Company

The Council of Ministers of Cyprus with its decision on the 19th of March 2014 has laid down the requirements and condictions for naturilization of investors in Cyprus. This will allow high net wealth individuals to obtain a Cyprus citizenship and consequently a passport whcih will be valid in the EU.

The brochre can be found here.

MoneyVal, the competent European authority for money laundering has cleared Cyprus of all suspicions related to money laundering. In early 2013, Eu officials expressed the opinion that Cyprus could be involved in money laundering activities mainly due to Russian deposits at its local institutions. The government reacting promptly, invited the competent European authority for antimoney laundering to visit Cyprus and assess the accusations.

MoneyVal appointed PWC to carry out the assessment under its supervision and the report was completed in April 2013 – Special Assessment Cyprus. The report effectively cleared Cyprus of any such accusations recognizing that the banks and professionals involved in International Business are well aware of Customer Due Diligence and Risks.

The OECD has published a new handbook to help officials spot indicators of possible bribery or corruption in the course of tax examinations and audits

On the 17/7/2013 the parliament enacted law (Ν.72(Ι)/2013)  which provides for the establishment of Medical companies. The law provides that any Medical Doctor that is registered with the Pancyprian Medical Association can establish a medical company under his name that will enable him/her to separate the medical activities form personal.

The benefits are both legal and tax. On the legal side, the company is a separate legal entity allowing it to maintain separate bank accounts, borrow money and encumbrance assets of the company always having limited liability.

On the tax side, tax is mitigated especially for high income doctors having a turnover of EUR70.000 or above.

Please contact us for any further information on this subject.