Cyprus International Trusts: A Strategic Path to Wealth Preservation and Management
A Cyprus International Trust (CIT) is one of the most robust legal tools for protecting wealth and managing assets globally. Whether you’re an international investor, a high-net-worth individual, or planning for your family’s future, a CIT offers unparalleled advantages in privacy, tax efficiency, and asset…
Cyprus Strengthens Tax Compliance While Enhancing Competitiveness
This year, Cyprus has taken decisive action to leverage its position as a key center for international business. Amid global pressures to align with international tax standards, the country has introduced targeted tax reforms to stay competitive while ensuring compliance. Below are the main updates…
EU to adopt the new Corporate Sustainability Due Diligence Directive (“CS3D”)
Following a turbulent political process, the European Union is on track to implement the Corporate Sustainability Due Diligence Directive (CS3D), following its approval by the European Parliament in April 2024. Once adopted, CS3D will mandate that EU member states enact laws obligating covered companies to…
Cyprus Investment Firms Licensing: Adapting to MiFID II and MiCA
Operating as a cryptocurrency exchange in Cyprus involves navigating a regulatory landscape marked by intricate licensing requirements. These exchanges, aiming to facilitate transactions in both spot crypto products and financial instruments like crypto derivatives, must undergo a meticulous dual-licensing process. This process entails compliance with…
EU Sanctions: Complying with the “No Re-Export to Russia” Provision
The European Union continues its efforts to strengthen sanctions against Russia and prevent the circumvention of export bans. In December 2023, the EU introduced a new measure as part of its twelfth package of sanctions, necessitating EU exporters and suppliers to include a “no re-export…
MiCA Explained: EU’s Approach to Crypto Regulation
The European Union’s Markets in Crypto Assets regulation, MiCA, set to launch in 2024, marks a significant milestone as the world’s first major jurisdiction to establish comprehensive regulations tailored for the crypto sector. MiCA’s introduction has attracted considerable attention, with France’s Finance Minister Bruno Le…
Cyprus Announces Abolition of Annual Company Levy from 2024
Cyprus has taken a significant step towards solidifying its position as a leading international business destination by announcing the elimination of the mandatory €350 annual company levy starting in 2024. This strategic move aims to reduce operational expenses for businesses and stimulate economic progress. The…
Cyprus’s Updated Tax Laws: Impact on Interest Income Taxation
Recent amendments to Cyprus’s tax laws have sparked discussions among savers and investors due to the increased interest rates and their implications on interest income taxation. The government of Cyprus has implemented significant changes, effective from 1st of January 2024, affecting the taxation of passive…
Updated Double Tax Treaty between Cyprus and France
The Cyprus-France Double Tax Treaty underwent revision and was officially signed on December 11, 2023, with the announcement made in the Official Gazette on December 22, 2023. Replacing the previous agreement from 1981, the new treaty awaits activation upon the exchange of ratification instruments, with…
Decoding UAE Corporate Tax for Free Zone Persons
The recent implementation of corporate tax laws in the UAE has reshaped the fiscal landscape, particularly impacting free zone entities. Understanding the criteria for qualifying as a free zone person, and thereby enjoying exemptions from corporate tax, is crucial for businesses operating within this evolving…