Knowledge base

How are Cyprus banks handling the island's high rate of NPLs? Can more be done to combat them?

It is no secret that the Cyprus banking sector is struggling with the overwhelming level of Non-Performing Loans (NPLs), no matter the efforts exerted by the main banks in Cyprus by following conventional banking models to balance their profit/loss reports, NPLs remain to be the proverbial hole in the bucket.


The servicing of documents to a Cyprus company & failure to act

A Creditor may apply to court for the issuance of a liquidation order against a company that does not comply with a demand notice to pay any outstanding debts. The notice of demand is served to the registered office of the company, who then has 21 days to pay the fine; failure to do so may result in the liquidation of the company deemed unable to pay its debts by the creditor who can apply to legally dissolve the company.


Cyprus tax department releases new guidance on CRS deadlines and the online portal

The Cyprus Tax Department has released a notification to all Cyprus based Financial Institutions & Service Providers of the new guidance notes on the Automatic Exchange of Financial Account Information and other information relating to the Common Reporting Standard (CRS).


How to register a branch in Cyprus

Overseas companies may register a branch in Cyprus, according to the Companies Law, Chapter 113, regulated by section 347. A branch will not essentially consider as being a new legal entity in Cyprus.


Accounting support for a Cyprus company located in Russia

When expanding your business overseas, not only do you have to comply with International Financial Reporting Standards (IFRS) and accounting standards, thought must also be given to the specific jurisdictions own rules and regulations.


Working in Cyprus: EU & third country nationals

Immigrants wishing to live work or study in Cyprus are required to have either a valid work or residence permit. Fines may be imposed on anyone found to be employed in the country without valid and up to date paperwork.


Obtaining a Cyprus passport by investment or naturalisation

There are a number of methods of obtaining a Cyprus Passport, giving freedom of movement to the rest of Europe, as per the Schengen Agreement.