When granting the estate or administration, the executor / administrator takes the place of the deceased for legal reasons. As such, the executor/administrator acquires all the rights and obligations of the deceased. Income from the sale of real estate is subject to Cyprus tax. Income tax rates apply to natural or legal persons, depending on whether the owner of the property is a natural or legal person. The 2022 Corporate Tax Guide covers 46 jurisdictions. The guide provides the latest legal information on types of business entities, special incentives, consolidated tax consolidations, personal and corporate tax rates, withholding taxes, tax treaties, transfer pricing, etc. Deloitte`s four core firms provide direct and indirect tax services to businesses and individuals operating in all sectors of the economy and with in-depth knowledge of local and international tax matters. It has one of the largest tax firms in Cyprus with six partners specialising in specific tax areas such as indirect taxation, retail clients and international taxation. Pieris Markou, Partner, is responsible for the tax and legal practice, supported by a dedicated team of partners and tax directors. Chrysostomides` tax team is highly recommended for the full range of tax and legal services and has been one of the leading tax firms in Cyprus for many years. The team has experience and expertise in a wide range of practice areas, including corporate tax, retail clients, international tax, tax controversies, transfer pricing, real estate, income tax, VAT, customs, mergers and acquisitions, restructuring, due diligence and dispute resolution. Clients come from a range of industries, including finance, real estate, shipping, technology and energy. Partner George Ioannou is a key person in the firm.

“The firm occupies a unique position in the Cypriot legal sector as one of the few law firms with extensive expertise in the field of taxation. This has the advantage of being able to support their clients in complex tax matters. In Cyprus, a new law has been enacted transposing the European Trade Mark Directive and has introduced changes to the legal system for the registration, maintenance and protection of trade marks in Cyprus. These important changes have been welcomed by the legal community. EU Directive 2015/849 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, better known as the 4th Anti-Money Laundering Directive, requires each EU Member State to establish registers of beneficial ownership (UBOs) of legal persons. The 5th AML Directive goes even further and makes the publication of these UBO registers mandatory. Elias Neocleous & Co LLC provides specialized legal services in all aspects of Cypriot and European law, with a focus on excellence and innovation. With over 140 qualified lawyers and tax advisors and offices in Limassol, Nicosia, Paphos, Prague, Kiev, Brussels and Budapest, Elias Neocleous & Co LLC is the largest law firm in Cyprus and internationally recognized as the leading law firm in the region. The firm tops the IFLR and Legal 500 rankings for Cyprus and was named “Law Firm of the Year 2019 – Cyprus” at the Benchmark Litigation European Awards. As the Cypriot tax system offers many tax exemptions and deductions on an individual`s income, tax planning before the move as well as estate planning are considered essential. A person should seek tax and legal advice before moving to Cyprus or before connecting to the country in order to benefit from a range of tax benefits and incentives.

Elias Neocleous & Co is a highly recommended tax and legal firm. It is one of the largest tax firms on the market, staffed by lawyers and tax specialists. The practice focuses on both contentious and non-contentious tax advice. The firm`s client portfolio consists primarily of multinational corporations, HNWIs and government organizations, and the tax team has extensive experience in supporting complex domestic and cross-border transactions. Elias Neocleous, Managing Partner, leads the tax practice, supported by a dedicated team of tax partners and lawyers. UBO register for other legal entities (such as associations or trade unions) maintained by the Cypriot Commissioner General “Through a team of highly qualified and experienced professionals, they advise individuals and companies on all aspects of Cypriot tax matters as well as on international tax structuring. Regardless of the complexity of the structure or transaction, the team is able to ensure tax efficiency and compliance with legal requirements and laws. “We have been working closely with Kinanis LLC for over twenty years. Kinanis LLC provides world-class legal, consulting and accounting services. The staff of the company is very efficient and competent.

Always prompt feedback, excellent work culture and great professionalism make Kinanis LLC exceptional. Charalambos Meivatzis is very knowledgeable, focused and reliable. In Cyprus, there has been a temporary closure of courts due to Covid-19, which has led to significant delays in the judicial system. On a positive note, however, the government issued rules of procedure for the electronic registration of documents in court in early 2021; This is seen as a major step forward for the Cypriot judicial system. Another important initiative is the introduction of the proposed commercial court. In Cyprus, there are a large number of high-value disputes and several courts are decided in Cyprus. A bill establishing a Commercial Court and an Admiralty Court in Cyprus has been adopted. These measures are aimed at speeding up legal proceedings and improving the island`s prospects as an attractive destination for investment. With a proven track record as a thriving business hub, Cyprus offers a wide range of investment opportunities for individuals and businesses. The country`s strategic location, favourable tax environment combined with its modern banking and legal infrastructure have confirmed its position as the leading source of foreign direct investment (FDI). Patrikios Pavlou & Associates LLC is a leading, highly recommended and award-winning law firm based in Cyprus. With over 56 years of experience in the local and international legal market, the firm is recognized for its involvement in some of the largest cross-border transactions and complex litigation and arbitrations, as well as its exceptional clients.

The Cypriot legal system, based on the principles of English common law, provides a transparent, efficient and user-friendly framework for foreign investors. If your company would like to publish press releases or leadership articles, please contact content@legal500.com Our professionals are engaged as strategic advisors from both a commercial and legal perspective. In a global and constantly challenging financial environment, ConnectedSky has highlighted its efficient approach while adequately safeguarding the interests of its customers. Currently, only the Companies Registry Department has implemented the UBO Register and issued guidelines and guidelines on the methodology to be used by Cypriot companies and other legal entities for the registration of their final beneficial owners. Other competent authorities should adopt similar policies and guidelines and implement the establishment of the corresponding UBO registers in the near future. “Stavros Clerides has an exceptional flair for tax and legal issues and is a great help when we need innovative cross-border structuring and tax planning. He is a brilliant lawyer with a deep understanding of corporate finance and business issues that inspires complete confidence in the complex structures he proposes. We also work with Andri Stylianou, who has extensive experience in structuring and negotiating complex cross-border transactions and is also very efficient. » Investors have the opportunity to acquire permanent residence in Cyprus by making certain investments in the Republic. These investments include the purchase of a property in the Republic with a total market value of at least €300,000 (VAT not included). In addition, there are other requirements.

Such permanent residence may not give the applicant the right to be employed, but it would allow him to receive dividends as a shareholder of a Cypriot legal entity. “Partner Stella Strati, also certified as an AMIT expert, is very responsive, meticulous in her work and provides practical and accurate tax advice. We also work with Stylianos Trillides, who is a senior associate at the firm, and we are very satisfied with his skills. He is always available and provides immediate and practical legal advice with a positive attitude. According to wills and inheritance law, anyone can distribute the distributable portion of the estate in their will as long as the testator is over 18 years of age and of sound mind. The will must be made in writing and signed in a certain way to be legally binding and valid. Two or more witnesses over the age of 18 who are of sound mind must testify and countersign the will. “The members of the Patrikios Pavlou team are fully committed to the company, offering their ideas and suggestions to the client and always acting proactively. Typically, they go beyond offering “normal” legal advice.

The firm also has qualified ADR members. The Special Defence Contribution (SDC) is levied on dividend income, “passive” interest income and rental income of Cypriot tax residents and Cypriot residents, legal persons and natural persons.