Newsletter - June 2013
Contributed by Fiducenter (Cyprus) Ltd
12 June, 2013
Contributed by Fiducenter (Cyprus) Ltd [www.fiducenter.com.cy]
We would like to bring to your kind attention a summary of the newsfeeds released in our Portal, www.ciibp.com.cy. To view the full version please click on the links below.
Improvement in Business Climate in Cyprus
Following the devastating decisions by the Eurogroup related to the banking sector of Cyprus at the end of March and the resulting halting of business confidence and optimism, some recent investments have come to blow a wind of, if not change certainly joy, to the economy and the public. These positive developments are presented in summary below. Continue reading
Incentives for third country nationals to invest in Cyprus significant improvements
It has been reported several times in the past that as part of its effort to attract foreign high net worth individuals, the government of Cyprus is providing some incentives to third country nationals to invest in Cyprus.
The schemes, since their implementation, have created increased interest, especially from Asian investors, who see Cyprus as the gateway (being the far eastern border of the EU) to the great freedoms provided by the EU to its Member States and their citizens, especially the freedom to conduct business in the union. Continue reading
Financial Stability Programme for Cyprus 7
On Friday 7th June the Ministry of Finance issued the 15th Decree for Restrictive Measures on Bank Transactions as well as the 6th Decree on International Banks.
After two decrees (13th and 14th) which just renewed the restrictive measures, the 15th decree has brought some changes. The amendments relate to the Cypriot banks and provide for the following: Continue reading
Reduction in minimum margin related to the yacht leasing scheme
We reported several times last year about the special VAT regime created for ownership and leasing out of a yacht via a Cyprus entity.
The lessor was so far expected to make a total profit from the lease agreement of at least 10% on the initial value of the yacht. At the time of inception of the lease agreement the total lease payments on which the VAT is calculated was increased by 50% of this margin, i.e. 5%. The remaining 5% of lessors profit was paid along with the final lease payment. Continue reading
Double Tax Treaty between Cyprus and Ukraine
As reported on 15 November 2012 and 8 January 2013, a Double Tax Treaty (DTT) was signed between Cyprus and Ukraine on 8 November 2012. The DTT was approved by the Ukrainian Cabinet of Ministers on 17 May 2013 but it still needs to be approved by the Ukrainian Parliament in order to be considered as ratified by Ukraine. Once in force, the DTT will replace the Cyprus USSR DTT, which currently governs dealings between Cyprus and Ukraine.
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