Welcome to our July newsletter.

In this issue we put a spotlight on Cyprus as we take a look at the important tax reforms that the Parliament has announced in order to strengthen the islands tax system and make it more attractive for foreign investments.

For this reason we have created a special offer for the month of August, offering a discount of 20% on Cyprus Company Formation and Bank Account opening. For more information please contact us.

Moreover, in light of the latest developments in the Greek economy and the strong maritime tradition of Cyprus, we put the spotlight on Cyprus as a maritime centre.

We include the latest updates on Double Tax Treaty Agreements and urge you to have a look at our news section to catch up with the latest developments of the industry.

Finally, in regards with our continuous effort to offer our new and existing clients with one-stop-shop solutions, we present to you our range of services.

If there is an interest in any of our services, as always, feel free to contact us to discuss possibilities.

Spotlight on Cyprus

Cyprus Company Formation: Cyprus is considered to be one of the most attractive jurisdictions in Europe: Cyprus holding companies enjoy all the benefits that the low tax jurisdiction has to offer such as full exemption from tax on dividend income, no withholding tax for dividends paid to non-residents, no capital gains tax and one of the lowest company tax rates in Europe of just 12.5%. Read more

Proposed Amendmends to Cyprus Taxation to Promote Investments:
The President of the Republic of Cyprus announced earlier this month attractive tax reform plans aiming at streamlining the island’s tax system by limiting tax burdens and attracting foreign companies and/or individuals to invest and/or relocate to Cyprus.On 16 July 2016 the Cyprus House of Parliament approved some of the proposed changes. Read more

Cyprus as a maritime centre: Cyprus is one of the most appealing maritime centers and is the only EU country with an EU approved tonnage tax (TT) system which fully complies with EU and OECD requirements against harmful tax practices. According to the Cyprus Shipping Chamber, Cyprus has the 10^th largest merchant fleet in the world and the 3^rd in the European Union... Read more

Double Tax Treaties Update

Cyprus - Georgia Tax Treaty Details Become Known: The text of the Income and Capital Tax Treaty between Cyprus and Georgia has become known. The treaty was signed on 13 May 2015 and will come into force after the two countries exchange ratification instruments. The provisions of the treaty will have effect from 1 January of the calendar year next following that in which the agreement enters into force. In accordance with the treaty, the following withholding taxes will apply:

Dividends: 0%
Interest: 0%
Royalties: 0%

Treaty Update: Liechtenstein and Switzerland: On the 10 July 2015 Switzerland and Liechtenstein signed a new double taxation agreement (DTA) amending the previous agreement, signed in 1995. The new provisions of the agreement lower the withholding tax rates applicable to dividend and interest payments. Read more

UAE and Uganda Signed Tax Treaty: On June 9 2015, The United Arab Emirates and Uganda signed an Income Tax Treaty. Further details will be reported once the text of the treaty becomes available.