Cyprus Tax Regime was constructed in this way is simple as initially […]


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Cyprus-Iran Double Taxation Agreement

After years of negotiations and discussions, the Islamic Republic of Iran and the Republic of Cyprus recently have agreed and signed a Double Tax Agreement outlining policies concerning income tax evasion and double taxation avoidance. The Deputy Economy Minister and Head of the Islamic Republic of Iran’s Tax Organisation and the Cyprus Minister of Finance […]


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Cyprus New Tax Incentives

In an effort to stimulate economic growth and attract investment from abroad, the Republic of Cyprus has made certain amendments on taxes which benefit foreign investors who conduct business activity via the island. The proposed tax reforms also offer a new boost to the island’s economy. The House of Representatives voted and passed the main […]


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Cyprus Implements New Taxes

The Cyprus Council of Ministers have recently approved and submitted some new tax laws to the House of Representatives. The House of Representatives will evaluate the new bills before approving and implementing them. The Republic of Cyprus aims to simplify and upgrade its tax system so as to remain an attractive jurisdiction. The new laws […]


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National Risk Assessment Measures to Fight Terrorist Financing & Money Laundering

The Central Bank of Cyprus has recently announced its plan on conducting a complete national risk assessment of measures with the purpose of decreasing terrorist financing and money laundering activities. The Central Bank of Cyprus has decided to carry out an evaluation concerning the risks on a national level in cooperation with the World Bank. […]


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