To open, download and save this publication in PDF format please click here. Introduction By International Collective Investment Scheme Company (ICIS), otherwise known as an investment company, we mean a corporation that enables a number of investors to add collectively their assets, have these professionally managed and invested by independent managers/entities and, in case of successful [...]
Our sister company, Pingos Estates, has just launched a new project, The Residences, which will be an exclusive gated community of seven boutique villas located on the outskirts of Ayia Napa, within walking distance of the picturesque Potamos, Ayia Thekla Beach and the Ayia Napa Marina, which is currently under construction. With large plots [...]
Cyprus-India: The new treaty replacing the 1994 treaty entered into force on 14th December 2016 and applies as from 1 January 2017 for Cyprus and as from 1 April 2017 for India. It provides for a 10% withholding tax rate on dividends, interest and royalties. The 10% rate also applies to technical service fees. Cyprus-Iran: [...]
The Department of Tax has informed the Institute of Certified Public Accountants of Cyprus (ICPAC) that from 1st July 2017 the pre-agreed minimum profit margins of 0.125% – 0.35% on intra-group back to back financing arrangements will no longer apply. As a result, all tax rulings issued concerning this matter will cease to be effective from [...]
Malta offers attractive immigration programs through which we can assist you obtain a permanent residence permit or the citizenship of Malta through investments. A brief description of the said programs will be provided below, however, if you would like to receive more information regarding the programs or regarding how we can assist you please contact [...]
he Cyprus Government has announced the revised criteria for granting the Cypriot citizenship by investment which are significantly improved compared to the previous ones, therefore, making Cyprus an even more attractive option. The most important changes are as follows: The minimum investment required is reduced to €2,0 million compared to the previous €2,5 million for collective [...]
Bank of Cyprus, the island’s largest lender, has decided to change its fees and commissions for services for the first time since 2010 in an attempt to divert more business from traditional banking to online banking. The new fees and commissions which will become effective on October 17, are included in a 16-page catalogue sent [...]
Ancoria Bank has launched operations with a total of two banking branches, one in Nicosia and another in Limassol, a total staff of 60 and an initial capital of €50m, the lender’s chief executive officer said. The goal of Ancoria, the first bank to obtain a banking licence from the Central Bank of Cyprus following [...]
The Central Bank of Cyprus issued an amendment to the Directive regarding money laundering and terrorist financing following the international trend towards stricter AML regulation of the banking services industry. The main provisions of the amendment are: Enhanced “Know-Your-Client” procedures, including the requirement to interview clients either face to face or via video call. Enhanced [...]
ccording to the Department of Lands and Surveys the total number of property transactions during the first quarter of 2016 rose by 24% compared to the first quarter of 2015. The increase is attributed to the improvement of the economy, the stabilization of the banking sector but also to the immigration programs introduced by the [...]