The rental market in Cyprus is made of two different categories: the houses which are governed by the Rent Control Law (1983) and the free market. The Rent Control Law and its more recent amendments are applied to tenancies of residential or business real estates which qualify as “Controlled Areas”,…
The banking and financial industry legislation in Cyprus is adapted to the international best practices and it imposes a simplified, efficient and transparent tax system which complies with the major international organizations. The commercial banking rules and practices are structured after the British model, all banks maintaining corresponding networks in…
When opening a company in Cyprus all investors pay special attention to taxation regulations. In Cyprus both individuals and companies are liable to income tax according to the Income Tax Law No. 118 issued in 2002. The income tax in Cyprus is paid for trade income, salaried services, pensions, interest,…
Payroll administration in Cyprus The Cypriot tax legislation is very specific about the taxation of income and also covers the taxation of employees. Employees are required to pay the personal income tax resulting from their salaries, but will also be withheld certain amounts of money for the social security benefits…
The property market in Cyprus plays a key role in the economy of the country, besides the financial and tourism industries, which account together for around 80% of the GDP. Our experienced lawyers in Cyprus can provide further information on this matter. Reports have shown that the property prices in…
The financial system in Cyprus has developed quite a lot in the last few years, making it easy for individuals and companies in need of innovative services to actually benefit from them. One of the most common financial operations is related to various types of transactions, however, one must have…
There are several requirements which need to be complied with when starting a business in Cyprus, no matter if the owner is a national or foreign investor. One of these requirements refer to appointing a company secretary, according to the Company Law in Cyprus. It is also important to note…
The General Data Protection Regulation – GDPR – was announced two years ago by the European Parliament, and the final version became mandatory starting with May 2018. As an EU member, but also as a country which has numerous companies handling sensitive information of individuals, Cyprus is directly interested in…
To be able to build, demolish, amend, extend, convert or repair the use of premises in Cyprus, first, you must obtain the town planning permit for the conversion of the property and/or the building or construction works. Then, a building permit must be issued by the corresponding local authority, depending on…
Entrepreneurs who intend to open an insurance company in Cyprus should be aware that such a business here requires a license to activate in this sector, under the articles 8 and 22 of the Insurance Law. Our lawyers in Cyprus can provide more details on the schemes available for foreign…
