October 31, 2017

The European Union Fourth Anti-Money Laundering Directive (the “New AML Directive”), enacted on 25 June 2016 which was due to be implemented on 26 June 2017, replaces the previous Third Directive. It is yet to be enacted into local legislation yet but when the national law is transposed its effects will be wide reaching. Below we examine the main provisions and its potential effects for certain sectors:-

The main provisions of the New AML Directive are the following: 

  • Extension of the scope of anti-money laundering legislation requirements by reducing the threshold for cash transactions from €15.000 to €10.000 

  • Establishing clear transparency r...

September 20, 2017

On 14th July 2017 the Cyprus parliament voted for a Cyprus tax law amendment namely the “60 day rule” which will co-exist with the already established
“183-day rule”. The “60 day rule” is a further effort of the Cypriot government to attract foreign investment to Cyprus and bolster Cyprus’ reputation as a European financial hub. 

Under the “183 day rule”, an individual who spends at least 183 days a year in Cyprus is considered a Cyprus tax resident. The “60 day rule” aims to attract a significant number of individuals who do not qualify under the “183 day rule”, (investors, entrepreneurs, digital nomads, artists, sportsmen and other businessmen) who do...

November 21, 2016

On the 4th of August 2015, after lengthy negotiations, the first double tax agreement between Cyprus and Iran was signed.  As with many of Cyprus' recent double tax agreements, it broadly follows the 2010 Organisation for Economic Cooperation and Development (OECD) Model Tax Convention. The agreement covers taxes on income only; including income tax in Iran and corporate income tax, the special contribution for defence and capital gains tax in Cyprus.

The DTT provides for withholding tax on dividends, interest and royalty payments, at the following rates:


The maximum rate of withholding tax that may be imposed on dividends paid to a resident of...

November 21, 2016

Non-EU nationals who buy property in Cyprus for personal occupancy are able to obtain a permanent residence permit, enabling their full or part time stay in Cyprus.

The Cyprus Permanent Residence Permit has been in existence for a number of years and the criteria, as well as the process, have been recently amended to make the procedure simple and attractive for those looking to obtain residency.

The authorities have created a fast-track process which enables the final approval of an application for granting a Permanent Residence Permit to an applicant and his/her family within just two months from the date of filing an application provided the below crit...

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