Calmco Ltd

If you are currently a UK non-domiciled individual looking to move your tax residence to another country, you would be well advised to consider Cyprus as one of your alternatives. Cyprus has its own Non-Dom tax regime which is automatically applicable to all foreign individuals becoming tax residents of Cyprus. As from 1 January 2017, it is no longer necessary … Read more

The Department of Registrar of Companies and Intellectual Property of Cyprus announces that, following the Judgement of the Court of Justice of the European Union (CJEE) in joined cases C-37/20 and C-601/20, of November 22, 2022, access to the Register of Beneficial Owners for the general public is suspended as of the 23rd of November 2022. According to the above-mentioned … Read more

The Cyprus government has presented a new strategy for attracting businesses to Cyprus with emphasis on high technology, shipping, innovation, and research and development, in a bid to turn the island into a business and trade centre in the wider region and Europe. Speaking at the presentation on Friday 15 October, President Nicos Anastasiades said the strategy includes 12 targeted … Read more

Six investors have been shortlisted in the context of the project “Ledra” concerning a sale a €477 million package of performing loans by Cyprus state-owned asset manager KEDIPES. The deadline for the transaction provides that final binding offers will be submitted by the end of October. At the initial stage 13 investors entered the virtual data room, with six remaining … Read more

Russia and Cyprus on Tuesday 8 September signed a protocol amending the double taxation treaty following the conclusion of negotiations in August. “Signing the protocol ensures continuation of the implementation of the double taxation avoidance treaty, which undoubtedly is beneficial for both sides since it encourages investment, trade across all sectors of the economy, but also the job market,” Finance … Read more

In light of the negative consequences of Covid-19, the Cyprus government has announced a national fiscal package of measures to help the affected economy. The support package includes a VAT payment pause of two (2) months and the reduction of VAT from 19% to 17% and from 9% to 7%. The VAT-related measures are: Temporary extension of the VAT payment … Read more

Standard & Poor’s Global Ratings has affirmed its BBB-/A-3 long- and short-term foreign and local currency sovereign credit rating on Cyprus with a stable outlook. The stable outlook incorporates Cyprus` robust growth prospects, improving public debt dynamics, and track record of running budgetary surpluses, according to the report released Friday, 6 March. It also takes into account Cyprus` high stocks … Read more

The Republic of Cyprus and Kazakhstan have signed a Convention for the Avoidance of Double Taxation and for the Combating of Tax Evasion with respect to taxes on income. According to a press release issued by the Public Information Office, the Convention was signed in Nursultan, Kazakhstan, by the Cypriot Minister of Foreign Affairs Nikos Christodoulides and the Kazakh First … Read more

The newly appointed Governor of the Central Bank of Cyprus Constantinos Herodotou has spoken of a new culture of compliance in Cyprus banks on anti-money laundering since 2013. Addressing the 9th Nicosia Economic Congress on “the Cyprus Economy – The way forward,” Herodotou said anti-money laundering efforts undertaken by the Cyprus authorities “are beginning to be recognised abroad.” This, he … Read more

US Department of Treasury Assistant Secretary for Terrorist Financing Marshall Billingslea has praised Cyprus’ “enormous progress” in issues relating to anti-money laundering. Billingslea, who was in Cyprus last week, met with Finance Minister Harris Georgiades, a visit described as part of the US’ scrutiny over the island’s financial sector. Georgiades pointed out the two countries and the EU are promoting … Read more