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Cyprus Tax Facts 2015

This Guide is created to provide a detailed overview of the Cyprus Tax System for 2015.

The following is covered:

  1. CORPORATION TAX
  2. SPECIAL CONTRIBUTION FOR DEFENCE FUND
  3. CAPITAL GAINS TAX
  4. PERSONAL INCOME TAX
  5. SOCIAL INSURANCE
  6. VALUE ADDED TAX
  7. IMMOVABLE PROPERTY TAX
  8. TRANSFER FEES BY THE LAND REGISTRY DEPARTMENT
  9. TRUSTS
  10. STAMP DUTIES
  11. DOUBLE TAXATION AGREEMENT
  12. TAX CALENDAR
  13. PENALTY NOTES

Cyprus Tax Facts 2015

Malta Individual Investor Programme (MIIP)

The recently introduced Malta Individual Investor Programme (‘MIIP’) is governed by the Maltese Citizenship Act, precisely by Legal Notice 47 of 2014. In order to be able to qualify for Maltese Citizenship under the MIIP, an applicant will need to have resided in Malta for a continuous period of at least 12 months before submitting his application. It is not necessary for the applicant to have physically resided in Malta, as long as the applicant can show proof of residence by:

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May 2014 The Intellectual Property Review (3rd Edition) Cyprus

It is not an overstatement to say that essentially all business is global, and the protection of intellectual property is the lifeblood of all business. The scope and implementation of that protection, however, varies from country to country. It would be ideal if there were one universal set of laws, rules and procedures. But, while the efforts of many dedicated individuals have accomplished much in harmonising intellectual property protection, we remain defined as much by our differences as by what we have in common. It therefore is incumbent on all of us, as advisers to our clients, to be conversant with the individual practices in each of the economically significant countries.

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Trust & Trustees (Vol.20, NO.5),The Cyprus Trust Regime A Trusted Friend

The trust structure is increasingly becoming one of the most valued asset management tools. Accordingly, choosing the appropriate location for the creation of a trust proves vital for appropriate organization of business affairs and ultimately for effective tax optimization. Cyprus is a renowned financial centre, offering multiple opportunities for the setting up and operation of trusts. Trust Law in Cyprus is based on the well-established English principles of equity and trust. Further, our lawmakers have ensured that applicable laws are business-oriented but also ideal for ‘family situations’, modern and easy to comprehend but at the same time can effectively cater for complex needs. Ultimately, the Cyprus trust vehicle ensures the highest degree of asset protection, both nationally and internationally, and offers unrivalled tax advantages, thus achieving wealth optimization for its users. The analysis of the Cyprus Trust Regime that will follow exhibits this reality.

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Legal Focus:Corporate Law

The year 2013 has certainly left its mark on Cyprus. Predominantly, due to the banking crisis which has kept the entire Island and the international community on edge for nearly two weeks, while the Cyprus Government was negotiating vital terms for the Islands survival. Additionally, there have been other legal and regulatory developments in the corporate field, which ought to be observed in the coming year. We shall briefly address just some of them:

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The Trademark Lawyer_Something’s Changing With Tradermarks…

Undeniably, the great budget surplus at the Office for Harmonization in the Internal Market (OHIM) had sparked a great deal of discussion. Since when money is involved a great deal is usually
at stake, the Council, in 2007, considered it useful to emphasize the need for an overall assessment of the functioning of the trademark system.1 This assessment was carried out by the Max Planck Institute for Intellectual Property and Competition Law on behalf of the Commission.

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Virtual Round Table_Corporate Tax 2014

In this roundtable we spoke with nine experts from around the world about the latest changes and developments in Corporate Tax. Our chosen experts outline how the tax market is composed in their jurisdiction and discuss important issues such as litigation trends, transfer pricing policies and how to utilise the cloud.

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Cyprus Tax Facts 2014

Companies which are tax residents of Cyprus are taxed on all income accrued or derived from all sources in Cyprus and abroad. A company must register with the Inland Revenue Department within 60 days of incorporation.

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The Cyprus International Trust And The Panamanian Foundation: Each An Advantageous Model And Together An Unrivaled Structure

As far as one can remember and for as long as tax laws have been in existence, there has been a lot of speculation about and examination of structures asking how these can best be implemented to provide its users with the best possible tax planning solutions, thus mitigating their tax liabilities while still remaining commercially feasible and plausible structures.

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