Legal Articles

Tax avoidance and improvement of Single Market for businesses are among the main concerns of the European Union. Specifically, the European Commission aims at reinforcing entrepreneurship and boosting economic growth by promoting tax transparency. In October 2016, the European Commission re-launched the Common Corporate Consolidated Tax Base (CCCTB), a single set of rules to calculate...

Circular 2016/15, issued on 24 November 2016, by the Cyprus Tax Department, defines the application of Article 33 of the Income Tax Law (118(I)/2002), as amended in 2015 (187(I)/2015). Article 33 enables the tax authorities to adjust and regulate transactions between related parties on terms which, according to the authorities, differ from those which would apply to similar transactions...

Banc de Binary, one of the biggest global providers of online trading in binary options renounced its authorisation. Furthermore, the company was a sponsor of the football club Liverpool FC. The company provided its services via the domain eu.bancdebinary.com. The clients could create an online account and trade binary options online. The Israeli-owned and Cyprus registered company is accused...

Cyprus is a leading ship management centre. Specifically, Cyprus is the third largest maritime fleet in the EU and the tenth largest fleet in the world. The strategic location of Cyprus, between Europe, Asia, Africa and the Middle East, the double tax treaties with more than 50 countries, as well as the relatively low set-up and operating costs for companies, encourages ship owners to register...

The Ministry of Finance of the Republic of Cyprus announced that the state authorities of Cyprus and Russia have agreed to postpone the implementation of the Protocol amending Article 13 of the Double Tax Treaty (DDT) between Cyprus and Russia for the Avoidance of Double Taxation with respect to taxes on income and on capital, signed by the Republic of Cyprus and Russian Federation on the 7th...

Cyprus Companies Law (Cap. 113) provides that every private company shall have at least one director and every public company shall have at least two directors (s.170). Furthermore, every company must have a secretary and a sole director shall not also be secretary. However, in the case of a single-member private liability company the sole director can also be the company secretary (s.171)....

Foreign currency loans and mortgages embed a considerable risk due to exchange rate fluctuations which may increase the cost of borrowing.  Loans and mortgages in Swiss Francs became popular in Cyprus after 2006 as the cost of borrowing in Swiss Francs was relatively law. Particularly, within the period 2006-2009, thousands of investors and consumers took out loans in Swiss Francs. However,...

Business development is a fundamental component of profit maximisation. Among the primary objectives of business development practices are to find clients, and establish strong relationships with current and potential new clients. Usually, clients and business associates may provide companies with their personal data, such as name, gender, address, email, banking details etc. However, are they...

Shipping is one of the most important sectors of the Cyprus economy. Furthermore, Cyprus is a significant international shipping hub. Specifically, Cyprus is the third largest maritime fleet in the EU and the tenth largest fleet worldwide. The ideal geographical location of Cyprus together with the significant tax incentives render the island a market leader in ship management activities.  As...

Land is considered to be one of the most valuable commodities, so its value is steadily increasing. Moreover, land investment is interrelated with high social and economic status, as well as, with financial stability and progress. Inflation, the instability of the monetary systems and restrictive fiscal policies of advanced economies are among the primary consequences of the recent economic...