News

Stamp Duty Law

An amendment of the stamp duty law converted the amounts expressed therein from the old Cyprus currency (Cyprus pounds)to Euros. With effect from March 1st, 2013 the bands applicable for the assessment of stamp duty applicable to contracts are as follows:

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Laws introduced pursuant to the MOU agreed between Troika and the Cyprus government for strengthening the public finances.

Towards the end of the year, the Cyprus parliament voted a number of legislative actions introducing new and amending existing laws in order to strengthen public finances and reduce administrative burden. The laws while forming the basis for more stability in the financial sector retain the full benefits that Cyprus offers as an international business center. We present and analyze below some of the most relevant amendments made:

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Revisions in BVI Due Diligence Requirements

All corporate service providers as regulated by the Financial Services Commission of the BVI are bound to observe the respective anti-money laundering laws, regulations and/or guidelines issued by the competent authorities in BVI.

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Reform of the International Trust Laws

The Cyprus International Trusts Law of 1992 (the “Law”) has finally been amended by the Cyprus International Trusts (Amending) Law of 2012 (hereinafter the “Amended Law”). The recent amendments to the Law aim to strengthen the position of Cyprus as one of the most attractive trust jurisdictions by providing a flexible, secure and modern legal and taxation framework.

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2011 Amendments to the Cyprus Companies` Act

We are pleased to present below an overview of amendments made in 2011 to the Cyprus Companies’ Act (“the Law”) by the House of Representatives. The amendments made aimed at, among others, simplifying and modernizing certain formal procedures, reducing administrative burdens on companies, providing more flexibility in certain areas and increasing the revenues of the Cyprus government.

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