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Cyprus – Registered Alternative Investment Funds Update

03/01/2019

We would like to inform you that the Cyprus Securities and Exchange Commission (“CySEC“) has published an announcement reiterating the legal and regulatory framework applicable to Registered Alternative Investment Funds (“RAIFs“). This has been done in an effort on behalf of CySEC to rectify various announcements and publications made from various RAIFs which contained erroneous information as to the regulations applicable to them.

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Cyprus – Reduction of Registrar of Companies Fees for Incorporation of Cyprus Companies

19/12/2018

The Council of Ministers has exercised its discretion and has, as of the 18th December 2018, amended the Regulations governing the applicable fees of the Registrar of Companies, by the issuance of the new ΚΔΠ 364/2018.

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Cyprus – New Definition for “Shell Companies”

18/12/2018

The Central Bank of Cyprus (“CBC”) issued a circular (Ref. BS 6020) on 02/11/2018, with the purpose of clarifying and further explaining the vague information and definitions about the so-called “shell companies” and entities in Cyprus and how licensed Financial Institutions should deal with them. This was highly needed as the original circular which was issued in June 2018 created uncertainties as to the treatment of various entities by the financial institutions.

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Cyprus – Extension for Payment of Tax Arrears

11/10/2017

The Cyprus Parliament has passed on the 29th September 2017 an amendment to the relevant law, effectively extending the deadline for individuals and corporations and entities to file for any apply for the scheme of settlement of taxes which are in arrears.

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