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Archived News
28/01/2019
Film tax schemes
Committed to boosting this highly promising sector, the government of the Republic of Cyprus introduced a
package of incentives encouraging international producers to choose Cyprus as their next film destination.
In specific, production companies that opt to film in Cyprus will be able to choose between cash rebate or tax
credit and can also benefit from tax discounts on investments made on equipment and infrastructure, and VAT
returns on expenditure in scope.
Qualifying production categories include, amongst others, feature films (including animation), television series
or mini-series, documentaries for theatrical or television release, animation (digital or analogue), television
research programs and natural history.
11/09/2018
Upgrade of Cyprus long term rating
Capital Intelligence Ratings, the international credit rating agency, has announced that it has upgraded the
Republic of Cyprus' Long–Term Foreign Currency Sovereign Rating to 'BB' from 'BB-'
and affirmed its Short–Term Foreign Currency Rating at 'B'. At the same time, the Outlook for Cyprus'
ratings have been affirmed at 'Positive'.
The ratings upgrade reflect the following factors:
– Continued robust economic performance, with growth among the highest in the Eurozone and better than
previously forecasted
– Satisfactory government access to international capital markets and improved fiscal management
– Improving conditions in the banking sector
13/07/2018
Increase of Cyprus company registrations
There is a significant increase in the new Cyprus company registrations in the first six months of 2018
indicating the increase of international business activity on the island and the major progress of the
economic activity.
The average increase of the new Cyprus company registrations for the first six months reached the level
of 15,1% over those for the same period in 2017. One factor which helped the formation of Cyprus companies
are the strict criteria set up by the Central Bank of Cyprus for opening of bank accounts for foreign companies
on the island.
Despite the negative economic climate of the past few years Cyprus remains a trusted place for investments
as well as a strong financial centre based on a positive and advantageous tax system for foreign investors.
29/05/2018
2018 Annual Levy
The Annual Levy for the year 2018 is payable by 30 June 2018. All Cyprus registered companies
are required to pay the amount of €350 to the Registrar of Companies.
Failure to do so within the specified time limits, penalties will be imposed, reaching the maximum
amount of €490 as well as having the company striked off from the Registrar of Companies.
16/03/2018
Upward trend on Cyprus company registrations
There is an upward trend in the new Cyprus company registrations for the first two months of 2018 indicating the
increase of international business activity on the island and the major progress of the economic activity.
The average increase of the new Cyprus company registrations for the first two months reached the
level of 19,55% over those for the same period in 2017.
Despite the negative economic climate of the past few years Cyprus remains a trusted place for investments as well
as a strong financial centre based on a positive and advantageous tax system for foreign investors.
31/01/2018
Cyprus company registrations
In accordance with the Registrar of Companies and Official Receiver in Cyprus, the number of company
registration applications in 2017 reached 13.672 a slight increase over the previous year.
The current number of registered companies in Cyprus stands at 217.893.
The number of company registrations is an indicator of the performance of the business service sector.
08/01/2018
List of Non-Cooperative tax jurisdictions
On 5th December 2017 the first ever EU list of non-cooperative tax jurisdictions was agreed by the
finance ministers of EU member states. They listed 17 countries for failing to meet agreed tax good governance
standards (among which included Bahrain, Barbados, Grenada, Marshall Islands, Panama, Saint Lucia, UAE) and
47 countries had committed to address deficiencies in their tax systems in order to meet the required criteria set
out by EU (among which included Belize, Bermuda, Cayman Islands, Hong Kong, Mauritius, Seychelles).
01/12/2017
Why Russians prefer Cyprus
At a recent survey carried out by the Cyprus-Russian Business Society the questions were asked as to why
Russians choose Cyprus instead of other destinations for their investments and carrying out their business.
The main results are as follows:
1. A steady and friendly taxation system
2. A corporate tax rate of 12,50% which is very reasonable allowing the business to expand
3. A very professional administrative personnel which in a large number of cases speak the Russian language
4. A large number of double taxation treaties which Cyprus has in place enabling the smooth operation of their businesses
5. Membership of Cyprus in the European Community
6. High level of professional services offered in Cyprus especially the legal, accounting and taxation services
27/10/2017
Fitch upgrades Cyprus Long Term Foreign Currency from BB- to BB
The Fitch Ratings Agency has upgraded the Cyprus Long Term Foreign Currency Issuer Default Rating (IDR) from BB- to BB as the
economic recovery of Cyprus continues. This is as a result of the following factors:
1. An estimated 3,5% growth of the island's GDP in the years 2017 and 2018
2. A steady improvement of the island's public finances
3. A decline of the island's unemployment rate in 2017 to 10,6% from 16% a few years' back
4. The major banks restructuring has led them to an improved liquidity position
04/10/2017
Electronic transfers of VAT payments
The Cyprus tax department has recently announced that taxpayers are now able to pay their VAT liabilities
through online banking. At present an arrangement has been reached with the Bank of Cyprus, Hellenic Bank,
Coop and Ancoria Bank. Other banks are expected to implement this option soon.
27/09/2017
Cyprus credit rating by Standard & Poor
During the month of September 2017 the Standard & Poor's global ratings revised Cyprus credit
ratings from stable to positive i.e. from BB to BB+ as a result of a faster than expected GDP growth
and loan restructuring. Their estimates show that Cyprus GDP growth will approximate 3% between 2017
and 2020. The continued recovery of the economy will allow the reduction of debt in the public and
private sectors.
18/09/2017
Cyprus citizenship most attractive in the EU
In the recent Financial Times Professional Wealth Management Group's report, it highlights the increasing
popularity of the Cyprus citizenship by investment scheme, especially for people who are interested in the
benefits of a citizenship from an EU country as opposed to those offered by countries from the Caribbean.
The report based its findings on rankings which included freedom of movement, standard of living, minimum
investment outlay and others. Cyprus ranked 7th out of 12 countries way ahead of Malta, Bulgaria and Austria. It scored
the highest points on the movement of freedom factor as the Cyprus citizenship allows a visa free travel to more
than 160 countries worldwide.
22/08/2017
Cyprus company registration
In accordance with the Registrar of Companies and Official Receiver in Cyprus, the number of company
registration applications increased in July 2017 numbering 1.304. The number of company registration
applications in the first seven months of 2017 was 7.750, showing an increase of 1,2% in the same period
last year. The current number of registered companies in Cyprus stands at 214.323.
The number of company registrations is an indicator of the performance of the business service sector.
10/08/2017
Deputy Shipping Ministry
The Parliament of the Republic of Cyprus has recently passed a bill which establishes a shipping
ministry. The Deputy Ministry of Shipping will handle all shipping issues fast as well as improving the state services,
the promotion of the Cypriot flag and the strengthening of cooperation with the private parties involved, with
a view to strengthening Cypriot shipping and its consolidation as a modern and global shipping service center.
The Deputy Ministry helps strengthen the Cypriot economy, as shipping is estimated to contribute around 7% of the island's GDP.
05/12/2016
Naturalisation of Investors in Cyprus
On 13th September 2016 the Cyprus Council of Ministers has approved the amendments to the
Scheme for Naturalisation of Investors in Cyprus by Exception. These are in line with the strategy
of the Cyprus Government to further attract Foreign Direct Investment and encourage the use of
Cyprus by High Net worth Individuals.
26/10/2016
Filings with the Registrar of Companies
Any companies who have outstanding filings regarding the annual returns and audited financial
statements up to 31 December 2016 will be striked off from the Register of Companies.
03/02/2016
Double Tax Treaties
The following Double Tax Treaties have been signed by the Cyprus government and will become effective as follows:–
1. Switzerland (signed in 2014 – effective 1 January 2016)
2. Iran (signed in 2015 – effective 1 January 2016)
3. Guernsey (signed in 2014 – effective 1 January 2016)
4. Georgia (signed in 2015 – effective 1 January 2016)
5. Ethiopia (Signed in 2015 – effective 1 January 2017)
21/01/2016
Common Reporting Standard (CRS)
In an effort to improve global tax transparency, the Cyprus government has adopted the standard of automatic
exchange of information developed by the Organization for Economic Co-Operation and Development (OECD)
known as Common Reporting Standard (CRS).
Starting from 1 January 2016, the Cyprus Tax Authorities require financial institutions to confirm their
clients' jurisdiction of tax residence and respective tax identification number.
30/04/2015
FATCA (Foreign Account Tax compliance Act)
On 2 December 2014 the Republic of Cyprus has signed the FATCA Intergovernmental Agreement
with the United States of America which aims at fighting the tax evasion of persons who are tax liable in the USA
and use bank accounts and investments in securities held outside the USA.
21/04/2015
Capital controls
As from 6 April 2015 all capital controls and restrictions on the transfer of money by individuals or
companies out of Cyprus have been lifted.
06/11/2014
Annual Returns
All companies registered in Cyprus must file their annual returns with the Registrar of Companies
up to and inclusive the year 2013 immediately. Failure to do so will result to the striking off
the company from the register.
02/01/2014
VAT Rate
The standard VAT rate is increased from 18% to 19% as from 13 January 2014.
13/11/2013
Company Levy
It has been announced by the Cyprus Registrar of Companies that any company which is registered
between 1 July 2013 and 30 June 2014 the annual fee payable is €350.
01/06/2013
Website Launched
On 1st of June 2013, Interquick Limited launched a website in order to promote the
company's services as well as to provide easier access in finding information regarding the company
registration procedures and the tax advantages in Cyprus.
During the following months, Interquick Limited will continue to improve the website with additional
information as needed, improve the technical support offered and in general, the ease of use. These
and other potential improvements are a direct response to the feedback received from our high profile
clients.
01/01/2013
Corporate Tax Rises
The rate of corporation tax has increased from 10% to 12,50% as from 1 January 2013.
