In this issue and following the recent BREXIT news, we focus on Cyprus entities as an alternative to the UK LLP and on Cyprus' Permanent Residence and explain the procedure and requirements for applicants and their families in order to obtain it. We also present St. Lucia's new Citizenship by Investment (CIP) scheme and present the Caribbean's most family friendly CIP - that of Grenada.
In industry news we provide an update on the provisions of the tax treaty between Cyprus and Latvia, present the Cayman Island's new LLC companies and update on Mauritius' automatic exchange of information date.
We hope you enjoy reading our newsletter and as always welcome your feedback.
The Internet Incorporate management team.
Cyprus (EU) as an alternative jurisdiction after the BREXIT: In light of the recent BREXIT Polls and results as UK votes to leave the European Union, Cyprus companies are an excellent alternative to the traditional UK LLPs.
Cyprus is considered to be one of the most attractive jurisdictions in Europe to form a limited liability company due to its advantageous tax system. As a full member of the EU as of the 1st of May 2004, Cyprus can offer you one of the lowest tax regime in Europe of just 12.5%.
Moreover, 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 Cyprus' tax system is in full compliance with EU requirements and also with the Organization for Economic Co-operation and Development (OECD) requirements against harmful tax practices. Read more
Cyprus Permanent Residence
The Cyprus Permanent Residence Permit has been in existence for a number of years, and the requirements, as well as the process, have been amended to become simple. The Cyprus government has introduced recently a new procedure for granting the permit to applicants, who are third-country nationals and intend to invest in Cyprus.
To be able to qualify you would need to make a purchase real estate (1 or two properties) of total market value of at least €300.000 plus VAT. Also, the annual income required should be at least €30.000 (with additional requirements for family), and must derive from abroad. Finally, the applicant needs to deposit a minimum capital of €30.000 for a fixed period of three years in a Cyprus bank.
In addition, the Cyprus Government recently announced that in addition to the spouse and underage children of applicants, children over 25 and the parents of the applicants now have the right to automatically apply to obtain a permanent residence permit in Cyprus, provided certain conditions are met. To find our more please contact us at info@internetincorporate.com or click here.
Caribbean Citizenship by Investment
St. Lucia Citizenship by Investment: Saint Lucia is located in the East Caribbean region on the boundaries with the Atlantic Ocean. The Saint Lucia Citizenship by Investment legislation was supported by all elected members of the parliament and began to accept applications from January 1, 2016. Under the current regulations of the program, the number of applications is limited to 500 per annum. To find out how you can apply for St. Lucia citizenship please click here.
Grenada: The Caribbean’s most Family Friendly CIP: There are currently two programmes available to qualify for Citizenship by Investment: either through a contribution/donation to the National Transformation Fund (NTF) or by acquiring government approved real estate. Both programmes offer lifetime citizenships which can also be passed on to descendants. Find out more
Bank Account Opening (Corporate or Personal)
Complete banking solutions and introductions to reputable banks around the world. We assist our clients open Personal or Corporate bank accounts. The banks we work with offer top of the line internet banking services, multi-currency services, debit cards as well as full banking services solutions. Contact us for a complimentary consultation on your banking requirements.
Cyprus and Latvia Tax Treaty Update: On 24 May 2016, Cyprus and Latvia signed a tax treaty based on the OECD model convention. The treaty will enter into force following ratification procedures of both contracting states. The provisions of the treaty will have effect on or after 1 January following the date the treaty enters into force. Read the full provisions of the treaty here
Cayman Islands - Introducing Limited Liability Companies: The Cayman Islands Government recently announced the establishment of Cayman LLC companies. The Cayman Islands LLC will be largely based on the existing Delaware LLC model, but with the necessary modifications required to fit with existing Cayman Islands law. Read more
Mauritius: Automatic Exchange of Information:The Mauritius Revenue Authority (MRA) announced on 15 January 2016 that the first exchange of information under the OECD's new Common Reporting Standard (CRS) would begin in September 2018 - a year later than originally planned. Read more
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