Cyprus authorities are preparing a large-scale upgrade of the country's real estate register

The Department of Land and Cadastre of Cyprus is going to upgrade its registers and "tie" each object to the owner by an identification number. The updates are scheduled for 2023.

Cyprus has changed the criteria for registration of foreign companies

The Cabinet of Ministers of the Republic of Cyprus has amended the legislation on registration of companies controlled by foreigners.

Cyprus raises corporate tax rates

The Cyprus Ministry of Finance is preparing a comprehensive tax reform, the corporate tax rate will increase from 12.5% to 15%, taking into account the global tax reform of the OECD.

Cyprus Tax Department clarifies conditions of penalties for non-disclosure of information on cross-border transactions

A Circular was published in Cyprus clarifying administrative penalties for non-compliance with DAC6 reporting requirements.

The Main Registrar of Cyprus had to be renamed

Due to the need to be reflected in the name of the Department (bureau) The Registrar of Companies and the official liquidator of Cyprus of the full range of competencies, the local authorities decided to rename it.

In Montenegro, the data of foreigners who received "golden passports" were disclosed

The Montenegrin authorities have published publicly available data on foreigners who received Montenegrin passports for 2020-2021, including under the investment citizenship program.

Cyprus plans to implement tax reform by 2025

51 legislative acts - approximately the same number of acts will be proposed for consideration to the Cypriot parliament for the implementation of the "Plan for Recovery, Sustainable Development and Resource Allocation" in Cyprus.

European Commission launched an investigation into Cyprus and Malta for the sale of EU citizenship

The European Commission has filed lawsuits against the authorities of Cyprus and Malta for violation of the Commonwealth legislation due to the peculiarities of their programs of granting citizenship in exchange for investment - the so-called "golden passports".

Foreign direct investment in the world in 2020 fell to a minimum in 15 years

Russian investors are also curtailing direct investment abroad due to the economic impact of COVID-19 and rising geopolitical tensions.

What is the Register of Beneficial Ownership and which countries have already implemented it?

The Register of Beneficial Ownership is a database which contains information about the ultimate beneficial owner of a company (a natural person) or a complex corporate structure.

Russia and Germany lose their positions in the AML ranking

In 2020, the Basel Institute on Governance presented its annual report "Ranking money laundering and terrorist financing risks around the world”. This is the ninth public edition of the Basel AML Index.

Russia ahead of Europe and China in the ranking of Doing Business

In the new ranking of Doing Business Russia rose from 31 to 28 place, entering the TOP 30 and thus getting ahead of France and China. The leading positions are occupied by New Zealand, Singapore and Hong Kong.

Subscribe to Cyprus