Christodoulos G. Vassiliades & Co. LLC is pleased to announce that our affiliated office in Malta – Vassiliades & Co (Malta) Limited, has now been fully authorised pursuant to Article 43 of the Trusts and Trustee Act ( Cap.331 of the Laws of Malta) to provide fiduciary services to its clients.
Additionally, we are able to act as director and secretary of a company as well as a partner in a partnership or in a similar position in relation to other legal entities.
For more information or to engage our services in Malta please feel free to contact us.
The increasing public discourse, including political and diplomatic mobility, as to energy exploitation in the Mediterranean and subsequent energy distribution, also includes the construction of the necessary energy infrastructure projects. The proximity of Cyprus to the recently discovered sources of energy in the Mediterranean, renders Cyprus a potential candidate for the construction of energy infrastructure projects. At the same time Cyprus is also an international shipping centre, involved in financing the construction of vessels. However, the significant length and cost of such projects (energy infrastructure and shipping finance) automatically raise the question of their smooth and viable financing. Recently adopted European Union Law in the form of a Regulation, undertakes to provide a financing tool for such and other projects of long-term nature by introducing the ‘European Long-Term Investment Funds’. This way, a legal framework tailored to the needs of long-term investments is established, which interacts with the current local investment funds framework, adds value to Cyprus’ physical proximity to possible long-term projects and allows for Paneuropean fundraising possibilities from both professional and retail investors. ‘European Long-Term Investment Funds’ are also eligible applicants for financing from the European Investment Bank, whereby the relevant application is assessed by priority.
The present memo undertakes to provide a brief overview of this new legal framework and of its interaction with the investment funds legal framework currently applicable in Cyprus. The aim is to facilitate, through Cyprus, the financing of long-term projects in Cyprus, the European Union and in third countries.
In an effort to improve the tax system in Cyprus and make it more attractive to foreign investors, the Government of Cyprus has been working closely with the private sector over the last few months in order to modernise the framework of the tax legislation of Cyprus.
Through this reform package, Cyprus tax system will become more fair, simple and competitive.
The provisions of the new laws described below have been voted by the House of Representatives on 9 July 2015 and published in the Cyprus government gazette on 16 July 2015.
Our Firm is proud to be part of the Interlaw network which beyond the usual expectations of impeccable professional standards.
Interlaw members share the same general core values and commit to extend to one another’s clients the professional courtesy of “Best Client” status, assuring seamless service, timely response, transparent and fair billing practices, and open, honest, and direct communication with the client and the referring attorney.
Ο Περί Εμπορικής Ναυτιλίας (Τέλη και Φορολογικές Διατάξεις) Νόμος παρέχει πλήρη απαλλαγή σε πλοιοκτήτες, ναυλωτές και διαχειριστές πλοίων από κάθε φόρο επί των κερδών επιβάλλοντας ΦΧ στη καθαρή χωρητικότητα των πλοίων, εφόσον πρόκειται για ‘επιλέξιμα πρόσωπα’ τα οποία έχουν στην ιδιοκτησία τους, ναυλώνουν ή διαχειρίζονται ‘επιλέξιμο πλοίο’ σε ‘επιλέξιμη ναυτιλιακή δραστηριότητα’
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- No tax on profits from the operation or management of a Cyprus-registered vessel or on dividends received from a vessel-owning company.
- No income tax on the wages of officers and crew.
- Low registration costs.
- Favourable tonnage tax scheme based on ship net tonnage.
- No stamp duty on ship mortgage deeds or other security documents.
- Double tax treaties with 43 countries.
- No exchange control and freedom of movement of foreign currency.
- Full protection for financiers and mortgagees.
- Low set up and operating costs for companies.
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In an effort to improve the tax system in Cyprus, eliminate provisions which create issues in the day to day application of the law and make it more attractive, the Government of Cyprus has been working closely with the private sector over the last few months in order to agree on specific changes in the tax legislation of Cyprus.
Through this reform package, Cyprus’ tax system will become more fair, simple and competitive.
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