The Cyprus Income Tax Law has been recently amended to allow for an 80% exemption on the net income generated from the utilization of patent, trademark or any other intellectual property (IP) rights. Net income in this case is defined as income from IP minus all expenses attributable to the specific income. This exemption results in an effective tax rate…

The Inland Revenue department of Cyprus has recently concluded that it will accept the VAT Department’s already approved scheme for yachts registration in the Republic of Cyprus. The scheme provides for a lease based solution resulting in an overall minimum profit of 10% of the yacht’s value, which effectively results in 1% income tax liability. The scheme is deemed to…

Permanent Resident Permit (PRP) The Ministry of Interior decided to simplify the procedures for granting Immigration Permit to non-EU applicants, provided that they fulfill the criteria stated below. The announcement was published on 22 August 2012. (a) The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in…

The Republic of Cyprus has recently voted for amendments in its tax legislation to make investments in or through the island an even more attractive option to foreign investors. The tax amending laws have a retrospective effect from 1 January 2012. Income Tax Law Intellectual property rights There is an 80% exemption on the net profit (defined as income from…

Αγαπητοί πελάτες και συνεργάτες, Σύμφωνα με τη νομοθεσία του τμήματος Εσωτερικών Προσόδων, κάθε εταιρεία πρέπει να υπολογίσει το τελικό φορολογητέο εισόδημά της για το τρέχον έτος έως την 1η Αυγούστου και να πληρώσει τρεις ισόποσες δόσεις, με τον εκτιμώμενο φόρο στις ακόλουθες ημερομηνίες: 1. 1 Αυγούστου - τρέχοντος έτους2. 30 Σεπτεμβρίου - τρέχοντος έτους3. 31 Δεκεμβρίου - τρέχοντος έτους Εφόσον…

Dear Clients and Associates, According to the Inland Revenue legislation, each company needs to estimate its final taxable income for the current year by 1 August and pay three equal installments on the estimated tax at the following dates: 1. 1st August - current year2. 30th September - current year3. 31st December - current year If the Company fails to…