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GDPR vs AML – When the Titans Clash The key and most far reaching changes in recent years has undoubtedly been the introduction of the General Data Protection Regulation (GDPR), as well as the introduction, strengthening and expansion of rules and regulations relating to the prevention and suppression of money laundering and terrorist financing –...
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Cyprus – Update on COVID-19 Restriction Measures
Update on COVID-19 Restriction Measures In light of the worsening COVID-19 spread in the community, the Ministry of Health has announced that the following restriction measures as be enforced as of 20:00 on the 12th November 2020 and remain in force until the 30th November 2020: CATEGORY A MEASURES – Pancyprian Application Gatherings of persons...
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Cyprus – Update on COVID-19 Restriction Measures
Cyprus – Update on COVID-19 Restriction Measures The spread in the community was assessed and taken into account, as well as the risk of specific activities, where there is an increased risk of high spread of the virus. Specifically and analytically, the measures are categorized into three groups as follows: Category A. Medium-term measures in...
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Termination of the Cyprus Citizenship Scheme
On the 13th October 2020 the Council of Ministers has decided to proceed with the Termination of the Cyprus Citizenship Scheme, citing reasons of weakness into the review and due diligence system and various loopholes which potential investors took advantage of. The above decision shall come into force as of the 1st November 2020. Any...
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Road Speed Limit police “allowance” amended
The Cyprus Republic has issued new guidelines as of 24th September 2020 that the current “allowance” for exceeding the speed-limit within city limits, and more generally in residential areas, is permanently reduced by 10 percent (%). This decision was deemed to be necessary, following the significant amount of fatal and serious road collisions in cities,...
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Administrative Court Decision annulling Tax Commissioner’s decision.
On the 21st September 2020, the Administrative Court of the Republic of Cyprus issued a decision in Case No.334/2017 (OCEAN AQUARIUM LTD -v- THE REPUBLIC OF CYPRUS), annulling the decision of Commissioner of Income Tax to impose Defense Tax Contribution to a Company. Α)The facts of the case are the following: The Commissioner of Income...
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Cyprus Amendments to Citizenship Scheme
The Council of Ministers, during its assembly on the 31.7.2020 has made changes to the current Cyprus Investment Programme, affecting applicants as per the 17-18.8.2020.  In general, the main new terms are as follows: All applicants must, during the 5 years, for which they are obligated to keep their investment and residence, provide the Ministry...
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Amendment to Procedures for Payment of Stamp Duty
The Law Firm of G. Vrikis & Associates LLC would like to bring to your attention the recent change in the procedure of attaching stamp duties based on their value. As of the 27th of July 2020, the procedure for affixing Stamp Duties changes based on their value, as indicated by the relevant announcement posted...
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Amendment to the Double Tax Treaty between Cyprus and the Russian Federation
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:...
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Tax Law amendment provides tax incentives for reduced rent
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...
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