Cyprus and UK Sign New Treaty for Double Taxation Elimination

Cyprus and UK Sign New Treaty for Double Taxation Elimination

A new Convention for the elimination of double taxation with respect to taxes on income and on capital gains and the prevention of tax evasion and avoidance was signed on Thursday in Nicosia, between the Republic of Cyprus and the United Kingdom.On behalf of the Republic of Cyprus the treaty was signed by the Minister of Finance Harris Georgiades and on behalf of the United Kin...
Fitch Rating Upgrades Cyprus to 'BB'

Fitch Rating Upgrades Cyprus to 'BB'

Fitch Ratings has upgraded Cyprus’ long-term debt in foreign currency by one notch to ‘BB’, one upgrade short of an investment-grade rating, it announced on Saturday. Cyprus is experiencing a strong improvement in the performance of and outlook for its public finances. The budget is on track to record a surplus of 1% of GDP in 2017, after 0.4% in 2016, compar...
Property Running Costs

Property Running Costs

Monthly Charges Electricity bills are approximatly  €50 – €125 Gas central heating is approximatly  €200 Water bills are approximatly  €10 – €30 Sewerage & Refuse tax is approximatly  €150 YEARLY (one charge per year) IPT (Immovable Property Tax) abolished for 2017 and onwards. However if...
Taxes

Taxes

An important consideration when buying a home in Cyprus, whether you’re a resident or non-resident, is taxation, which includes income tax, immovable property tax, capital gains tax, inheritance tax and value added tax. Executive Summary Immovable Property Tax payable to the Tax Department Immovable Property Tax (IPT) was reduced in 2016 to approximately a quarter of th...
Company formation

Company formation

The main steps in establishing a new business in Cyprus are: Application for approval of a business name (with the Registrar of Companies), at a cost of EUR8.54 for a standard application, or EUR25.63 for an urgent application in 2010 Registration of a company or partnership Application for a business licence, where necessary Registration with Cyprus tax authorities for p...
Property Taxes in 2018

Property Taxes in 2018

RECENT changes to property taxes in Cyprus include the imposition of VAT on the sale of undeveloped building land intended for the construction of building(s) and changes to the VAT payable on the acquisition/construction of a property to be used as the purchaser’s primary and permanent residence. Here is a summary of the property-related taxes that apply as we enter 201...
Cyprus Records Its Highest Fiscal Surplus Since 2007

Cyprus Records Its Highest Fiscal Surplus Since 2007

Cyprus registered in 2017 a budget surplus of €360.7 million amounting to 1.9% of GDP, marking the highest surplus in the last decade. This is the highest surplus since 2007 when the surplus amounted to €505.According to preliminary results of the general government for 2017 published by the Cyprus Statistical Service, total expenditure rose by €311.6 million or...