Knowledge base

Have High Recent GDP Rates Lulled Cyprus Into a False Sense of Security?

The Cyprus government, for the last few years have been harping tales of steady growth and booming tourism levels; referring to the relatively high rate of growth of real GDP can be attributed to a number of factors: Declining official unemployment rates; excesses in the government accounts and the raising of large fund backing in international financial markets.


The Cyprus Co-op Enquiry Public Report: Who Was Really to Blame?

Since the report on the collapse of the Cooperative Credit System was released recently, everyone seemed to have an opinion on the matter about who was to blame for the whole debacle. The report was fairly conclusive, giving a general overview of what the public enquiry discovered.


Cyprus Updates its Crypto-Asset Legislation to Meet EU Standards

The Cyprus Securities & Exchange Commission (CySEC) has revealed new details about its efforts to increase oversight of cryptocurrencies and related assets by integrating EU anti-money-laundering rules into Cyprus legislation.


Information on the Payment of Cyprus Taxes for Pensions & Rental Income

Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.


Cyprus Regulatory Update: Shell Company Definition & Exceptions

The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018, which are detailed as follows:


Current Information on the Payment of Cyprus Income Tax

An individual is considered to be tax resident in Cyprus by spending a total (consecutive or otherwise) of 183 days or more in any one calendar year in Cyprus. Anyone earning an income in Cyprus falls into two categories:


Creating Physical Presence & Capital Requirements for Cyprus Shell Company Crackdown

Recently, the Cyprus Central Bank issued guidance to banks & credit institutions, advising them of the new mandatory refusal to take on new clients or to continue servicing existing accounts with so-called shell or letter-box companies.


How the UK is Combating Offshore Culture & How it Could be Doing More

Typical tax haven destinations such as BVI, Jersey and Switzerland have always been in the spotlight from profiting off of helping clients circumvent legislation in their jurisdiction of residence for decades.


Keeping Europe Up-to-date with the Latest Legal & Financial Technology

The financial world is undergoing a technological revolution, with approximately 3 trillion financial deals entered into using digital ledger technology (DLT) and smart contracts within the next five years.