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European Court of Justice rules against general public access to UBO registry

After the debate of whether AML regulations can come in conflict with GDPR regulations for EU citizens, the European Court of Justice issued a judgment dated 22/11/2022 that (quoted from the press release) “…the general public’s access to information on beneficial ownership constitutes a serious interference with the fundamental rights to respect for private life …

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Cyprus AIRBNB registration Intellectual Property in Cyprus

Cyprus AIRBNB accommodations: Everyone must register Cyprus: The Deputy Ministry of Tourism announces that all self-catering accommodations (on AIRBNB, BOOKING.COM and other platforms) should be registered in the relevant registry of the Deputy Ministry by 06/02/2023. According to the relevant legislation, in order to be able to advertise and/or rent the self-catering accommodation, applicants must …

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British Virgin Islands: Amendments to the BVI Business Companies Act 

British Virgin Islands: Amendments to the BVI Business Companies Act  number of significant amendments to the BVI Business Companies Act will come into force as of 1st January 2023. These amendments are intended to keep the BVI in compliance with the international standards and best practices. Those affected are urged to review and assess the …

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Deemed Dividend Distribution for the tax year 2019 to be distributed by December 31st 2021

Deemed Dividend Distribution for the tax year 2019  We would like to remind you of the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law that relate to the tax year 2019. Profits subject to deemed dividend distribution Companies are deemed to have distributed to their resident shareholders 70% of their …

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Deadline for the electronic submission of the new Tax Forms for Special Defence Contribution (“SDC”) and General Healthcare System (“GHS”) contribution withheld on interest and dividend payments

Deadline for the electronic submission of the new Tax Forms for Special Defence Contribution (“SDC”) and General Healthcare System (“GHS”) contribution withheld on interest and dividend payments Based on the announcement issued by the Tax Department of Cyprus on 4 May 2021 in relation to tax forms T.D.602 and T.D.603, the electronic submission of the …

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Cyprus tourism impact due to COVID-19 poses significant risks to Cyprus economy

Cyprus is one of the EU’s smallest and most isolated countries, but it hasn’t remained untouched. Travel and tourism were abruptly curtailed. In mid-April the Central Bank of Cyprus urged banks to focus on the provision of short-term liquidity facilities for up to 12 months at preferential interest rates. This was designed to help viable …

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VAT on building land 5%

VAT on building land 5% Recently the Cyprus Council of Ministers has come to a decision to provide a VAT refund to individuals who bought land for the construction of their primary residence in Cyprus. The purpose of this VAT refund is to reduce the VAT rate on the acquisition of land from 19% to …

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Recent Amendments to the Cyprus Companies Law Cap. 113 (Law 149(I)/2018)

Recent Amendments to the Cyprus Companies Law Cap. 113 (Law 149(I)/2018) – with an aim to modernise and streamline the filing and registration requirements and processes with the Registrar of Companies. Introduction of Administrative Fines for late filings The Registrar of Companies shall impose an administrative fine for late filing of the below notifications to …

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