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January 20, 2017

Introduction

Law 97(Ι) of 2016, which was published in the official gazette on 23 September 2016, amends the Companies Law Cap 113 in order to comply with the EU Accounting Directive (2013/34/EU) and also results in amendments to the Auditors and Statutory Audits of Annual and Consolidated Accounts Laws of 2009 and 2013 regarding the new management report. 

One of the most substantial changes is the abolition of the exemption from producing consolidated financial statements that was formerly only available to small or dormant companies.

Furthermore, now there are additional changes in connection with the exemptions from specific accounting disclosure regu...

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...

The Cyprus government has this month revised the requirements for the increasingly popular "Scheme for Naturalization of non-Cypriot investors by exception" whereby through a Euro 2 million investment in Cyprus, a non-Cypriot citizen can legitimately acquire a Cyprus passport for himself and his dependents thus reaping the benefits of European citizenship.

The scheme’s immense success is due to various factors; the fact that it is the quickest procedure in Europe with one being awarded a passport within three months from the date of submission; there is no residency requirement (unlike jurisdictions such as Portugal and the Netherlands) and no donated a...

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