The Cyprus Securities and Exchange Commission (CySEC) published a detailed Policy Statement on 13 September 2021, covering the registration process and operations of crypto asset service providers (CASPs). The Policy Statement has been awaited and followed CySEC’s first issued Directive for the prevention and suppression of money laundering and terrorist financing (Register of Crypto Asset...Read More

On the 19.07.2021, the Ministry of Tourism announced the initiating of the process of submitting applications for registration of premises (villas, residences, apartments) in the Register of Self- Service Accommodation. Applications can be submitted by natural and legal persons, together with the documents as stated in the below paragraphs. This matter will affect owners who...Read More

Five key elements before buying Immovable Property in Cyprus Buying Immovable Property could very well be one of the biggest decisions and investments in a person’s life and it has been well known to also create a great deal of stress and anxiety whilst going through this process. There is a series of checks to...Read More

Extension of Tax Incentives for Reduced Rent The tax incentives provided to landlords for the voluntary reduction of rent charged to tenants – companies whose activities have been suspended due to the COVID-19 pandemic have been extended for the 2021 tax year. The Tax Law, along with the Special Defence Contribution Law, have been amended...Read More

Tax Submission Deadlines Extended We would like to inform you that in accordance with the Decree issued on 12 March 2021 under Κ.Δ.Π. 105/2021, the following tax submission deadlines are extended to the 30th of September 2021: Electronic submission of the 2019 corporate income tax return (TD4), and Electronic submission of the 2019 personal income...Read More

Amendments to Legislation relating to Oaths and Affidavits On the 26th February 2021, the Amending Law 14 (I) of 2021 was published in the Gazette of the Republic, by which lawyers will be able to accept an oath before them in the affidavits. Specifically, Article 2 is amended as follows: “Lawyer” means a person who...Read More

Brexit and Recognition of Lawyer’s Qualifications As of 1 January 2021, the United Kingdom has lost all its rights and obligations as an EU Member State during the transitional period under the Exit Agreement. It will no longer benefit from unrestricted access to the EU single market and customs union, nor from EU policies and...Read More

Introduction of the Register of Beneficial Owners and Trusts As of the 16 December 2020, Cyprus has initiated the beneficial owners register for Cypriot companies and other legal persons registered in Cyprus. Following that, Cyprus is completely adhering into Directive (EU) 2015/849 law on the prevention of the use of the economic system for the...Read More

Exchange of Information from the Criminal Record between EU countries EU Council Framework 2009/315/JHA of 26 February 2009 regulates the organization and content of the exchange of information from the criminal record between Member States. The Framework Decision comprises the general principles for the operation of the exchange of criminal records between EU countries, together...Read More

Introduction of new rules governing derivatives on virtual currencies – Cryptocurrencies The Cyprus Securities and Exchange Commission (CySEC) issued for the first time regulations regarding cryptocurrency, which can be found in Circular C417, published in the end of November 2020. These rules have as a main aim to safeguard that Cyprus Investment Firms (CIFs), make...Read More