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 5% VAT Law Amendments for Primary Residences
Following an extended negotiation period spanning over two years, the European Commission and the Republic of Cyprus reached an agreement paving the way for amendments to the VAT law. The Official Gazette of the Republic of Cyprus promptly published the amending law 42(I)/2023 (“Law 42(I)/2023”)…
A practical approach to DAC6 reporting obligations
Purpose and scope of DAC6 Council Directive (EU) 2018/822, also known as the 6th Directive on Administrative Cooperation (DAC6) requires tax intermediaries or taxpayers to report certain cross-border arrangements that trigger at least one of the hallmarks prescribed in the Directive, commonly known as the…
Cyprus International Trusts
A Cyprus International Trust stands out as a highly appealing option for safeguarding assets and wealth. It draws its strength from the firmly established principles of equity and trusts rooted in English law, contributing to the creation of one of the world’s most attractive legal…
The Cyprus Non-Domicile Tax Regime
The primary objective of the non-domicile regulations is to encourage affluent individuals to relocate to Cyprus, utilizing it as a hub for their businesses and establishing substantial business operations there. Regarding Taxation and the Definition of Cyprus Tax Residents: Cyprus Tax Residents are obligated to…
Amendments On The 50% Tax Reduction
An amendment to Article 8(23A) of Cyprus income tax legislation was published in June 2023, with retrospective effect from January 1, 2022. The changes affect eligibility for a 50% income tax exemption for first employment in Cyprus. Notably, the amendment allows individuals who haven’t worked…
Double Tax Treaty Between Cyprus and Jordan
A treaty for avoidance of double taxation (the “Treaty”) between Cyprus and Jordan was signed on 17 December 2021 and was published in the Official Gazette on 31 December 2021. The Treaty entered into force on 11 April 2022 and its provisions will enter into…