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    NEWS

    TONNAGE TAX REDUCTIONS OF UP TO 30% WITH NEW CYPRUS GREEN INCENTIVES PROGRAMME

    The Cyprus Shipping Deputy Ministry (SDM) has announced a new range of green incentives to reward vessels that demonstrate effective emissions reductions. From fiscal year 2021, annual tonnage tax will be reduced by up to 30% for each vessel that demonstrates proactive measures to reduce its environmental impact, ensuring shipowners are rewarded for sustainable shipping […]

    1 June 2021

    by

    theodoros
     

    Αναστολή καταβολής ΦΠΑ στα πλαίσια του προγράμματος στήριξης για αντιμετώπιση των επιπτώσεων του ιού COVID 19

    Με βάση τον περί Φόρου Προστιθέμενης Αξίας (Τροποιητικό) Νόμο του 2020 (N.24(I)/2020), παρέχεται το δικαίωμα αναστολής της υποχρέωσης καταβολής του ΦΠΑ, για τα εγγεγραμμένα στο Μητρώο ΦΠΑ πρόσωπα των οποίων οι καθορισμένες φορολογικές περίοδοι λήγουν την 29η Φεβρουαρίου 2020, την 31η Μαρτίου 2020 και την 30ή Απριλίου 2020. Το δικαίωμα αναστολής της καταβολής του οφειλόμενου […]

    10 April 2020

    by

    theodoros
     

    AMENDMENTS TO THE CYPRUS INVESTMENT PROGRAM

    On February 13th, 2019, Cyprus Cabinet approved a series of changes to the Cyprus Investment Program, based on which, non–Cypriot entrepreneurs/ investors and members of their families may submit applications for partaking in the Program. The following changes are applicable to the Financial Criteria of the Cyprus Investment Program as from May 15th, 2019 onwards: […]

    13 March 2019

    by

    theodoros
     

    Cabinet Approves Changes in Cyprus Investment Program

    On Wednesday, February 13th, 2019, the Cabinet approved a series of changes to make the Cyprus Investment Program even more targeted and trustworthy, Finance Minister Harris Georgiades said. In statements at the Presidential Palace, the Minister of Finance said that the Cabinet was informed on Wednesday about the results of an economic impact study in […]

    14 February 2019

    by

    theodoros
     

    National Risk Assessment of Money Laundering and Terrorist Financing Risks, Cyprus

    National Risk Assessment of Money Laundering and Terrorist Financing Risks, Cyprus  The first National Risk Assessment of Money Laundering and Terrorist Financing Risks (NRA) carried out, falls within the actions undertaken by the Cypriot authorities in order to identify, assess and understand the country’s money laundering and terrorist financing threats and vulnerabilities. This was also […]

    18 January 2019

    by

    theodoros
     

    Capital Intelligence: Outlook for Cyprus’ Ratings Revised to ‘Positive’

    Capital Intelligence Ratings (referred to as CI Ratings or CI), the international credit rating agency, has announced that it has affirmed the Republic of Cyprus’ Long-Term Foreign Currency Sovereign Rating at ‘BB-’ and its Short-Term Foreign Currency Rating at ‘B’. At the same time, the Outlook for Cyprus’ ratings has been revised to ‘Positive’ from […]

    5 March 2018

    by

    theodoros
     

    CypERC: Real Economic Activity to Continue to Expand at Robust Rates

      Real economic activity in Cyprus is expected to continue to expand at robust rates in 2018, according to the Economics Research Center of the University of Cyprus. The Cyprus News Agency reports that in 2017, real GDP is estimated to have increased by 3.8%, while in 2018, growth is forecasted at 3.6%. ‘While real […]

    1 February 2018

    by

    theodoros
     

    Cyprus and Saudi Arabia Sign Double Tax Agreement

    The Convention for the avoidance of double taxation with respect to taxes on income and for the prevention of tax evasion between the Republic of Cyprus and the Kingdom of Saudi Arabia was signed today January 3rd, 2018 in Riyadh. The Convention was signed during the official visit of the President of the Republic of […]

    11 January 2018

    by

    theodoros
     

    Cyprus GDP 0.9% Increase on Quarterly and 3.9% on Annual Basis in Q3 2017

      Seasonally adjusted GDP raised by 0.6% in both the euro area (EA19) and the EU28 during the third quarter of 2017, and by 0.9% in Cyprus compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the second quarter of 2017, GDP grew by […]

    13 December 2017

    by

    theodoros
     

    EBRD scheme to help small businesses – Cyprus

      The European Bank for Reconstruction and Development (EBRD) and the Cyprus Ministry of Energy on Tuesday launched an Advice for Small Businesses Facility in Cyprus. According to an EBRD press release, over the next three years, the ASB Facility in Cyprus will provide over 160 local enterprises with access to professional expertise to grow […]

    21 November 2017

    by

    theodoros
     

    European Stability Mechanism: Cyprus Now One of the Best Performing Economies in Europe

    Cyprus is now one of the best performing economies in Europe, European Stability Mechanism’ Managing Director Mr. Klaus Regling said, on November 2nd, 2017, adding that like every economy challenges remain also in Cyprus. He was speaking in statements after a meeting with Cypriot Finance Minister Harris Georgiades, in Nicosia, the Cyprus News Agency reports. […]

    3 November 2017

    by

    theodoros
     

    Certainty for companies and citizens, key for Brexit talks, President of the Republic of Cyprus says

    President Nicos Anastasiades said that maintaining legal certainty for both European citizens and companies in the divorce negotiations with the UK is of foremost importance. Anastasiades, who was addressing an event in Nicosia on Thursday (26/10), said that he considers particularly important that the other 27 European Union member states “have maintained their unity and […]

    2 November 2017

    by

    theodoros
     

    Fitch Upgrades Cyprus’ Long-Term Foreign-Currency to ‘BB’

      Fitch Ratings has upgraded Cyprus’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to `BB` from `BB-‘with a positive outlook. The upgrade of Cyprus’ IDRs reflects the following key rating drivers and their relative weights, Fitch says in an official report. Cyprus is experiencing a strong improvement in the performance of and outlook for its public […]

    25 October 2017

    by

    theodoros
     

    Compliance with EU General Data Protection Regulation (GDPR)

      After four years of preparation and debate the GDPR was finally approved by the EU Parliament on 14 April 2016. It will enter in force 20 days after its publication in the EU Official Journal and will be directly application in all members states two years after this date. Enforcement date: 25 May 2018 – […]

    18 October 2017

    by

    theodoros
     

    Cyprus Finance Minister describes ECB review as ‘The Most Positive’ since 2013

      Finance Minister of Cyprus, Mr. Harris Georgiades has described the conclusions of the latest European Commission and European Central Bank review of the Cyprus economy as the most positive ones since 2013. The European Commission and the European Central Bank concluded on Friday, September 29th, 2017, their third post-programme review, and in a press release they […]

    2 October 2017

    by

    theodoros
     

    Foreign Property Buyers increase by 34% in August

      The number of foreign property buyers rose 34% in August to 75 compared with the respective month of 2016, the Department of Lands and Surveys said. The number of non-Cypriots who acquired real property in Cyprus, incentivised by government schemes offering investors a Cypriot passport or a visa depending on the value of the […]

    22 September 2017

    by

    theodoros
     

    Standard & Poor’s Revises Cypriot Economy from Stable to Positive

      Standard & Poor’s rating agency confirmed on September 15th, the credit rating of Cyprus at BB+/B, while revising the prospects of the Cypriot economy from stable to positive In-Cyprus reports. This means, according to S&P, that it is likely to upgrade the creditworthiness of Cyprus over the next 12 months if fiscal consolidation continues […]

    19 September 2017

    by

    theodoros
     

    Meet us in Berlin, September 9th – 12th (IR Global Annual Conference)

      As a division of Infocredit Group, and proud members of the IR Global association, CORPRO will attend the IR Global Annual Conference which will take place in Berlin from the 10th to the 12th of September, 2017. The conference with the title “Shaping Culture” is a sold-out event with 270 members attending from more […]

    4 September 2017

    by

    theodoros
     

    How crisis led Cyprus to reinforce governance standards

      Pressures of international finance spurred Cypriot authorities to strengthen corporate governance. Cyprus was one of the countries to be gravely affected by the financial crisis. As a result, it was cut off from the international financial markets and resorted to rescue packages financed by the International Monetary Fund, the European Commission and the European […]

    29 August 2017

    by

    theodoros
     

    Cyprus ranks 7th for its Citizenship Scheme

      Cyprus ranks 7th out of 12 countries studied in an analysis of Citizenship-by-Investment Programs by the Financial Times group’s Professional Wealth Management, ahead of Malta, Bulgaria and Austria, the other European Union member states on the list. The research group ranked Dominica as the top jurisdiction in scope of the study, scoring an overall […]

    10 August 2017

    by

    theodoros
     

    Number of applications to register new companies rises to February 2013 levels – Cyprus Companies

    The number of applications to register new companies rose in July this year to the same level as in February 2013, prior to the “haircut” on deposits, according to figures from the Registrar of Companies and Official Receiver. The number of applications to register new companies rose to 1,304 in July, compared with 1,288 a […]

    8 August 2017

    by

    theodoros
     

    Changes on the tax treatment of intra-group financing arrangements – Cyprus

      The Cyprus Ministry of Finance would like to inform the public that the Commissioner of Taxation has issued on July 1st, 2017 a Circular for the tax treatment of intra-group financing arrangements. This follows constructive contact with the Directorate General for Competition of the European Commission on the matter. The Circular has been drafted […]

    3 August 2017

    by

    theodoros
     

    Board composition: Results of Cyprus and Europe

      Board composition – definition and its importance Based on the definition of good corporate governance, the board composition is one of the most important factors for the effectiveness of an entity. Composition of the board refers to the diversified backgrounds and expertise of the board members, the suitable balance of power on the board […]

    18 July 2017

    by

    theodoros
     

    Cyprus Tax Residency in 60 days

    Amendments on the definition of the “Tax Resident” as per the Income Tax Law – July 2017:   An individual who: (a)   does not spend a total of 183 days in another State in the duration of a tax year (< 183 days) and (b)   is not a tax resident in another State   would […]

    17 July 2017

    by

    theodoros
     

    UAE among world’s stand out digital economies

    The Fletcher School at Tufts University, in partnership with Mastercard, a leading technology company in the global payments industry, today unveiled the Digital Evolution Index 2017. The comprehensive research tracks the progress that countries have made in developing their digital economies and integrating connectivity into the lives of billions. The research identifies the United Arab […]

    14 July 2017

    by

    theodoros
     

    UAE firms need to start now to meet EU data privacy law

    With two-thirds of global organisations ramping up compliance to meet the European Union data privacy regulations, the UAE faces growing urgency to adopt information management solutions this summer for compliance and better business decision-making, urged an industry expert. The EU’s General Data Protection Regulation (GDPR), which will be enforced on May 25, 2018, is a […]

    10 July 2017

    by

    theodoros
     

    UAE: listed in top 12 countries for Foreign Direct Investment

      According to the World Investment Report 2017, released by UN Conference on Trade and Development (UNCTAD), United Arab Emirates is ranked 12th on the list of top countries for Foreign Direct Investment for the two-year period of 2017 – 2019. “Foreign Direct Investment (FDI) is considered a key enabler for supportable economic growth on […]

    26 June 2017

    by

    theodoros
     

    UAE: one of the top 10 most competitive countries in the world

      According to the findings of the IMD World Competitiveness Yearbook 2017 – a research group at the IMD business school in Switzerland – UAE is shortlisted in the top 10 most competitive countries in the world in 2017, a significant increase from the 15th place in 2016. The research is based in 260 parameters, […]

    20 June 2017

    by

    theodoros
     

    UAE Offshore Companies: What are they and why may be of your choice

    What is an Offshore Company? An “Offshore Company” is the term used for companies established under jurisdictions that allow them to operate anywhere other than in the specific jurisdiction they are regulated in. Therefore, “Offshore” Companies, also known as International Business Companies (IBC), are considered as “overseas” entities both in the area they are formed […]

    19 June 2017

    by

    theodoros
     

    CYPRUS START-UP VISA SCHEME FOR FOREIGN INVESTORS

      The Cabinet of Ministers approved on the 15th of February, 2017 a scheme aiming to attract foreign investments in Cyprus through the granting of incentives to third-country (non-European Union) innovative start-ups. The scheme operates on a pilot basis for a duration of two years, starting from February 2017 to February 2019. During the two-year period, […]

    15 June 2017

    by

    theodoros
     

    VAT on the supply of building land –  Cyprus

      VAT on the supply of building land –  Cyprus According to the eight schedule of the Cyprus VAT Law, the supply of Land is exempt from VAT, hence any sale of plot of land in Cyprus is not subject to VAT. But this is the current case, which may be changed as per the […]

    12 June 2017

    by

    theodoros
     

    UAE Free Zones: Choose the right Free Zone for your business

      UAE Free Zones If you are interested to invest in one of the most advantageous jurisdictions and you would like to maintain your 100% ownership and repatriation of capital and profits, then UAE Free Zone is the ideal form for your business. As generally known, UAE is a tax-free jurisdiction and offers three different […]

    26 May 2017

    by

    theodoros
     

    3.322 Cyprus Citizenships were granted in 2015

    As per the statistics issued by Eurostat, approximately 840.000 people acquired a European citizenship in 2015, compared to 890.000 in 2014 and 980.000 in 2013. In particular, 3.322 people acquired the Cyprus Citizenship in 2015, the majority of which were formerly of Russian origin (34,3%), 8,8% from the United Kingdom and 8,0% from Greece. According […]

    24 April 2017

    by

    theodoros
     

    Corporate Governance: The key for a successful business

    What is Corporate Governance: By definition, corporate governance refers to the way in which the companies are governed and controlled and to what purpose. It is concerned with practices and procedures so as to ensure that companies are run in such a way that they achieve their goals and missions. From the perspective of shareholders, […]

    21 April 2017

    by

    theodoros
     

    New registrations of Cyprus Companies – A sharp increase!

    Based on the statistics provided by the Registrar of Companies and Official Receiver, there is generally a stable increase in the number of registrations of Cypriot entities during the last 5 years. In particular, 13.645 new companies were registered in 2016, which shows a sharp increase of 21,1% compared to prior year (2015: 11.270). Based […]

    13 April 2017

    by

    theodoros
     

    Doing Business Annual Report – 2017

      World Bank Group ranks 190 countries based on their ease of doing business through the Doing Business 2017 Annual Report. The parameters include, and are not limited to, the number of procedures, days for completion, cost and minimum paid-up capital required. The report analyses 190 economies on 11 parameters of business processes. Based on […]

    6 April 2017

    by

    theodoros
     

    CYPRUS APPROVES START-UPS VISA SCHEME TO ATTRACT FOREIGN INVESTMENT

    The Cabinet of Ministers approved on the 15th of February, 2017 a scheme aiming to attract foreign investment to Cyprus through the granting of incentives to third-country (non-European Union) innovative start-ups. The scheme will be applicable to third-country investors, either individuals or groups, who wish to found an innovative business in Cyprus. The start-up capital […]

    3 April 2017

    by

    theodoros
     

    Corporate Governance Conference – May 5th, 2017

      As proud sponsor, CORPRO is delighted to announce the Corporate Governance conference, with the title: “The Future of Corporate Governance: New Regulations, Best Practices and Corporate Culture”. The Conference is organized by Infocredit Group and powered by ICSA. Main speaker of the event is Mr. Simon Osborne (Chief Executive – ICSA UK) who will […]

    28 March 2017

    by

    theodoros
     

    Meet us in Singapore, 10 – 12 May 2017 (IR Global “On the Road” event)

    As a division of Infocredit Group, and proud members of the IR Global association, CORPRO will attend the IR Global Annual Conference which will take place in Singapore from the 10th to the 12th of May, 2017. The conference is part of the “On the Road” series of IR Global successful events and gives to […]

    20 March 2017

    by

    theodoros
     

    Amendment of Article 13 of the Cyprus-Russia Double Tax Treaty

    The Ministry of Finance of the Republic of Cyprus announced that Cyprus and Russia have agreed to postpone the application of the Protocol amending Article 13 of the Double Tax Treaty between Cyprus and Russia for the Avoidance of Double Taxation with respect to taxes on income and on capital, signed on the 27th of […]

    17 March 2017

    by

    theodoros
     

    Welcome to THE CORPRORATE PROFESSIONALS!

    It is with great pleasure that we take this opportunity to welcome you to our new website focused on corporate services. As a high-quality entity in the corporate services field, we aim at becoming a reliable consultant to our clients other than mere supplier. Our mission is to treat every single client separately and to […]

    10 March 2017

    by

    techlink
     

    GUIDES

    Cyprus Citizenship
    Download our Cyprus Citizenship Guide and get insights about the Cyprus Citizenship Program
    Incorporation Procedure in Cyprus
    Download our Guide to find out the everything about the incorporation procedure of a Cyprus Company
    Cyprus Residency
    Download our Cyprus Residency Guide and get insights about the Cyprus Residency Program
    Cyprus Shipping
    Download our Guide to find out the advantages of the Cyprus Shipping Industry
    Cyprus Company
    Download our complete Guide to find out everything you need to know about Cyprus Companies
    UAE company formation & residency
    Download our comprehensive Guide to find out everything about the company formation and the Residency Program in the U.A.E.