The Interim Solution providing for the establishment of an UBO Register for Cypriot entities has launched on 16 March 2021 and is in operation. The obligation to identify and record all relevant information of the beneficial owner(s) who own or control entities burdens all Cypriot entities, including companies incorporated or registered under the Companies Act (Cap.113) and European public limited liability companies. Moreover, the Registrar of Companies has also announced that the final solution will be established following the conclusion of this Interim Solution and the collection of all UBO information.
Cyprus has issued a decision on 24 March 2021 revising the criteria for issuing Immigration Permits to third country nationals-applicants through a fast track procedure for qualifying investments made in Cyprus.
the establishment of a UBO Register for companies in Cyprus as an important tool for strengthening transparency, prevention and combating the use of companies and other legal entities for money laundering and terrorist financing activities, in harmonisation with the provisions of European Union (EU) law.
The Amending Law to the Assessment and Collection of Taxes Law introduced an obligation on all taxpayers to submit a personal income tax return, irrespective of their income. In addition, the Amending Law affords the Council of Ministers with the power to issue a Decree stating the criteria on which individuals with a gross income below €19,500 may be exempted from the obligation to submit a personal income tax return.
