Central Bank of Cyprus clarification regarding “significant supervised entities”
The Central Bank of Cyprus has issued a clarification on its website regarding Cyprus banks which are categorised as “significant supervised entities” and supervised directly by the European Central Bank under the Single Supervisory Mechanism established by Regulation (EU) 1024/2013. These are Bank of Cyprus, the Cyprus Co-operative Bank, Hellenic Bank and RCB.
Renewal of Civil Liability Certificates
The Department of Merchant Shipping has issued a reminder to registered owners, bareboat charterers, managers and representatives of ships flying the Cyprus flag regarding renewal of civil liability certificates under the CLC Convention, Bunkers Convention, Wreck Removal Convention and the Athens Convention and EU Passenger Liability Regulation. The expiry date for most of the current […]
Revision of the EU list of non-cooperative tax jurisdictions
Eight of the countries included on the European Union list of non-cooperative jurisdictions published in December 2017 have now been removed, less than two months after the list was set up. The countries removed from the list are Barbados, Grenada, the Republic of Korea, Macao, Mongolia, Panama, Tunisia and the United Arab Emirates. According to […]
Designation of Central Bank of Cyprus as national information authority
Law 169(I) of 2017 and Law 170 (1) of 2017, which took effect on 1 December 2017, amend the Business of Credit Institutions Laws of 1997 to 2017 and the Central Bank of Cyprus Law of 2002 to 2016 respectively to designate the Central Bank of Cyprus as the national information authority for the purposes […]
Cyprus Securities and Exchange Commission moves to electronic communications
The Cyprus Securities and Exchange Commission (‘CySEC’) has expanded the functionality of its web portal to enable Alternative Investment Fund Managers and UCITS Management Companies to submit digitally signed letters and documents to CySEC. According to CySEC this will have a double benefit of reducing costs and improving security. The portal does not replace the […]
Entry into force of amendments to the lnternational Convention on Standards of Training, Certification and Watchkeeping for Seafarers
The Department of Merchant Shipping (DMS) has issued a notification to owners, bareboat charterers, managers and representatives of ships flying the Cyprus flag, and to foreign-flagged vessels visiting ports in Cyprus, regarding the latest amendments to the lnternational Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) of 1978, as amended, and the […]
Renewal of registrations in the Public Register of Certified Persons
The Cyprus Securities and Exchange Commission (CySEC) has announced the arrangements for the renewal of registrations in the Public Register of Certified Persons (the “public register”) for 2018. Paragraph 17(1) of Directive 174(I)/2015 regarding the Certification of Persons and the Certification Registers requires persons registered in the public register to renew their registration by the […]
Further extension of the period allowed for submitting applications to settle tax arrears by instalments
The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) establishes a procedure for settling tax arrears by monthly instalments. It provides a waiver of interest and penalties of up to 95% for all nationally imposed taxes, including: • income tax; • value added tax; • special defence contribution tax; • capital gains tax; […]
New double tax agreement between Cyprus and Saudi Arabia
On 3 January 2018 Cyprus and Saudi Arabia signed an agreement for the avoidance of double taxation with respect to taxes on income and for the prevention of tax evasion. The agreement, which was signed during the official visit of the President of Cyprus to Saudi Arabia, is based on the OECD Model Convention for […]
Implementation of the new EU Package Travel Directive
The Organised Travel and Associated Travel Arrangements Law of 2017, number 186(I) of 2017, transposes the provisions of EU Directive 2015/2302 of 25 November 2015 on package travel and associated travel arrangements into Cyprus law. The new law extends coverage beyond traditional package holidays organised by tour operators to other forms of combined travel such […]
