Cyprus, one of five European countries to seek a bailout in late June, won the funding it sought of its euro zone partners on June 27. The island has been affected by its Greek debt holdings, but will soon receive the support it needs to strengthen its banks. The country is currently in talks with officials from the European Commission, the European Central Bank and the International Monetary Fund (IMF) regarding the terms of agreement and the bailout capital it needs…
Cyprus Takes The Presidency for the European Council
On July 1, the Cyprus’s six-month rotating presidency for the European Council began, but the opening ceremony kicked off the presidency in style on July 5 at the Ancient Kourion Theater Limassol. President Christofias and President of the European Council Herman Van Rompuy spoke, as well as the European Commission President Jose Manuel Barroso and Poland and Denmarks’ Prime Ministers…
How Limited is ‘Limited Liability’ in Cyprus
Both private and public limited liability companies can be registered in Cyprus. Liability refers to the shareholder’s financial responsibility towards the company if the company were to be liquidated. A Cyprus limited liability company can have limited liability by shares or by guarantee (with or without shares)…
Dividend Tax in Cyprus
In last week’s article, an overview of the Cyprus’s defense tax was given. As briefly outlined before, Cyprus’s defense tax also, in certain cases, applies to dividends. However, whether or not the dividends are taxed depends on if the income is received by a corporate shareholder or an individual. Since Jan. 1, 2003, dividends have not been taxed in Cyprus, unless they are received by a Cypriot tax resident individual. Payments of dividends to non-residents, whether corporate shareholder or individual, are not taxed….
Cyprus Defense Tax Guide for Companies
Governments have the right to impose any tax they wish. Cyprus, for instance, has a 15 percent defense tax. This levy is due on June 30 and December 31 each year. Defense tax is imposed on certain income earned by Cyprus residents and resident companies. However, this article explains payments and exemptions relevant to resident companies and non-resident companies with business dealings in Cyprus. […]