14 07 2011
CYPRUS GOVERNMENT IN DEEP WATERS:
CYPRUS ECONOMY SUFFERS UNEXPECTED BLOW:
Cyprus Government has found itself in deep waters after a horrendous explosion of stored explosives.
About 98 containers full of various types of unstable explosives were stored by the Cyprus Government in the open under the hot Cyprus sun for two and a half years.
Suddenly at about 5:30 a.m. on Monday 11th of July 2011 after a low bush fire the whole 98 containers of explosives went off like a mini atomic bomb, plunging the whole island in the dark and in mourning and the Cyprus Government in very, very deep waters.
The magnitude of the destruction for the Cyprus Economy is beyond imagination. A whole Naval Base was completely demolished and the nearby biggest Cyprus electricity plant destroyed fully.
Cyprus Economy has suffered an unexpected blow of about two Billion Euro of actual damages, not including indemnity to victims. Cyprus Economy will suffer a lot of backward trends if you add up this unwordly destruction to the already ailing Cyprus Economy.
A glimpse of light however is the discovery of huge deposits of gas Offshore Cyprus which if handled wisely by he Cyprus Government, will put Cyprus Economy in the driving seat for many, many years.
Allegations put the blame, fot this unexpected and unecessary blow to Cyprus Economy, on the Cyprus Government for storing so highly dangerous a load in the open and also for not seeking expert state help from other countries in destroying or disposing of the explosives.
14 07 2011
CYPRUS CAPITAL GAINS REGULATIONS FOR THE DISPOSAL OF IMMOVABLE PROPERTY IN CYPRUS.
The Cyrpus Capital Gains Tax Regulations rpovide that for every sale of property in Cyprus Capital Gains Tax, must be paid. From this tax Cyprus Economy benefits about 250 mi Euros, every year.
This Capital Gains Tax is paid of course by the Vendor. It is paid at the time of transfer of the property. No transfer of immovable property is allowed in Cyprus unless this Cyprus Tax, has first been paid!
Any Cyprus Capital Gains, is liable to be taxed at the rate of 20%. Subject to certain conditions, individuals may claim the following deductions:
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Up to €85,430 if the disposal relates to a private residence.
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Up to €25,629 if the disposal is made by a farmer and it relates to agricultural land.
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Up to €17,086 on any other disposal.
These deductions are granted once in the lifetime of the individual, until fully exhausted and if an individual claims a combination of them, the maximum deduction granted cannot exceed €85,430.
Cyprus Capital gains tax - exemptions
Under the law, certain disposals are not subject to Capital Gains Tax:
Transfers arising on death, Gifts made by a parent to his children, Gifts to a company if the shareholders are members of the family, Gifts by a company to its members of property which was originally donated to the company, Gifts to charity, Gifts to the Cyprus Government.
Cyprus Capital gains tax - allowances
Under the law, the chargeable gain as adjusted for inflation, but certain lifetime exemptions apply to individuals for the disposal of their main residence:
The €17,086 deduction rises to €85,430 if the property has been the main residence of the tax payer for a minimum period of five years. To take advantage of the full allowance, the land on which the house is built must not exceed 1,500m2. If it exceeds this size, you will pay tax on the percentage over 1,500m2.
THE FOLLOWING EXPENSES ARE ALLOWABLE TO BE DEDUCTED FROM YOUR CYPRUS CAPITAL GAINS:
· Stamp duty paid to the Cyprus Government
· Estate agent’s commission to a lawful estate agent especially for the deal.
· Legal expenses paid especially for the deal.
· Accepted capital additions and improvements
· Additional allowable expenses are also granted for:
· Immovable Property Tax.
· Interest on loans used to buy the Property, assuming that the interest payments have not been used to offset other tax liabilities; e.g. Income Tax.
Cyprus Capital Gains Tax does not apply to profits resulting from the sale of overseas property by residents who were not resident in Cyprus when they purchased the property. So an apartment in Cyprus and become Cyprus Tax resident here, you will not be liable for Cyprus Capital Gains Tax should you subsequently sell your property in France for example.
Reducing your Cyprus Capital gains tax liability
‘Under the table’ payments are, of course, illegal. However, there are perfectly legal ways of reducing your Capital Gains Tax liability:
· Capital losses may be used to offset the gain.
If you are selling your property partly or fully furnished, come to an arrangement with your buyer whereby they purchase any furniture, etc. using a separate agreement. This will reduce your Cyprus Capital Gains Tax liability as the items included in the agreement should not be liable for Capital Gains Tax.
The Cyrpus Capital Gains Tax Regulations rpovide that for every sale of property in Cyprus Capital Gains Tax, must be paid. From this tax Cyprus Economy benefits about 250 mi Euros, every year.
CYPRUS IBC
14 06 2011
IS CYPRUS IBC TAX TO CHANGE?:
The Cyprus Government after long deliberations with the Cyprus Central Bank, the Cyprus political parties, the Cyprus Lawyers and other Cyprus Economy factors has decided to leave the Cyprus IBC tax untouched at 10% flat. The Cyprus IBC is a major player in the Cyprus Economy now, with more than 20.000 Cyprus IBC incorporated every year.
The Cyprus Government has realized, that increasing the Cyprus IBC tax by even 1%, that would endanger the whole Cyprus IBC industry, as foreign investors would be put on the alert for future increases on the Cyprus IBC tax, thus destabilizing the whole industry.
Now that this dangerous economic exper4iment is behind us, the Cyprus IBC will continue to enjoy the very privileged corporate tax of 10%, making a Cyprus IBC the ideal vessel for a businessman worldwide to plan his business operations and his international tax schedules.
Cyprus Economy, is benefitting in a big way, as the Cyprus IBC will in the future carry the major burden of propping up the Cyprus Economy by bring in to Cyprus a lot of money. Now that huge Gas and Oil deposits have been spotted offshore Cyprus, the Cyprus IBC will see a huge increase in preference to other low tax or no tax jurisdictions.
The Cyprus IBC enjoys already a lot of respect worldwide, as Cyprus is a member of this EU and the Eurozone, it is not on any Black lists at all, it has free economy environment and it has very developed communications, banking and airlinks sectors.
A Cyprus IBC, is easy and cheap and fast to incorporate and that done, you can have a Cyprus Bank Account very fast. Cyprus Banking is of the most advanced in the world, offering you a number of huge, safe, international Cyprus and foreign Banks to choose from.
14 06 2011
CYPRUS
BANK ACCOUNT
21 February 2011
HOW TO OPEN A CYPRUS BANK ACCOUNT – WHAT IS NEEDED TO OPEN A CYPRUS BANK ACCOUNT- ALL THE DETAILS AND FACTS FOR YOUR BANK ACCOUNT!
Opening a Bank Account nowadays either personal or corporate has become a “major affair”!
Banks, since the world crisis begun, have placed so many regulations and restrictions and have become so strict about everything, probably after the USA, the EU, and many other countries have demanded from them, to control the use of Banks for laundering money!
It could take weeks, even months to open a BANK ACCOUNT in many countries and probably, it could prove impossible for many people to have a Bank Account at all.
Opening a Cyprus Bank Account is not that difficult or complicated and certainly it does not take very long. I will try to convey to you the picture below, of how to open a Cyprus Bank Account.
A. WHO CAN OPEN A CYPRUS BANK ACCOUNT:
1. Anyone who is over 18 years old and of sound mind, who is not a bankrupt, can have a Cyprus Bank Account. He can be the signatory of his Cyprus Bank Account or he can appoint someone else to manage it, by using a power of attorney.
2. A private company can also have a Cyprus Bank Account, whether it is a Cyprus Company, or that of any other Jurisdiction. A Public Company, a Charitable Company, A Partnership, a Branch, a Redomiciliafed Company, or any Institutions, can all have a Cyprus Bank Account.
B. WHAT IS A CYPRUS BANK ACCOUNT:
A Cyprus Bank Account, is a private agreement with any Public Bank, either Cypriot or that of any other country which is active in Cyprus, by which it is agreed by the Bank to offer all the Banking services required by the client in using his Cyprus Bank Account, in exchange for some fees, which the Bank agrees with the Cyprus Bank Account holder.
The specifics of a Cyprus Bank Account will be included in the agreement.
C. WHAT AMENITIES CAN A CYPRUS BANK ACCOUNT OFFER YOU:
Everything that is offered by any Bank in World. The Cyprus Banking system, is one of the most advanced in the World, fast, efficient, professional.
Some of the most important amenities offered by the Cyprus Banks are:
1. E-Banking:
This is Internet Banking, through which you can have full control, and overseeing of your account from your own personal p.c. or laptop! At the touch of a button your account is in front of your eyes. Thus your Cyprus Bank Account offers you the opportunity to check at any moment its movement, to get copy of your statement, to get statistics of balances, interests etc.
2. Digipass / Token machine:
From this small machine you get a code number every time you want to transfer money from your Cyprus Bank Account to that of a third party, for security reasons.
This way, you can transfer money from your Cyprus Bank Account to any Creditor, associate, client, your lawyer or your accountant from the comfort and of your office and your personal p.c. You save precious time and inconvenience and travelling costs. It only costs you between 40 and 70 Euro to buy, and you can use it for free after that, for as long as you like.
3. Credit / Debit Card:
The use of a card is now imperative. It is unusual for a serious business man to carry a lot of cash on his person. It is dangerous, and in some countries it takes hours to declare it!
Your Cyprus Bank Account offers you the choice of Credit or Debit card use, for little cost! You can, use it to shop, to rent a car, to withdraw cash for ATMs and so much more! And often you get presents for using it, from the Banks!
A Credit or Debit card of your Cyprus Bank Account will not cost you anything! Except of course some interest if you overdraw your balance!
4. A Cheque book if needed:
Your Cyprus Bank Account will offer you a cheque book if you need one. It only costs around 15 Euro for 50 leaves.
5. Multicurrency:
A Cyprus Bank Account will offer you the amenity of having it, in many currencies without any cost at all!
You can have e.g. Euro –USD –Swiss Franc, all at the same time.
D. WHAT MONEY DO YOU HAVE TO DEPOSIT:
In a Cyprus Bank Account, you can deposit as little or as much money as you like or need. There is no minimum or maximum. You can keep millions in it. As long as you justify the source. Like in even other country Banks have to know where the money is coming from, and it has to be legal.
Cyprus Banks will not allow in, money from illegal activities, such a , money laundering, drugs, etc.
The movement of money in and out of Cyprus is completely free. So you can take all your money out of your Cyprus Bank Account and out of Cyprus all in the same day you brought it in.
E. HOW EXPENSIVE IS A CYPRUS BANK ACCOUNT:
Not at all expensive. In fact it is almost free to set up, and it is maintenance costs “minimal”.
The Cyprus Bank Account costs are of the lowest in the World. Any fees of that will be changed are agreed before and by the Cyprus Banks, and the Cyprus Bank Account holder!
And on top of that you have an unreserved quality service by all the Cyprus Banks.
The only costs for a Cyprus Bank Account, is to buy the Digipass and a few Euro for the rest of it.
F. HOW ABOUT CURRENCY FOR MY CYPRUS BANK ACCOUNT:
Through your Cyprus Bank Account, and any of the Cyprus Banks, you can have any Currency exchange facilities. You can trade currencies, or change your Euro or USD, into any world Currency quickly and with standard currency values, at reasonable “pip costs”.
G. LOANS OR OTHER CREDIT FACILITIES:
In Cyprus the Banks can loan or provide Credit Facilities for your Cyprus Bank Account, yourself, your company etc. for any sum of money, provided that the need is reasonable, the project is viable and the guarantees offered adequate.
Interest rates, of the Cyprus Banks, vary between 3.5% to over 10%, depending on the amount the risk, the guarantees’ offered etc.
H. IS THERE A LOT OF FORMALITIES FOR A CYPRUS BANK ACCOUNT?
On the contrary, Opening a Cyprus Bank Account, is simple and cheap and very quick.
Generally what you need in the way of formalities are:
1. A copy of your passport
2. A utility bill, e.g. for telephone
3. To fill in our Legal Due Diligence
4. For Companies, a set of the Company formation Certificates!
I. HOW LONG DOES IT TAKE TILL A CYPRUS BANK ACCOUNT IS ACTIVE?
Generally, opening a Cyprus Bank Account does not take long. From the day we have the documents and information needed from you, the same day we will have the Bank Account details such as the ACC NO, the SWIFT NO, and the IBAN NO etc.
In 3 days the account will be complete with Digipass/ Debit/ Credit Card etc.
The day you deliver to the Bank the signed letter that you received you Codes/ Digipass /Card, the account is activated!
So mostly it depends on you, how many days it takes.
J. CLOSING A BANK ACCOUNT:
Closing your Cyprus Bank Account is very simple. As we said in the beginning a Cyprus Bank Account, depends on agreement between any of the Cyprus Banks, and a private individual or Company.
All you have to do is tell your Cyprus Bank, to close the account.
You sign the necessary order and the Bank closes the account and issues you with a last statement, showing a 00 Balance.
It is understood that if you have any money in your Cyprus Bank Account, it will be returned to you or if you owe money, it will be paid to them first.
21 February 2011
24 SEPTEMBER 2010 Before the latest legislation, a Cyprus IBC was called Cyprus Offshore Company. A CYPRUS OFFSHORE COMPANY allowed the Cyprus Company to trade ''OFFSHORE" i.e. to trade in any other country, but inshore. That is why an Offshore Company was called like that. A Cyprus Offshore Company enjoyed a lot of prerogatives such as, only 4, 25% corporate tax, duty free cars and machinery, and electrical goods and many others.
Updated 12 02 2011
WHAT IS A CYPRUS `OFFSHORE COMPANY` OR NOW AN IBC?
The Offshore Company was eventually replaced too, by the normal local Cyprus Company i.e. the CYPRUS IBC, but the CYPRUS CORPORATE TAX was reduced now for all Cyprus Companies to 10% only, which is the lowest Corporate Taxation in the E.U. And of course, the new Cyprus Company, the International Business Company or IBC, like the old Cyprus Offshore Company enjoys the same privileges as any local Cyprus Company.
Now, the Cyprus Company or CYPRUS IBC enjoys a lot of respect worldwide, because Cyprus is a respectable Democratic Country, with a steady political system, with Banking Services, which equal those of many European Countries, with fast communications and air links to the whole world. Cyprus is not in any black list, nor does it suffer from any of the symptoms, some `tax havens` suffer, so it is easily accepted anywhere, by any Tax Authority, and you can open a bank account in any country for a Cyprus Company.
Lately, the Cyprus Company Registration has increased by 30%, and it is now sought after, in the place of the Cyprus Offshore Company, by shrewd businessmen from all over the world, so that they can reduce their COMPANY TAXATION to 10% or even lower and in some cases the Company Tax is simply 0%!!
The old Cyprus Offshore Company may be dead and gone, but the new Cyprus Company or the CYPRUS IBC, is more potent than ever before. It is the ultimate business weapon for you to be able to antagonize your competitors, and in the process to save yourself a lot of money in the process.
There are various types of Cyprus `companies`, the most preferred type though is the private company limited by shares. However if your special reasons dictate it , you may have the Brach of Company i.e. you can register your foreign company in Cyprus, and you may have the same advantages tax wise as if you incorporated an new private company.
You may also have a Private Company Limited by Guarantee, not shares, i.e. each member`s liability is restricted to a sum of money he declares from the start as his participation in the company`s capital.
A Public Company also is one of the choices, which contrary to the private company can issue invitation the public to buy its shares. It is limited by shares; it must have at least 7 shareholders and two Directors. It may be introduced into the Cyprus Stock Exchange.
A company Redomiciliation is an effective way of having your Cyprus Company. You can have your foreign company moved and registered in the books of the Cyprus Company Register. This is possible if the jurisdiction in which your company is registered allows it, and also if the Company`s Articles of Association also allow it. The Cyprus legislation allows it. After Redomiciliation, your company is considered to be a local Cyprus Company, and enjoys all the local company`s privileges.
A Cyprus Company is considered to be tax resident, if its management and control is in Cyprus. The management and control is in Cyprus if the majority of the Directors are local Cypriots resident is Cyprus and the meetings of the board are done in Cyprus.
Buy a Cyprus Company today and plan your Company Taxation in a tax effective manner. Save a lot of money, just by taking advantage of our CORPORATE SERVICES package.
CYPRUS NOMINEE SERVICES – CYPRUS NOMINEE DIRECTOR- CYPRUS NOMINEE SHAREHOLDER- CYPRUS NOMINEE SECRETARY.
WHY DO YOU NEED NOMINEE SERVICES?
WHO CAN ACT AS NOMINEES IN A CYPRUS COMPANY?
11TH OF FEBRUARY 2011
A busy businessman cannot be everywhere. He needs to assign some jobs to other people. A good businessman is the one who will use assignment of labor effectively, i.e. by using the right person for the right job. A Cyprus Nominee person such as a Cyprus Nominee Director or a Cyprus Nominee Shareholder or even a Cyprus Nominee Secretary, are the right persons to represent a businessman, in the formal execution of chores in running the Cyprus Company. He can assign to them as many or as few jobs and authorities as he needs to, or as he feels safe to.
By using Cyprus Nominee Directors or Cyprus Nominee Shareholders or a Cyprus Nominee Secretary at usually very competitive fees from E R TEAM GLOBAL CONSULTANTS LTD, you save a lot of time and more expense. The people we offer for nominee services are always persons from our office closely associated to the owners, so that their honesty, professionalism, integrity and confidentiality is always guaranteed!
Under the guidance and supervision of the Legal Department of E R TEAM GLOBAL CONSLULTANTS LTD, they will execute their duties diligently, responsibly and always with integrity, so that your company will abide by the laws and regulations of Cyprus.
The Beneficial Owner, of the company can restrict the authority of the Cyprus Nominee Directors, or Cyprus Nominee Shareholders, by the signing of a Trust Instrument, with them through which they undertake to use their powers only as instructed in writing by the BO.
A Trust Deed is also executed in favor of the BO, by the Cyprus Nominee Shareholders, who undertake not to deal with the shares in any way, unless told so, by the BO in writing?
They also execute and deliver to the BO, an open date Share Transfer Document, signed sealed and witnessed, so the the BO can at any moment file the document and transfer the shares into his or anyone else`s name.
Confidentiality and Anonymity: If you need to keep your anonymity, then the best way is to use a Cyprus Nominee Director, or Cyprus Nominee Shareholder or Secretary. The name of the BO, is never disclosed to the Authorities such as the Income Tax, or the Central Bank, or the Courts, or the Police, nor is it disclosed to the Authorities of any third Countries. The only private person to know the name of the BO is the Bank, for purposes of opening a bank account, but they keep it to themselves!
C Y P R U S N O M I N E E D I R E C T O R:
Who can act as a Cyprus Nominee Director? What powers does a Cyprus Nominee Director have according to the Cyprus legislation? Can he harm my interests? How can I restrict his powers? How can I take over his powers?
Relax! There is an answer to all your questions. Let’s take them one by one.
Any male or female person of sound mind and of age who has not declared bankruptcy can be appointed to act as a Cyprus nominee director of any company.
A Cyprus Nominee Director, as any company director is the most important person in the company structure, especially is he is the sole Director, i.e. he is the only Director, since lately with an amendment of the Cyprus legislation a company can have one Director and one Shareholder. The Directors, can exercise all the powers of the company as those are provided for by the Memorandum and Articles of Association, and by the Legislation! BANK OF CYPRUS 23.02.2011
Our firm has a long and close cooperation with Bank of Cyprus, and is in a position to open a Cyprus Bank Account for you personally or for you Cyprus Company, or your foreign Company, within a few days with all the facilities like E-Banking ( online banking) – Digipass / Token – Credit / Debit Card – Multicurrency etc.
Your Bank of Cyprus account is practical, cheap to maintain and has no limits or restrictions on the size of deposits, or the movement of money.
The Formalities required are simple and basic. Just a copy of your passport, a utility bill and a Bank reference letter where possible.
The Bank of Cyprus is one of the oldest in Cyprus, and one of the biggest Banks in Cyprus, and in the Balkans the Bank of Cyprus is active in the Balkans Europe, UK, USA, AUSTRALIA, RUSSIA, UKRAINE, the Channel Islands etc, with more than 560 branches and a capital of more than 43 billion. The Bank of Cyprus is expanding rapidly, and recently they have bought a Bank in Russia. Its history goes back to 1899. The Bank of Cyprus now employs more than 12.000 people.
We can open your Bank of Cyprus account without your personal attendance, only by email, fax and post. Banking Online with Bank of Cyprus:
Banking online with Bank of Cyprus is available through their personal or corporate accounts.
On opening a Cyprus Bank Account at the Bank of Cyprus and of course if a client requests it, a Digipass or Token is sold to the client. Through the user code and the pin number, the client can access his online bank account in a few minutes, by login in on the Bank of Cyprus website. After that, it is a child’s play to check your balances, the movement of your banking activity and to plan your management of your money.
With the Digipass machine, you get an extra code number, with which you can make transfers of money from your Bank of Cyprus account, to that of any client, provider or associate.
If you need a Cyprus Bank Account, act now. Get in touch with us to secure for you a Bank of Cyprus, bank account now.
BANK OF CYPRUS OFFICIAL SITE: This link will take you directly the Bank of Cyprus website, in which you can browse and see for yourself some facts about this Cyprus Bank: http://www.bankofcyprus.com/Main/Default.aspx 23 02 2011
Therefore if a dishonest person is appointed a Cyprus Nominee Director for you, he may have the opportunity to harm your interests! That is why E R TEAM GLOBAL CONSLULTANTS LTD, takes particular care always to use persons as nominee directors, shareholders and secretaries, whose integrity and honesty cannot be disputed and are usually persons closely related to the owners!
You can restrict his powers by signing the Trust Instrument, cited above, with him, by which you curtail his powers under the threat of legal action and indemnity. Of course I stress again that the persons used by our company are beyond suspicion.
Finally you can take over the powers of the Cyprus Nominee Directors, by securing a Power of Attorney from them which empowers you, or any one else to exercise all or some of the company`s powers! A power of attorney can be a General or a Special power of attorney!
The Cyprus legislation allows a company to have only one Director!
C Y P R U S N O M I N E E S H A R E H O L D E R:
The most frequently asked questions about the Shareholder, by foreign investors, are: Who can be a Cyprus Nominee Shareholder, what are his powers in the company, can he hurt my interests, what can I do to safeguard against that, how can I deprive him of his powers if I want to ?
A Cyprus Nominee Shareholder is a person whom E R TEAM GLOBAL CONSULTANTS LTD, will use to be the shareholder of your company, instead of you, in each case that the BO needs to keep his anonymity.
This person again, is one who is closely associated with our firm, and the owners of our company, and are persons of the utmost trust, integrity and honesty. Any person of age, regardless of sex, provided he/she has not been declared bankrupt, can be a Cyprus Nominee Shareholder.
In order to secure you even more, we will have the Cyprus Nominee Shareholder sign for you, the so called Deed of Trust, by which he undertakes not to deal with the shares in any way at all, unless he has express written instructions from you ,the BO of the company. He also undertakes not to use the powers allotted to him by the shares, i.e. to appoint new directors, or a new secretary etc. unless again expressly instructed by the BO.
The Cyprus Nominee Shareholder will also sign a document called the Share Transfer, by which he executes an open date share transfer, duly signed and witnessed. All you have to do is to fill in your name or the name of any other person, sign and seal, and witness it, and the shares change ownership, by the filing of the said document, at the Registrar of Companies, in Cyprus!
By the Cyprus legislation, a company may have only one Shareholder.
C Y P R U S N O M I N E E S E C R E T A R Y:
Again, the same questions can be asked for the Cyprus Nominee Secretary, as for the other Nominees. A Cyprus Nominee Secretary does not have that many powers, in the company.
A Cyprus Nominee Secretary`s participation in the day to day and the serious running of the business is minimal and peripheral. His powers are formal. They are restricted to the signing of mostly bank documents when opening an account or securing loans, when filing the income tax accounts and so on.
Of course it goes without saying the E R TEAM GLOBAL CONSULTANTS LTD, again uses persons who can be trusted absolutely. A Cyprus Nominee Secretary however, is necessary by the Cyprus legislation. One Secretary is enough.
His duties and powers may be increased by the Directors.
11th of February 2011
