Pursuant to the latest discussions and talks between the Republic of Cyprus and the Russian Federation, an agreement has been concluded for the amendment to the Double Tax Treaty between Cyprus and the Russian Federation. The following announcement was issued on the 11th August 2020 by the Ministry of Finance of the Republic of Cyprus:...Read More

On 2 June 2020, an amending Income Tax Law was published in the Official Gazette with respect to tax relief on rental income. The amendment was voted to support the Cyprus economy following the COVID-19 outbreak and provides a tax incentive to landlords (individuals or companies) to voluntarily reduce the rent charged to tenants. According to...Read More

Following the issue of Regulations ΚΔΠ 5229-5233 and ΚΔΠ 5239, the Minister of Labour, Welfare and Social Insurance issued on 2nd May 2020 Regulations ΚΔΠ 5257-5261 extending the provision of Special Leave Benefit for the care of children, the Special Sickness Benefit, the Special Benefit for Self-Employed and the Special Unemployment Benefit under the Special...Read More

Within the framework of the ongoing process of reviewing the measures taken to address the current crisis due to the COVID -19 pandemic and the declared will of the Government and the President of the Republic himself to stand in solidarity with the workers and following the evaluation by the Ministry of Labour, Welfare and...Read More

In response to relevant enquiries and questions raised by the general public as to the practical application of the Fiscal Measures offered bby the Govenrment, further announcements have been made by the Minister of Employment, Welfare and Social Insurance. The key items to note are: Partial Suspension of Business and Self-employed Persons: in order for...Read More

The following emergency measures have been taken by the Department of the Registrar of Companies and Official Receiver in Cyprus as of the 23/03/2020: The procedure for conformity as to filing of outstanding Annual Reports is postponed, and the Registrar of Companies shall not be proceeding with any publications for the three (3) month notice...Read More

Upon receiving multiple enquiries from our clients and other interested parties relating to rights and obligations of both employers and employees in Cyprus, in light of the outbreak of the COVID-19 virus, we set forth below the current position as at the time of writing (14th March 2020) on the legal aspects of some of...Read More

The law firm of G. Vrikis & Associates LLC is very proud to have been involved with the highly talented, gifted and tenacious team of Pixel Giants in the production of their new Dragon Recipes project. The short video below is a testament to the high caliber of professionals involved and that the Cyprus animation...Read More

Cyprus is continuing its ongoing efforts to increase its global network of Double Tax Treaties and in this respect Cyprus and Kazakhstan have, on 15 May 2019, signed a Double Tax Treaty (the “DTT”) aiming to enhance the economic and trade relations between the two states, while bringing new opportunities and better protection for taxpayers...Read More

The Central Bank of Cyprus (“CBC”) issued a circular (Ref. BS 6020) on 02/11/2018, with the purpose of clarifying and further explaining the vague information and definitions about the so-called “shell companies” and entities in Cyprus and how licensed Financial Institutions should deal with them. This was highly needed as the original circular which was...Read More