Shell companies and the 60 days tax residency scheme.
The Minister of Finance has stated recently that the model where Cyprus encouraged the opening of bank accounts of companies, that had just deposits at the banks, with no physical...
What are shell companies?
The Central Bank of Cyprus issued on 02/11/2018 a Circular to the commercial banks of Cyprus defining the term “shell company”. This Circular comes following an earlier Circular dated 14/06/2018...
How over-compliance in the banking sector threatens to kill Cyprus as a business center.
Cypriot banks are under extreme pressure, the last few months, by their regulator, the Central Bank of Cyprus, as regards the opening and operation of bank accounts of companies belonging...
The Central Bank of Cyprus proposes new definition on shell companies.
The Central of Cyprus (CBC) informed last week the commercial banks of the island that it will amend the Anti Money Laundering Directive to include a new definition of shell companies....
Anti-Money Laundering/Counter-Terrorist Financing Compliance Manual seminar by UCLan.
The School of Law of UClan Cyprus organised a very interesting AML Seminar last Saturday 19/05/2018. The seminar entitled “How to Structure an Anti-Money Laundering/Counter-Terrorist Financing Compliance Manual” was presented by the experts...
Minority rights and derivative actions under Cyprus company law.
It is a general principle of company law that an individual shareholder cannot sue for wrongs done to a company or complain of any internal irregularities. This principle is widely...
Companies that own or trade in shares need to get an LEI code as of the 3rd of January 2018.
According to EU Regulation no. 600/2014, banking and financial institutions must present to their supervising authorities reports containing complete and accurate details of executed transactions. This starts from the 3rd of January 2018....
VAT introduced on the supply of building land and business.
VAT introduced on the supply of building land and business. On 3 November 2017, the Cyprus Parliament voted the amendments in the Cyprus VAT legislation fulfilling its obligation to the...
