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Want to buy yourself a more desirable nationality?

Posted on: 1/18/2018 1:18:24 AM under General News 
 
As the citizenship industry booms, The Economist's 1843 magazine reveals which passports offer the best perks.

What about a Cyprus Passport? Visa-free access to 159 countries; dual citizenship allowed.
 
Alexandrou Corporate Services provides a vast spectrum of services including formalization of Citizenship for non-European citizens. 

Contact us at admin@alexandrougroup.com for more information.

 
 

Contracts for Larnaca Port and Marina to be Signed in 2018

Posted on: 1/17/2018 2:57:37 AM under General News 
 
Contracts for Larnaca port and marina project are expected to be signed in 2018, Minister of Transport, Communications and Works Marios Demetriades said.

The Minister visited Monday the port of Larnaca to inspect the work and consultations with potential investors. In statements to the Press, he said that contacts with the investors will be held over the next few days.

"We hope that the process will move as fast as possible to implement this great project that will change the lives of Larnaca citizens," he noted. 

He also said that he was confident the project would proceed because of the quality of the potential investors and added that they are discussing with three foreign consortia. Two of the consortia have already arrived in Cyprus for consultations with the ministry and site inspection.

As reported in Gold News.
 
 

Contracts for Development of Paralimni Marina Signed

Posted on: 1/16/2018 5:09:29 AM under General News 
 
Ministry of Energy, Commerce, Industry and Tourism and PMV Maritime Holdings Ltd signed on January 15 the contracts for the development of Paralimni marina, at the south-eastern part of the island.

Addressing the signing ceremony, Yiorgos Lakkotrypis, Minister of Energy, Commerce, Industry and Tourism said "the construction of the marina will further enrich our tourist product, attracting more tourists in Cyprus."

As reported in Gold News.
 
 

Cyprus and Greece to Sign Three MoU on Maritime, Cultural and Environmental Affairs

Posted on: 1/15/2018 2:09:37 AM under General News 
 
Greece and Cyprus are set to sign next week three Memoranda of Understanding (MoU) on maritime, cultural and environmental affairs, on the sidelines of next week's Trilateral Summit between Cyprus, Greece and Jordan.
 
The Summit will take place on Tuesday 16 January and the Cyprus News Agency reports that the Prime Minister of Greece will be accompanied by four Ministers, Alternate Minister of Foreign Affairs Georgios Katrougalos, Minister of Shipping & Maritime Affairs Panagiotis Kouroumblis, Minister of Environment and Energy Giorgos Stathakis and Minister of Culture Lydia Koniordou.
 
The Greek delegation is expected to arrive on Tuesday morning at Larnaca airport, ahead of the delegation from Jordan, which will be headed by King Abdullah II.

 

As reported in Gold News.


 
 

Social enterprise: a new way of doing business

Posted on: 1/11/2018 11:31:12 PM under General News 
 
The cabinet has approved a bill aiming at introducing social enterprise in Cyprus, which has €3.1m in funding from the European Social Fund, Interior Minister Constantinos Petrides announced on Thursday.

In a press conference, the minister said the idea of social enterprise is a new way of business aimed at offering goods and services to the market in a bid to serve social or environmental goals.

According to Petrides, this will create new jobs, reduce social exclusion of vulnerable groups, introduce high-quality services with a social angle and lay the groundwork for social innovation.

As reported in Cyprus Mail.
 
 

Russia Doing Business in Cyprus 2017 - Measuring Quality and Efficiency

Posted on: 1/11/2018 7:44:29 AM under General News 
 
The Cyprus-Russian Business Association authorized EY Cyprus to conduct the first survey, Russia Doing Business in Cyprus 2017 - Measuring Quality and Efficiency.

The full survey report can be read here: ey-russian-report
 
 

Regulatory Developments involving Cyprus Investment Firms

Posted on: 1/10/2018 2:26:34 AM under General News 
 
2018 will be a challenging year for the financial industry due to the upcoming changes in the regulatory framework for Cyprus Investment Firms (CIFs), according to the Chairwoman of the Cyprus Securities and Exchange Commission Mrs. Demetra Kalogerou.

Analysing the new requirements of MiFID II and MiFIR during the Cyprus International Investment Firms Association (ACIIF) Annual General Meeting at the Carob Mill in Limassol on December 5, Mrs. Kalogerou emphasised the new requirements on product governance, inducements and transaction reporting. Additionally, she referred to the PRIIPs Regulation which will also enter into force in January 2018.

As reported in Cyprus Business Mail.
 
 

Cyprus first casino resort to open its doors in 2021

Posted on: 1/9/2018 7:57:32 AM under General News 
 
By 2021, Cyprus' first integrated casino resort will open its doors to the public, in an investment totaling €550m, it was revealed on Tuesday.

Presenting the finalised plan to a packed conference hall at the presidential palace, representatives from the Melco-CNS consortium showcased the multi-million project, dubbed City of Dreams - Mediterranean, set to attract 300,000 tourists per year and creating around 11,000 jobs.

Set to be built in Zakaki, west of Limassol, the resort will include a gaming area with 136 tables and 1,200 gaming machines and 9,600 square metres of MICE facilities (meetings, incentives, conferencing, exhibitions).
 
As reported in Cyprus Mail.
 
 

EU TAX: List of non-cooperative jurisdictions published

Posted on: 1/8/2018 6:54:05 AM under General News 
 
The first ever EU list of non-cooperative tax jurisdictions has been agreed by the Finance Ministers of EU member states during their meeting in Brussels.

In total, ministers have listed 17 countries for failing to meet agreed tax good governance standards. In addition, 47 countries have committed to addressing deficiencies in their tax systems and to meet the required criteria, following contacts with the EU.

This unprecedented exercise should raise the level of tax good governance globally and help prevent the large-scale tax abuse exposed in recent scandals such as the 'Paradise Papers'.

As reported in Financial Mirror.

 
 

World's longest pipeline MoU signed

Posted on: 1/5/2018 5:10:37 AM under Energy  
 
EUR 6 bln natgas pipeline from Leviathan to Italy will allow Israel to export gas to Europe 
 
 

Officials from Cyprus, Greece, Israel and Italy have signed a memorandum of understanding to plan a 2,100 kilometre underwater pipeline linking the natgas-rich offshore Leviathan field directly to Europe, boosting equities on the Tel Aviv Stock Exchange prior to the deal.

The Ministers of Energy of Cyprus, Greece and Israel, and a senior diplomat from Italy signed the MoU in Nicosia which paves the way for Israel to export its natural gas to Italy via the EastMed project, bypassing Turkey.
 
As reported in Financial Mirror
 
 

Saudi Aramco Expresses Interest to Do Business in Cyprus EEZ

Posted on: 1/4/2018 7:45:20 AM under Energy  
 
Saudi Arabian oil company Saudi Aramco has expressed interest to do business in Cyprus' Exclusive Economic Zone, according to a PIO press release.

It is noted that on the sidelines of President Anastasiades' official visit to Saudi Arabia, Energy Minister George Lakkotrypis held contacts with officials of the Saudi Ministries of Energy and Tourism as well as with officials of Saudi Aramco, a worldwide giant on oil.

According to PIO, during the meeting, the Saudi Aramco representatives expressed interest to do business in Cyprus' EEZ, mainly because of the stability of Cyprus as an EU member state as well as its geology and perspectives as an energy centre. The two sides agreed to continue the dialogue and explore the most appropriate ways to cooperate.

At the meeting with top ranking officials of the Saudi Energy Ministry both sides expressed will for closer contacts between Cypriot and Saudi businessmen.

At the meeting with Tourism Ministry officials, both sides expressed will to further develop relations between the two countries on this sector.

 

As reported in Gold News.

 
 

Cyprus ready for all outcomes as drilling programme commences

Posted on: 1/3/2018 7:18:09 AM under Energy  
 
Energy Minister Yiorgos Lakkotrypis said on Thursday he is prepared for all possible outcomes of the island's oil and gas exploratory programme, which includes four test drillings in the exclusive economic zone (EEZ) next year.

The drillship Saipem 12000 is already at Calypso, the target in block 6 of the EEZ for Italy's Eni and France's Total, and is expected to start drilling on Sunday or the latest on Monday, January 1, Lakkotrypis said in an interview on state radio. After that, Eni will drill at the Cuttlefish target in block 3 and in the second half of 2018, the consortium led by ExxonMobil will carry out two more drillings in block 10.

"We have to be prepared," he said. "We have made our calculations about the average (chances) of a discovery and we have various scenarios. There is a scenario of making no new discovery and the ideal scenario of making discoveries in all drillings".

Lakkotrypis said he is encouraged, even though Eni and Total discovered less than 1 trillion cubic feet (tcf) of natural gas in September when they drilled in block 11.

Cyprus made its only gas discovery in its EEZ in 2011, when Noble Energy said it had found 4.5 tcf of natural gas in the Aphrodite field in block 11. The deposit remains unexploited and the required investment is €3 billion, according to the minister. The island is currently in negotiations with Egypt over the sale of Aphrodite's future production to the Arab country's liquefaction plants. Interest in hydrocarbon exploration in the eastern Mediterranean increased sharply when Eni announced the discovery of Zohr, a 30 tcf gas field off the coast of Egypt.

The exploration and development of Cyprus' hydrocarbon resources is facing various challenges, the minister said.

Calypso'is from a technical point of view a difficult drilling in deep waters Lakkotrypis said. The waters are 3,500 meters deep and the drill will go an additional 3.500 meters below the bottom of the sea.

In addition to the technical and financial challenges, exacerbated by the drop in the oil price in 2014, geopolitics in the region, including the Cyprus problem, are also making matters more complicated, he added.

Turkey, which disputes the Republic of Cyprus' EEZ and opposes its hydrocarbon programme, says that block 6 lies partially within its continental shelf. The dispute is expected to continue after the latest round of reunification talks ended in failure. Turkey traditionally sends warships and military aircraft into the area when the Republic of Cyprus drills for oil and gas, and has issued a NAVTEX warning covering the entire EEZ, including the drilling spot.

Government spokesman Nikos Christodoulides said that the government will go ahead with its energy planning regardless of Turkey's actions.

The presence of major hydrocarbon companies in Cyprus's EEZ constitutes a political and financial vote of confidence for Cyprus and the best answer to Turkey, Christodoulides told the Cyprus News Agency.

"We will not engage in a communication game with public confrontation with Turkey, assisting her in achieving her objectives which are none other than disputing Cyprus's sovereign rights, he said.
 
 
 

Cyprus 64th among 137 countries in competitiveness

Posted on: 9/28/2017 11:57:00 PM under General News 
 

World Economic Forum, known as 'Davos Forum' marked the increase of 19 places in Cyprus and ranks 64th among 137 Countries in comparative table of Economies.

The press release of the European University, show that Cyprus ranks 64th regarding the degree of the competitiveness of economy. Compared with other EU member states, 24 countries rank higher than Cyprus. The ranking is decided based on the financial statistical database of each country, as well as interviews with representatives of businesses and organizations, the Cyprus News Agency reports.

 The partners of the Forum in Cyprus, which took part in the study, are the Bank of Cyprus and the European University of Cyprus.

The top ten in the Global Competitiveness Report of the World Economic Forum remain the same as previous time. Switzerland is in the first place, followed by the USA, overtaking on third place by Singapore. The Netherlands, Germany, Hong Kong, Sweden, Great Britain, Japan, and Finland complete the top ten.


 

 
 

Alexandrou Corporate Services LTD

Posted on: 9/6/2017 5:42:33 AM under General News 
 

 Alexandrou Corporate ServicesLTD is one of the most competitive and experienced corporate service in Cyprus based in Limassol.


Our Company provides

  • Incorporation companies in Cyprus
  • Asset Management
  • Obtaining all relevant documents i.e. Certificate of incorporation, Certificate of directors and secretary, Certificate of registered office address, Memorandum and Articles of Association
  • Opening, administrating and maintaining corporate and/or personal accounts in Cyprus
  • Advising and registering companies for VAT in Cyprus, preparing all the necessary documents and submitting VAT reports to the authorities
  • Carrying out all the communication between your company and third parties (Governmental authorities, Tax authorities, Banks)
  • Conducting any form of communication required with other legal entities in Cyprus
  • Consulting on general tax planning including tax structures and optimization of tax liabilities

 

Our Company has a vast experience in local and International market, thus providing you with the utmost efficient, knowledgeable and professional service possible, also we are extensively involved in finance, real estate investments as well as investments in trading and energy industries.

Our professional staff will accommodate your every need to suit your client's or company's requirements and make sure you company is presented in the best possible way.


 
 

Cyprus is EU Leader in CBI Index

Posted on: 9/5/2017 1:45:52 AM under General News 
 

Cyprus ranked highly with a score of nine in freedom of movement, just behind Austria and Malta, which both received top marks. A Cypriot passport allows for visa-free travel without restrictions to over 160 countries worldwide. Freedom of movement is of paramount importance for individuals when selecting a second citizenship, hence Cyprus's high score.

Cyprus also scored eight for standard of living, with Austria and Malta topping the rankings.


The Cyprus CBI programme was first introduced in 2002 at a premium investment of €15 million. The existing scheme became more competitive in 2013, and even more so following the Council of Ministers' September 2016 revisions, under which the minimum outlay was further reduced to a total of €2 million for the residential real estate investment option or €2.5 million for a combination of investments including real estate (both options include an investment of €500,000 in a residential property, which is to be held indefinitely).

Cyprus was ranked as having the fastest route to citizenship in the European Union with a score of eight. Cyprus also scored a respectable seven for ease of processing and clear procedures for citizenship applications and no additional language or health requirements. It scored six for due diligence, with Dominica and St Kitts & Nevis and Malta leading with 10 for their data collection and due diligence features.

 

In its recent study of citizenship by investment (CBI) programmes, the Financial Times' Professional Wealth Management ranked Cyprus ahead of other EU countries for its highly attractive travel and residency requirements.

Cyprus was ranked 67th overall. The rankings were based on the aggregate of seven measurable factors, scored on a scale of one to 10, with 10 being the highest.


 

The factors were:

  •  freedom of movement
  •  standard of living
  •  minimum investment outlay
  • mandatory residency or travel requirements
  • citizenship timeline
  • ease of process
  • due diligence

 

Source: http://www.goldnews.com.cy

 



 

 
 

An important step in liberalising the electricity market

Posted on: 8/31/2017 1:12:22 AM under General News 
 

The Cabinet approved a plan to support renewable energy sources (RES), In-Cyprus reports. The plan involves supporting the introduction of 212 Mega Watt of renewable energy source-produced electricity into the competitive market.

Currently 10% of energy supplies come from RES in Cyprus while the government has set a target of 13% by 2020.

Energy Minister of Cyprus, Giorgos Lakkotrypis, noted that the government is attempting to create a framework in order to introduce RES as quickly as possible while pointing out to the success of the photo-voltaic program which has attracted over 10,000 households over the last four years.

''We hope to improve our energy storage technology which will subsequently reduce costs'' said Mr. Lakkotrypis.


 
 

Taxes in Cyprus

Posted on: 8/28/2017 11:11:44 PM under General News 
 

 

When opening a company in Cyprus all investors must pay special attention to taxation regulations.


 

Income Tax

In Cyprus both individuals and companies are liable to income tax according to the Income Tax Law No. 118 issued in 2002. The income tax in Cyprus is paid for trade income, salaried services, pensions, interest, dividends, royalties and other incomes.

A person is considered a resident if he or she is present in Cyprus for a period time exceeding 183 days, therefore will be subject to the income tax from sources within Cyprus.

The Cypriot taxable income varies from 0% to 35% depending on the income.

For pensions earned for services rendered abroad the income tax is set at 5%.


 

Corporate Tax

The corporate tax in Cyprus for all business organizations is 12.5%

The corporate taxation in Cyprus is applied on all resident companies on their income derived from all sources from inside the country and from abroad.

In Cyprus, the VAT (value-added taxation) is applied on any service or product, as well as other types of transactions.

The corporate tax in Cyprus for all business organizations is 12.5%

VAT

The corporate taxation in Cyprus is applied on all resident companies on their income derived from all sources from inside the country and from abroad.

A standard rate of 19%: is applied to product and service supplies which are not subject to the zero VAT rate, the reduced rate or are not exempt

The first reduced rate of 9%: it applies to:

  • Catering / restaurant services
  • Accommodation in tourist establishments
  • Passenger transportation inside the country
  • Travel of passengers in inland waters

 

The second reduced rate of 5%: applies to:

  • The foodstuff supplies
  • The supply of beverages, except for alcoholic drinks
  • Certain pharmaceutical product and vaccines supplies
  • Animal supply for the food preparation
  • Newspapers / magazines
  • Other types of services and products

 

The zero rate (0%): is applied to:

  • The product exports
  • Modification, supply, repair, chartering, maintenance and employment of sea vessels, in certain conditions
  • Modification, supply, repair, chartering, maintenance and employment of aircraft's, in certain terms
  • Gold supplies to the Central Bank of Cyprus, and others


 
 

Set Up a Business in Cyprus

Posted on: 8/24/2017 5:25:16 AM under General News 
 

Opening a company is an easy thing to do in Cyprus. The Cyprus' Government is helping the foreign investors in its attempt to attract foreign capital especially by using low tax system and red tape.  

The registration procedure does not take longer than 2 weeks and the UBO (Ultimate Beneficial Ownership) decided which one of the types of business regulated by the Company Law:

  • Limited liability companies
  • Public limited companies or company limited by guarantee or general and limited partnerships

 

Setting up of a company in Cyprus must begin with choosing a unique name that can be checked at the Registrar of Companies.

The memorandum of association, notarized and elaborated by a lawyer must be deposit, along with the specific documents at the Companies Section of the Department of Registrar of Companies and Official Receiver.

After registration, the Ministry of tax must provide a unique tax number and a VAT. The last step is registering at the Ministry of Labor for Social Contribution.

Cyprus has many advantages to offer for the investors, especially in the transportation areas. For example, the profits from the operations of the Cypriot vessels are not taxable. Also, the dividends of the companies that own ship are exempt from tax. It is located at the crossroads of three continents. Joining EU in 2004 bring major advantages to the foreign investors, such as allowing the foreign ownership of a company, increasing demand for property.

Also, double tax treaties were signed with more than 40 countries, in order to avoid the double taxation of the incomes of the foreign companies.

 

Cyprus has an excellent infrastructure, with 2 international airports, 2 shipping ports (Limassol and Larnaca) and a modern road network. This facilitates the export and import of the goods.

International companies and banks are operating in Cyprus attracted by the small costs, economic freedom and the well trained local companies, ready to counsel if necessary.

The hot weather, the culture and the Mediterranean cuisine are attracting tourist all year long.

 


 

 
 

Shell to Mull Buying Israeli, Cyprus Gas for Egypt Plant

Posted on: 8/21/2017 11:41:58 PM under General News 
 

 

Royal Dutch Shell Plc is seeking creative solutions to bring gas from Israel and Cyprus to market, a step that could help turn the Mediterranean region into a major gas-producing hub.

 

Shell is in talks to buy natural gas from Israel's Leviathan field, combine it with output from Cyprus's Aphrodite field, in which it owns a 35 percent stake, and pump it to a liquefied natural gas plant in Egypt, according to people with knowledge of the matter. Talks are at an early stage and some of Aphrodite's gas could be sold locally, said the people, who asked not to be named because the discussions are private.

Combining output from the fields, which share some major investors, could potentially improve the economics of the projects. Leviathan's partners, led by Noble Energy Inc. and Delek Drilling LP, are looking at various shipment options as they face an estimated development cost of $3.75 billion.The partners would have to seek further funds to increase the field's capacity if they do the deal with Shell, one of the people said.

 

Israeli and Cypriot gas finds, together with the giant Zohr field off Egypt and reservoirs off Lebanon, could create a center of gas production right on Europe's doorstep. While that has given a handful of nations access to vast resources, they're still trying to figure out the best way to use the fuel in a region fraught with political enmity.

Source: www.bloomberg.com


 



 

 
 

Larnaca International Airport, A Top European Airport

Posted on: 8/16/2017 11:19:43 PM under General News 
 

Larnaca International Airport continued to be the first among all the international airports of the European Union member between the group of airports with 5 to 10 million passengers per year and had achieved the biggest increase in passenger traffic.

According to ACI Europe, in the first half of the 2017, International Airport of Larnaca managed to maintain its third place on the passenger traffic increase chart since last March, among all international airports in Europe, in the category of 5 to 10 million passengers per year.

Larnaca Airport ranked third, with an increase of 22.7 percent or 571,926 additional passengers, preceded by Keflavik International Airport (Iceland), with 39.7 percent and Kiev International Airport (Ukraine) which occupies the second place with an increase in passenger traffic of 29.4 percent.

The Senior Marketing and Communications Manager of Hermes Airports said that ''the maintenance of Larnaca Airport on the ACI ranking alongside Europe's top airports confirms once more our successful course and the steady increase in passenger traffic.''

 
 
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