Payment of annual fees by Cyprus Investment Firms

The Cyprus Securities and Exchange Commission has announced that the form required for Cyprus Investment Firms to calculate the annual fee payable to CySEC under the Investment Services Law (Law 144(I)/2007) in respect of the calendar year 2016 is now available on the CySEC website. Annual fees must be paid no later than four months […]

THE TREATMENT OF TRUSTS UNDER THE COMMON REPORTING STANDARD: A BRIEF OVERVIEW

In general, a trust is affected by the Common Reporting Standard (CRS) when it is categorized as either a reporting financial institution (FI) or a non-financial entity (NFE) that maintains a financial account with a reporting FI. Reporting FIs have a duty to report either their “account holders” or the “controlling persons” if their account […]

Who’s Who Legal endorsement for Nicholas Ktenas

For a second successive year, Nicholas Ktenas has been identified as one of only two expert lawyers in Cyprus in the field of Labour, Employment and Benefits by Who’s Who Legal. Who’s Who Legal identifies the foremost legal practitioners in specialised areas of business law by independent research and feedback from other specialists in each […]

Prohibited incentives for retail clients of Cyprus investment firms

On 16 March 2017 the Cyprus Securities and Exchange Commission (“CySEC”) issued circular C194 giving additional guidance to regulate Cyprus investment firms on the types incentives which CySEC considers to be inappropriate to be offered to retail clients. The latest circular is a follow-up to circular C168, dated 30 November 2016, which set out the […]

Elias Neocleous & Co LLC accredited under ISO 9001:2008

Elias Neocleous & Co LLC has been accredited with the ISO 9001:2008 certification by Bureau Veritas Hellas.  Our firm is committed to adopting and implementing best practices for identifying andcontrolling risk, so as to minimise the potential for unpredicted or adverse events, and in November 2017 we will enter the new era of the ISO 9001:2015 […]

New law for payment of tax arrears by instalments

The Process of Adjustment of Tax Arrears Law of 2017, Law 4(I) of 2017, was published in the official gazette on 3 February 2017. It will take effect on a future date to be determined by the Commissioner of Taxation and establishes a procedure for settling arrears of taxes which arose prior to that date […]

Abolition of the back-to-back minimum margin scheme and introduction of transfer pricing rules In Cyprus

On 8 February 2017 the Cyprus Tax Department wrote to the tax committee of the Institute of Certified Public Accountants of Cyprus announcing its intention to abolish the so called “minimum margin scheme” which applies on related party loans (so called “back to back” financing arrangements), with effect from 1 July 2017. This development is in line with global initiatives in […]