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The Ministry of Finance announces new measures to attract foreign investment and enhance business activity in Cyprus
Regulatory & Tax

The Ministry of Finance announces new measures to attract foreign investment and enhance business activity in Cyprus

Commencing in Q1 of 2022, new policies will be implemented facilitating: (1) Employment of third-country nationals who are employed by foreign interest companies/businesses, as well as for Cyprus companies who add value to the Cyprus economy; (2) Employment of third-country nationals with either a minimum gross monthly salary of €2,500, or a maximum gross monthly salary of €2,500; (3) Family re-unification rights of third-country nationals belonging to the Business Facilitation Unit; (4) Simplifying and fast-tracking the process of granting work permits; (5) Digital Nomad Visas; (6) Tax incentives for employees; (7) Other tax incentives; and (9) Citizenship.
New standard contractual clauses for transfers of personal data to third countries adopted by the European Commission
Regulatory & Tax

New standard contractual clauses for transfers of personal data to third countries adopted by the European Commission

This article discusses the adoption of new standard contractual clauses under Article 46 of the EU General Data Protection Regulation 2016/679 (GDPR) for the legitimisation of transfers to third countries which do not benefit from an adequacy decision – ie “international transfers”.
Transposition of DAC6 in Cyprus compared to other EU countries
Regulatory & Tax

Transposition of DAC6 in Cyprus compared to other EU countries

There is no getting away from it: Cyprus is the black sheep of the EU flock at the moment as far as mandatory tax disclosures are concerned. It remains the last bastion of the Union which has yet to implement DAC6, for the time being, anyway. This article explores how Cyprus got to this point and what it means for stakeholders potentially affected by DAC6.
Liquidation solutions in Cyprus and the BVI
Liquidations

Liquidation solutions in Cyprus and the BVI

This guide identifies the types of voluntary liquidation and outlines the procedure to take in both the British Virgin Islands and Cyprus. It also sets out the duties of a liquidator in the winding-up process.
Cyprus UBO regime announcement
Banking & Finance

Cyprus UBO regime announcement

Cyprus UBO disclosure regime for entities and other legal arrangements commencing on 22 February 2021.
A recap of AIFMD principles in Cyprus
Regulatory & Tax

A recap of AIFMD principles in Cyprus

Cyprus transposed the AIFMD by enacting the Alternative Investment Fund Managers Law 2013. Allied to the AIFM Law is a host of circulars and directives issued by the Cyprus Securities and Exchange Commission as well as the Commission Delegated Regulation (EU) No 231/2013, which substantiates the AIFMD’s provisions and is directly and uniformly applicable in all EU member states.
COVID-19 and the EU’s drive to reinvigorate the Capital Markets Union
Regulatory & Tax

COVID-19 and the EU’s drive to reinvigorate the Capital Markets Union

The European Commission recently announced its intention to streamline key aspects of the Capital Market Union in response to COVID-19. The drive is in response to pressures on the European economy, both current and anticipated, caused by the pandemic.
Addressing heightened risks for retail clients
Regulatory & Tax

Addressing heightened risks for retail clients

As the coronavirus pandemic swept Europe, ESMA warned firms not to forget their conduct of business obligations under MiFID II. The Cyprus Securities and Exchange Commission has also reaffirmed its approach.
AML/TF risks in Cyprus in light of COVID-19 and related policy responses
Banking & Finance

AML/TF risks in Cyprus in light of COVID-19 and related policy responses

COVID-19 has changed the world in a lot more ways than one could imagine. An increase in the level of crime and changes in the type of criminal activity is just one of the many consequences of COVID-19 on global businesses. According to “COVID-19 related Money Laundering and Terrorist Financing, Risk and Policy Responses” (FATF COVID-19 paper), new Money Laundering (ML) and Terrorist Financing (TF) threats and vulnerabilities have been created from the outbreak of COVID-19 related crimes.
The private placement of funds in Cyprus
Investment Funds

The private placement of funds in Cyprus

This guide briefly summarises the key aspects on the private placement of funds in Cyprus, focussing on marketing by non-EU and sub-threshold managers and funds looking to access investors based in or operating out of Cyprus.