In July 2002 the House of Representatives of Cyprus has enacted the long discussed tax reform. Taxes are reduced substantially, both for corporations and individuals. Major changes in the tax legislation are also effected.
CORPORATIONS
The status of International Business Companies “IBCs” formerly known as offshore companies gradually ceases to exist. As from 1.1.2006 there will be […]

The Right of Intellectual Property Law 59/76, as amended, governs all aspects relating to copyrights in Cyprus and grants every protected object whose beneficiary (at the time of the creation of the right, or in the case of a broadcast, at the point of its transmission) is a qualifying person.

A Qualifying Person is:
A citizen or […]

Cyprus is a prime venue for the worldwide operations of multinational corporations, particularly through the use of Cyprus holding companies. The corporate structure involves the ownership of a foreign subsidiary by a resident Cyprus holding company which is in turn owned by a parent corporation.

The Cyprus holding company is considered a major vehicle for international […]

Introduction
In light to Cyprus’ accession to the EU however, the harmonization liberalized the system and foreign investment on the island is now permitted and encouraged. New procedures are now in force within Central Bank of Cyprus and the Ministry of Commerce, Industry and Tourism, which simplify the evaluation of applications considerably.

Cyprus used to be a […]

The lack of definition of the terms “management and control” and “place of effective management”, terms used in respect of legal bodies in the D.T.Treaties, as well as the reference in Art. 4.1 of the O.E.C.D. Model Treaty (included in practically all Cyprus Treaties) to the laws of the respective Contracting State in order to […]