MICHAEL CHAMBERS& CO. LLC

Foreign currency loans and mortgages require proper risk assessment and detailed information.

In October 2015 the Cyprus Tax Department issued the Circular 2015/13 aiming at creating a stable and credible tax system and establishing new procedures for the issuance of advance tax rulings.

The Circular C132, issued by the Cyprus Securities and Exchange Commission (CySEC), contains additional guidelines concerning the legal and natural persons that are included in the leak documents of the Panamanian law firm Mossack Fonseca (Panama Papers).

Prevention and monitoring of money laundering, as well as the financing of criminal and terrorist activities, is a significant factor that influences the efficient and effective operation of the global economy.

The double tax treaty between the Republic of Cyprus and the Republic of Latvia will strengthen the economic and commercial relations between the two countries.

The Government of the Kingdom of Bahrain and the Government of the Republic of Cyprus concluded an Agreement for the avoidance of double taxation with respect to taxes on income, based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital.

On Wednesday 1st of June 2016, the Council of Ministers of the Republic of Cyprus approved the following: the reduction of the immovable property tax rate by 50%; the abolishment of the immovable property tax collected by municipalities and communities.

The Cyprus taxation scheme together with the simple bureaucratic procedures motivates business people and investors to launch their business activities in Cyprus.

Banc de Binary, one of the biggest global providers of online trading in binary options renounced its authorisation. The Israeli-owned and Cyprus registered company is accused of urging ordinary people to make high risk transactions without assuring if they are able to evaluate the potential risks. The headquarters of the company is in Germasoyia, Limassol. In the beginning, the company was operating in the Republic of Cyprus without authorisation.

The legal team of Michael Chambers& CO. LLC will monitor all the ongoing developments. Our team of Cyprus lawyers is able to provide you with a professional legal advice on how you can incorporate this Double Tax Agreement in your tax planning strategy.

Since directors have powers to take important decisions several duties are imposed on them so that to guarantee that the companies’ interests are well-protected.

Foreign currency loans and mortgages require proper risk assessment and detailed information. Given the complexity of this topic, banks should take into consideration the ability of their customer to assess all the embedded risks. In addition, banks should inform their customers about all the emerging risks and assist them to make wise investment decisions. In case you took a foreign currency loan without having the necessary information and support then you should seek a professional legal advice.

Online betting regulations, together with other measures concerning the betting industry, will create significant prospects for the Cyprus economy, according to the speech of the Cyprus Minister of Finance, Harris Georgiades at the National Betting Authority.

The Cyprus government launched the Cyprus Citizenship by Investment Programme in order to give incentives to foreign investors and business people to implement their business and investment plans in Cyprus. Precisely, the particular programme grants EU passports to investors and entrepreneurs in three months given that they launch their business activities in Cyprus.

Challenging a will is a demanding and complex legal procedure. As a result, the assistance of a professional probate lawyer is important. A professional probate lawyer will review thoroughly all the facts provided by you and he/she will offer you the best possible solution.

The legal team of Michael Chambers& Co. LLC is able to assist ‘trapped’ buyers to obtain Title Deeds.

The Council of Ministers updated the conditions for naturalisation of investors in Cyprus by exception, based on subsection (2) of section 111A of the Civil Registry Laws of 2002-2013.

The Ministry of Finance of the Republic of Cyprus announced that on the 29th of June 2016 the negotiations on the Double Taxation Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion was completed in New Delhi.