A new strategy aiming to attract foreign businesses to establish and expand their activities in Cyprus through a plan, was presented by the Cypriot Government and will be implemented from January 1, 2022.

The plan targets areas or fields interrelated to, inter alia, High Technology Companies, Innovation Companies, Shipping Companies, Pharmaceutical Companies, Biogenetics and Biotechnology Companies.

This plan aims to make Cyprus a Sustainable Business and Trade Center of the wider area and Europe that will be fully in line with the guidelines of the European Commission and the Recovery and Resilience Facility.

In this context, several incentives were prepared in order to attract foreign Companies to operate and/or relocate their headquarters and/or expand their business activities in Cyprus, which can be summarized as follows:

1. Business Facilitation Unit

A Business Facilitation Unit will be established which will act as the central point of contact for all Companies of international interest, which operate in Cyprus and/or relocate their headquarters and/or expand their business activities in Cyprus in specific areas of economy activity.

1. Company creation (Company registration, name approval, registration in the Social Insurance register, Registration in the VAT register and in the Income Tax)
2. Guidance for relevant permits for activation in Cyprus

• Acceleration in the issuance and renewal of residence and employment permits

2. Revised Policy for the issuance of Temporary Residence and Employment Permits to third country nationals employed in Companies of foreign interests operating in Cyprus

The Government of Cyprus has revised the existing policy for the employment of staff from third-countries who is employed by Companies of foreign interests operating in the Republic of Cyprus and/or Companies of foreign interest which intend to operate and/or relocate their headquarters in Cyprus and/or expand their business activities in Cyprus and have a physical presence in Cyprus including establishment/ operation of independent offices that are separate from any private residence.

Furthermore, the issuance of employment permits is facilitated, and work permits will be issued immediately within 1 month from the submission of the application and will last up to 3 years.

The eligible Companies are the following:

• Cypriot shipping Companies.
• Cypriot high technology / innovation Companies.
• Cypriot pharmaceutical Companies or Companies operating in the fields of biogenetics and biotechnology.

The necessary preconditions for the third country nationals to be employed in Cyprus are the following:

2. Minimum gross monthly salary of €2.500,00.
3. Possession of a university diploma or degree or equivalent qualification or certificate of relevant experience in a corresponding employment position of a 2-year duration and that the employee in question is presented with an employment contract of not less than two years.

The maximum number of third-country nationals that can be employed is set at 70% of the total number of employees of the Company over a period of 5 years.

The Company is also allowed to employ third-country nationals as support staff provided that it does not exceed 30% of the overall support staff. The aforementioned applies if there is a duly validated employment contract between the third country national and the employer in question which is in accordance with current legislation.

In addition, there is the right of family reunification of third country nationals who are part of the Business Facilitation Unit. Through this very Mechanism, the Labor Market will be directly and freely accessible to the Spouses of Employees who have Residency and Work Permits in the Republic. Said access will be limited however, to the Spouses who receive a minimum monthly salary of €2500, while, it does not apply at all to the family of the support staff.

3. Digital Nomad Visa

It should be noted that the Action Plan introduced the initiative of the “Digital Nomad Visa” according to which, Visas are granted to an initial maximum limit of 100 beneficiaries.

The Digital Nomad Visa concerns only residency permits in the Republic of Cyprus and not work permits, for people who live in Cyprus but work in Companies operating abroad.

Beneficiaries of the “Digital Nomad Visa” scheme, will be third-country nationals who are self-employed and/or are employees who work remotely using information and communication technology in order to communicate with their employers and/or clients. Said employers and/or clients must not be residents of the Republic.  The Visa is valid for a period of 12 months, with the right of renewal for another 2 years once said 12-month period has lapsed.

The holders of Digital Nomad Visa can be accompanied by their family members, who are granted, upon their request, a residence permit that expires at the same time as the beneficiaries’ does, but are not granted a work permit.

Moreover, if they have been residents of the Republic of Cyprus for a period of time which in total exceeds 183 days within the same tax year, then they are considered tax residents of Cyprus meaning they are not tax residents in any other Country.

They also have to present evidence which clearly indicate that they have sufficient resources, at a fixed income level, to cover their living expenses during their stay in Cyprus. The amount of resources required is set at €3.500.00 per month, together with medical coverage and a clear criminal record from the country of residence.

4. Tax Incentives

The possibility of extending the 50% tax exemption for investment in certified innovative Companies and by corporate investors is being considered. The regime that was in force until the end of June 2021 allowed tax exemptions only to natural persons. For this purpose, the opinion of the Directorate-General for Competition of the European Commission is expected and subsequently, the approval of the relevant bill is also expected by the Parliament.

In addition, the plan provides for the following:

• The extension of the tax exemption that applies to employees in the Republic, provided that they were non-residents of the Republic before starting their employment, for a period of 17 years.

• The expansion of the existing tax exemption to cover new residents-employees with a salary from employment of €55,000 and above with a tax exemption of 50%.

• Existing employees have the opportunity to extend the benefit from 10 to 17 years. Potential beneficiaries are persons with income (€55,000- € 100,000) for the remaining period of 17 years.

• At the same time, the abolition of the existing tax provision of 20% exemption from employment exercised in the Republic or €8,550 – whichever is lower – will be promoted, since incomes over €55,000 will receive a 50% income tax exemption.

• An increased deduction will also be granted for research and development costs and a deduction of taxable income equal to 120% of the actual cost.

These tax incentives also apply to Cypriots who have lived abroad for at least ten years, in order to persuade them to repatriate back to the Republic.

5. Naturalization

Furthermore, the right to apply for naturalization will be given to the employees of these Companies after five years of residence and work in the Republic or after four years if they meet the criterion of holding a recognized certificate of very good knowledge of the Greek language.

6. Social Insurance

Additionally, the transfer of social security contributions will be ensured so that when third-country nationals who have paid social security contributions in Cyprus, wish to return for permanent residence in their country, they will be entitled to transfer the contributions they paid, provided that they did not acquire any right in regards to age pension and/or disability etc.

The content of this article is valid as at the date of its first publication. It is intended to provide a general guide to the subject-matter and does not constitute legal advice. We recommend that you seek professional advice on your specific matter before acting on any information provided. For further information or advice, please contact Mrs. Stephanie Nicolaou, Advocate, Mediator, Legal Consultant & Certified AML Compliance Officer (CySEC) at the Law Firm CHAMBERSFIELD ECONOMIDES KRANOS, in Limassol Cyprus, # +357 25 356 800 or email at s.nicolaou@eklawyers.com, info@eklawyers.com.

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1. the definition of tax and the residency for companies incorporated in Cyprus,
2. the introduction of withholding taxes on payments of royalties, dividends, and interest to a company tax resident in a country included on the EU blacklist or to a company incorporate dinany of the EU back listed countries which is not considered tax resident anywhere.

Both laws are coming into force on December 31^st, 2022.

Until today, a company was considered as tax resident of Cyprus if its management and control is exercised in Cyprus. After this amendment, any company incorporated or registered in Cyprus whose management and control is exercised outside Cyprus will still be considered as tax resident of Cyprus, unless this company is considered as tax resident in any other state. As a result, a Cyprus-incorporated company can no longer be considered not to be tax resident anywhere. Unless a company is tax resident in a country included in the EU black list or if the company is incorporated in a country not included on the list, it is not tax resident in any jurisdiction

Royalties

The 10% withholding tax will apply to royalty payments made to a company that does not have a residence in Cyprus but which has a residence in a country that is included in the EU blacklist of non-cooperative jurisdictions, or to a company incorporated in such a backlisted country which is not tax resident anywhere, regardless of whether the assets for which the royalty is paid will be used in Cyprus or elsewhere.

Dividends

Dividends paid by Cypriot tax resident companies to companies tax resident in countries included in the EU black list of non-cooperative jurisdictions or to companies incorporated in such countries which are not tax residents anywhere will be subject to a 17% special defense contribution (“SDC”).

The above does not apply to companies listed on a recognized stock exchange.

Interests

The SDC rate on interest paid to a company that is not tax resident of Cyprus but tax resident in a country that is listed on the EU blacklist of non-cooperative jurisdictions, or to a company incorporated in one of those countries that is not considered tax resident anywhere, will be 30%.

The above does not apply to interest paid on securities listed on a recognized stock exchange.

Black listed countries

The list is adopted by EU on the 5^th of October 2021 and consists of the below countries

American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, US Virgin Islands and Vanuatu.

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Michalis Economides studied at Queen Mary University of London and University College London (UCL) before becoming a Barrister-at-Law from Lincoln’s Inn.

As he tells GOLD, the idea of founding his own law firm began to take shape during his legal studies.

“When I was in the UK, I had the privilege to work in a major law firm, handling various arbitrary, corporate and court cases. Through my interactions with fellow professionals and my experience of operating in that environment, I realized that the legal profession could fulfil me and give me a solid purpose: offering advice and services to business and individuals, assisting in dispute resolution and providing solutions to personal or business problems”.

Michalis Economides decided to follow his instincts regarding the profession, and as he gave more thought to what he could do to contribute to any changes and improvements, he moved a step further:

“I realized that, to make the desired changes, I needed to have my own law firm, and that is what led to the formation of Chambersfield Economides Kranos.”

Seven years after its establishment, Chambersfield Economides Kranos has a physical presence in nine countries.

Its experienced team of lawyers undertakes cases that fall within the scope of litigation and arbitration, corporate and commercial law, admiralty and shipping, banking and finance, competition law, criminal law, debt recovery, employment law, energy law, European law, family law, immigration law, tenancy issues, intellectual Property law, internet business law, real estate and tax law.

Meanwhile, the firm’s sister company, GFA Trust, provides corporate, fiduciary and commercial services in more than 21 jurisdictions.

“The uniqueness of Chambersfield Economides Kranos mainly relies on the composition of its team,” says the founder. “Our team consists of experienced, determined, highly educated and knowledgeable professionals sharing an unparalleled passion for their profession. They embrace the firm’s vision and recognize that each case is important and unique, irrespective of the client’s status. Consequently, we personalize our recommendations and solutions to enhance the materialization of each client’s goal”.

Of course, the journey has not been easy, given that the firm was founded at what some might consider the most difficult time in the country’s recent history: April 2013.

“If I could highlight two of the most crucial challenges we have faced, I would have to mention the 2013 banking crisis, during which only essential business transactions were taking place in Cyprus, and, of course, this year’s coronavirus pandemic, which has practically stopped the world and changed global business thinking. Both of these unprecedented crises were very stressful and demanded that we implemented a thorough, open-minded and groundbreaking way of thinking in order to deal with them successfully”.

In addition to those two major crises, law firms face other significant challenges: “I believe that the legal sector needs to enter the digital era dynamically and embrace it by simplifying and speeding up all its procedures with the aim of improving communication among all the involved parties,” says Michalis Economides.

“The last decade has given us solid proof that our generation must always be alert and have a Plan B for handling crises. Nowadays, due to digitalization, there are no limits or restrictions on the flow of information, but this means that a crisis can occur at any time, spreading like wildfire and affecting national and international markets alike. So, preparation, fast response and participation in the digitalization system is essential if firms are to continue their business operations.”

The goal of the firm is to further expand its operations in the international market, aiming to offer clients comprehensive international services with a local touch.

At the same time, Chambersfield Economides Kranos will continue to implement its customer-centric approach, as it cherishes and strengthens customer relationships and develops its business operations.

“Undeniably, clients want law firms that not only offer them high-calibre legal and corporate services but are partners in this relationship, complying with the notions of loyalty, trust, professionalism, personalisation, respect and understanding,” says Michalis Economides.

“Chambersfield Economides Kranos is a law firm that prioritizes its clients’ needs and personalizes the proposed solutions in such a way that they yield exceptional results in each case or project.”

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Due to the Coronavirus Pandemic and the devastating effects on health and businesses, at personal/health as well as financial aspect, we have set up a team of experts, by which we have established and started the provisioning of the Business Crisis Management Service (BCMS) for all of our clients around the world.

Our expert team provides the Business Crisis Management Service (BCMS) to all businesses that have been financially and otherwise affected by COVID-19.

The scope of our firm will be to assess the possible impact of risks on businesses and identify and implement methods and policies to minimize such impact by setting up the emergency and business continuity plans.

The purpose will be to assist business to ensure the continuity of business and operation since this is a critical component.

The ideology and methodology will be to implement such plans and strategies during the crisis and post crisis in order to minimize possible consequences.

We have incorporated digital solutions that we can assist all of our clients remotely from our secured/isolated/sterilized offices.

We are actively and readily available with specific management plans (legal, corporate, tax, financial, business) to evaluate and propose drastic solutions to our clients in the following categories:

a.  Immediate structuring or restructuring of operations and business flows.

b.  Potential of remote / digital operations.

c.  Business Continuation solutions and plans.

d.  Legal conformities and compliance with Government Orders.

e.  Employment issues.

f.  Commercial agreement options; defaults and compliance.

g.  Tenancy Issues.

h.  Tax compliance.

i.  Corporate compliance.

j.  General business, legal, tax and financial advise.

k.  Support, consultation and execution of legal and regulatory claims and proceedings

l.  Implement and manage Anti-fraud programs and controls.

m.  Risk assessment and planning

n.  Ongoing support and/or consultation in order to ensure compliance with financial and operational obligations.

o.  Reputational fallout – advice/consultation

p.  Client relationship management advise.

q.  Identify opportunities in crisis.

By implementing the above strategies and measures, our firm will be able to guide affected business through the crisis and minimize risks and exposure.

Our strong advise is that businesses should take immediate effective measures and implementation strategies at early stage in order to avoid severe negative consequences.

For further information you may contact our firm directly to discuss the needs of your business.

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The group includes the internationally recognized Law Firm Chambersfield Economides Kranos and GFA Trust, provider of a comprehensive range of corporate services as well as services for the formation of trusts.

The multi-awarded international law firm Chambersfield Economides Kranos was founded by Michalis Economides, a distinguished approved Barrister of the Cyprus Bar Association, as well as Barrister of the United Kingdom and Wales.
Chambersfield Economides Kranos has physical presence in more than nine jurisdictions and undertakes a wide range of complex, integrated, legal, corporate and consulting services on an international level.

Chambersfield Economides Kranos focuses on providing legal and advisory services in civil, political, maritime, commercial, banking, corporate, labor, energy, European, immigration, family, criminal law, liquidation as well as issues resolution of commercial disputes and mediation.

The legal department of Chambersfield Economides Kranos focuses on the understanding of business activity that receives either positive or negative influences from the various changes and fluctuations that occur on the domestic and international markets from the political, economical, social, technological, environmental and legal framework. It implements strategic approaches and develops methodologies that focus primarily on risk mitigation and situation management as they arise from the microeconomic and macroeconomic environment in which each legal entity operates.

Also, the immigration department specializes in naturalization through investment and immigration services. With extensive experience in the field of naturalization through investment, as well as immigration services, it provides solutions tailored made for every individual’s requirements and needs and are fully compliant with the legal provisions of the countries in which they operate.

Additionally, Chambersfield Economides Kranos provides legal and corporate advice with a wide range of specialized services for individuals, legal entities and financial institutions which need an impartial, professional, legal and advisory perspective.

With the company focusing on continually satisfying the customer, Chambersfield Economides Kranos aims to create long-lasting relationships based on the principles of trust, ethos, mutual respect, transparency and understanding.

Simultaneously, the subsidiary of Chambersfield Economides Kranos, GFA Trust, provides a comprehensive range of corporate and fiduciary services in more than twenty-one jurisdictions, especially targeting business development and worldwide expansion.

Among other things, GFA Trust provides services such as company formation and management, nominee & fiduciary services, trusts, re-domicile, mergers and acquisitions, escrow services, bank accounts opening, fund formation and reviewing contracts and agreements.
GFA Trust’s broader activities cover a wide range of services that fall within the international business, financial, administrative, banking and corporate sectors.

CEO’s Story
Michalis Economides is a Legal Advocate and CEO of Chambersfield Economides Kranos and GFA Group. Additionally, he is a licensed Attorney-at-Law of the Cyprus Bar Association and Barrister of the United Kingdom and Wales, as well as Licensed Insolvency Officer of Cyprus, Certified Regulator of the Cyprus Civil and Commercial Registry and member of The Chartered Institute of Arbitrators of England and Wales.

Michalis Economides, as well as the GFA Group’s companies, have won multiple awards and recognitions, with the most recent Michalis international title as “CYPRUS GAMECHANGER OF THE YEAR” by the ACQ5 Law Awards, Chambersfield Economides Kranos honorary award and recognition for its corporate services as well as Michalis Economides honorary title as proposed lawyer in Cyprus by the Global Law Experts Network, Honorary Recognition for Chambersfield Economides Kranos by Advisory Excellence with the award of the «Full Service Law Expert Firm in Cyprus 2018», Leading Firm 2018 by «Legal500» and Chambersfield Economides Kranos’ award from International Advisory Experts as a «Full Service Law Firm in Cyprus» for the year 2018.

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Ακολουθεί Ελληνική Μετάφραση

Undoubtedly, during the last six months of 2015 and beginning of 2016 the Cyprus economy has encountered a significant rate of development.

This consistent growth is due to the motivational investment, citizenship and permanent residence investment programs that the Republic of Cyprus pursued, which assisted the island’s economy overall to progressively recover.

Mr Michalis Economides, of Chambersfield Economides Kranos, a leading law firm, states in this article that the confidence of foreign investors in Cyprus economy seems to be rebuilting due to the upgrading of Cypriot banks and the general Cyprus economy from foreign credit institutions and rating agencies.

Consequently, it is an absolute necessity to retain this trust at all levels, in order to sustain and increase even more the percentage (%) growth rate.  Subsequently, a preferable method of sustainability is for corporate entities to engage in an international approach that shall enhance exports of products and services, which shall substantially increase the Net Export (NX) parameter of the Gross Domestic Product (GDP).

Η Ανάπτυξη της Κυπριακής Οικονομίας

Άρθρο κ. Μιχάλη Οικονομίδη, CEO της Διεθνούς Δικηγορικής Εταιρίας Economides Kranos Chambersfield στο Capital.com.cy

Είναι γεγονός ότι κατά το τελευταίο εξάμηνο του 2015 η Κυπριακή οικονομία έχει γνωρίσει μια σημαντική ανάπτυξη. Τα προβλήματα τα οποία κλήθηκε να αντιμετωπίσει το 2013 και για μια συνεχή περίοδο περίπου δύο χρόνων, φαίνεται ότι με σοβαρότητα και σταθερούς ρυθμούς αντιμετωπίζονται.

Μετά από σοβαρές δυσκολίες στην οικονομία, αλλά κυριότερα και στους πολίτες της Κύπρου, παρατηρείται πλέον ότι το τελευταίο διάστημα έχει σημειωθεί ένας σημαντικός ρυθμός ανάπτυξης.

Σημαντικός λόγος για αυτή την ανάπτυξη ήταν τα κίνητρα τα οποία είχαν δοθεί από την Κυπριακή Δημοκρατία και τα οποία βοήθησαν την κυπριακή οικονομία, αλλά φυσικά και οι ίδιες θυσίες και δυσκολίες της κοινωνίας.

Το κλίμα εμπιστοσύνης από ξένους επενδυτές προς την Κυπριακή οικονομία φαίνεται να ανοικοδομείται, ως αποτέλεσμα της συνεχούς και επαναλαμβανόμενης αναβάθμισης την οποία δέχονται οι κυπριακές τράπεζες, αλλά και η κυπριακή οικονομία γενικότερα από τα ξένα
πιστωτικά ιδρύματα και οίκους αξιολόγησης.

Ένεκα των σημαντικών επενδύσεων οι οποίες έχουν λάβει χώρα εντός της Δημοκρατίας, η Κυπριακή οικονομία έχει εισέλθει σε μια επιταχυνόμενη τροχιά ανάπτυξης.

Οι σημαντικές αυτές επενδύσεις αποτέλεσαν και αποτελούν την κινητήρια δύναμη της οικονομίας, η οποία φαίνεται να εισέρχεται πλέον σε μια σημαντική τροχιά ανάπτυξης που οφείλεται κατά κύριο λόγο σε επενδύσεις τόσο από την εγχώρια αγορά αλλά και από το εξωτερικό.

Αξίζει να σημειωθεί όμως ότι αυτοί οι ρυθμοί δεν πρόκειται να θυμίσουν παλιές εποχές με παραφουσκωμένες τιμές ακινήτων και άλλων υπηρεσιών. Φυσικά ούτε και θα πρέπει να επαναλάβουμε “φούσκες” του παρελθόντος οι οποίες πάντα δυστυχώς μόνο καταστροφικά
αποτελέσματα μπορούν να επιφέρουν. Η ορθή ανάπτυξη της οικονομίας θα πρέπει να βασίζεται σε υγιή, σοβαρή και σταδιακή άνοδο.

Ανάμεσα σε άλλα, η παραχώρηση δικαιώματος εξασφάλισης Κυπριακής υπηκοότητας δια μέσω του Κυπριακού επενδυτικού προγράμματος έχει διαφανεί ότι λειτούργησε ευεργετικά και βοήθησε την Κυπριακή οικονομία τόσο στον δημόσιο όσο και στον ιδιωτικό τομέα.

Αξιόλογο προς σημείωση είναι ότι το τελευταίο διάστημα έχει σημειωθεί σημαντική εισροή και εγγραφή ξένων επενδυτικών ταμείων στην Κύπρο, τα οποία έχουν επιλέξει την Κυπριακή Δημοκρατία ως έδρα από την οποία θα εκτελούν και θα διαβιβάζουν τις οποιεσδήποτε επενδύσεις τους τόσο στην Κύπρο αλλά και στο εξωτερικό.

Είναι σημαντικό επίσης να τονιστεί ότι οι κυπριακές επιχειρήσεις αλλά και όσοι δραστηριοποιούνται σε διάφορους επαγγελματικούς τομείς στην Κύπρο έχουν πλέον αρχίσει να εργάζονται με ζήλο, εργατικότητα και περισσότερο επαγγελματισμό, κάτι το οποίο στο παρελθόν αποτελούσε σε κάποιες περιπτώσεις την εξαίρεση.

Αξιοσημείωτοείναι το γεγονός ότι οι κυπριακές επιχειρήσεις και κατά συνεπεία, οι Κύπριοι επιχειρηματίες και παροχείς υπηρεσιών δραστηριοποιούνται σε επίπεδα υψηλού επαγγελματισμού, εντός των πλαισίων ενός παγκόσμιου ανταγωνισμού. Θα πρέπει να αποτελεί κανόνα στον κάθε ένα ξεχωριστά, η εφαρμογή υψηλών επιπέδων επαγγελματισμού και σοβαρότητας τα οποία θα δώσουν το έναυσμα της ένταξης της Κυπριακής οικονομίας σε υψηλές βαθμίδες όπου και της αξίζει.

Οι Κυπριακές επιχειρήσεις θα πρέπει με τη σειρά τους να δώσουν ιδιαίτερη έμφαση στην εγχώρια παραγωγή αλλά και στις εξαγωγές. Παράλληλα, εξίσου σημαντικό είναι όπως οι παροχείς υπηρεσιών με τη σειρά τους – λογιστικά, ελεγκτικά γραφεία, εταιρείες παροχής εταιρικών υπηρεσιών και δικηγορικά γραφεία – στρέψουν το ενδιαφέρον τους και εκτός της Κύπρου με την προοπτική παροχής των υπηρεσιών τους και στο εξωτερικό, αφού το επίπεδο επαγγελματισμού τους δεν έχει τίποτα υποδεέστερο από ανάλογες επιχειρήσεις του εξωτερικού.

Ο Μιχάλης Οικονομίδης είναι Δικηγόρος, CEO της Δικηγορικής Εταιρείας Chambersfield Economides Kranos και CEO της Διεθνούς Εταιρείας Εταιρικών Υπηρεσιών GFA Trust.

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The International Law firm Chambersfield Economides Kranos, highlights even more its global expansion with its new offices in China.

The founder and CEO, Mr Michalis Economides, a lawyer and approved member of the Cyprus Bar Association and Barrister of the United Kingdom and Wales, stated that: “The objective of Chambersfield Economides Kranos law firm is to form a strong global presence that will provide a full range of integrated litigation and corporate solutions, tailor made to each customer that will enable them to perform effectively in any jurisdiction.”

Chambersfield Economides Kranos follows a customer driven philosophy and provides a full range of legal and corporate services to private and corporate clients, multinational companies, financial institutions and governments.

Currently the law firm preserves offices and has physical presence in Cyprus, England, Singapore, Albania, Bahrain, Israel and China, while it is continuing the discussion with other prominent companies around the world for establishing new partnerships.

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Chambersfield Economides Kranos is an International Law firm that offers complete legal and corporate services, with physical presence in more than 7 countries and provision of fiduciary and corporate services in more than 21 countries. The firm deals with all legal practice areas and the lawyers within can cope with cases regarding any multi jurisdictional issue worldwide.

The firm’s cross-border experience and knowledge of the worldwide rapid changes enables it to thoroughly assess and comprehend the market perspectives. The company provides solutions and can advise private users as well as corporate entities on how to handle private issues and disputes with discretion, how to manage their existing investments or evaluate new investment opportunities as well as how to form a successful portfolio of investment with the greatest percentage of return. Additionally, our expertise allows us to serve as an advisors / consultants for wealth management, tax restructuring, risk analysis, management and administration of Trusts at a global level, etc.

Moreover, the firm’s advisory knowledge covers the entire main business field under International Law practice and ranges from the financial, management and banking sector to the incorporation, administration of corporations and fiduciary services, fund registration and management expanding to various other related practice areas.

The company’s Immigration Law Department has an extensive experience and expertise in regards to Economic Citizenships and Permanent Residence plans worldwide. The firm is able to suggest solutions that are fully compliant with the legal provisions of each and every jurisdiction, in which the client wishes to obtain Citizenship/Passport or Permanent Residence. The firm operates closely with Cyprus, Latin America and Caribbean approved schemes as well as other immigration schemes.

Chambersfield Economides’ Kranos line of thinking is innovative and exclusive.

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Business nowadays operates in an interconnected world, without any boundaries or limitations to protect brands and companies from the merciless competition. In our era, due to technological breakthroughs, competition is thriving and multi-attacking companies and brands from various channels of communication; therefore entrepreneurs find themselves in the difficult position of searching and finding the most favorable path to follow, for the achievement of economies of scales.

Currently, many entrepreneurs are in the process of searching various ways on how they can maximize their productivity and enhance their profitability by minimizing their operational costs.

One of the main scenarios they examine, due to its endless possibilities, is the reincorporation or re domiciliation of their business activities in favorable markets.

Even thought this practice is very common, entrepreneurs should cautiously consider their options, since this path can be very costly, multifaceted and time consuming.

Consequently, when entrepreneurs decide to pursue this course of action not only do they have to prepare their business plan but they also have to include the nature of activities and purposes of their company and simultaneously proceed with the political, economical, social and technological environment analysis of the target market.

Additionally, they should examine important economical parameters of the targeted country such as the taxation regime scheme, processing time of company formation or re domiciliation and the terms and conditions of the exchange regulations, as well as, the transaction flexibility, assets, personal information protection and requirements for opening corporate bank accounts etc.

In summary, entrepreneurs should thoroughly assess the business law frame work under which their company will operate. Even though various countries are renowned for their favorable tax regime scheme, Cyprus is considered to be one of the most reputable and strongest jurisdictions for many types of company formation, incorporation, trusts and investment offering one of the lowest corporate tax rates in Europe. Cyprus is a country island situated in the Eastern Mediterranean area, at the heart of three continents; Europe, Africa and Asia thus rendering it a favorable choice.

It is a full member of the European Community and completely aligned with the EU regulations.

Its currency is Euro and the official language is Greek while English is spoken by almost everyone and Russian by a significant percentage of the population. In addition, Cyprus has one of the lowest crime rates in the world.

It has an excellent transportation structure and infrastructure that support the entire spectrum of business activities which take place on the island. It has a trustworthy and advanced private banking and medical system. Cypriot people are well mannered and are famous for their hospitality.

The Legal System of Cyprus is based on Common Law.

Its economy operates based upon an open, market driven principle, with favorable tax regimes for the incorporation of companies and investments.

Moreover, Cyprus is characterized by a high per capita income and renowned as a European Union center for foreign investments, offshore businesses and activities.

Also, it is important to note that the Government authorities of Cyprus are promoting heavily the incorporation and foreign investments, as well as, allowing the purchase / ownership of property under favorable conditions.

Consequently, Cyprus Government authorities engage in non – stop negotiations for forming double taxation treaties with non European countries, in order for the Cypriot active companies to enjoy an important competitive advantage.

Currently, Cyprus is an affiliate to more than 50 double taxation treaties based on the OECD including the EU, China, India, Kuwait, Russia, Singapore, Thailand, USA, Azerbaijan, Lebanon, UAE, Georgia and other important hub countries.

Furthermore, other important advantages of Cyprus are the low corporation tax rate, the very short time frame for company registration, as well as, the low annual maintenance fees of corporations.

Cyprus offers one of the lowest corporation tax rates in the EU, which is 12.5%. The time frame for the registration of a new company is very short, approximately 7-9 days.

Hence, Cyprus allows the use of nominee Directors, Secretary and Shareholders therefore there is no obligation of exposure of the Ultimate Beneficial Owner (UBO) in the public Company Registrar Record. Anonymity rights are fully safeguarded and there is no need for the owner to be present during the process of the incorporation or opening of a corporate bank account.

Bank accounts can open between 2 – 5 working days with full online electronic banking and digital pass as well as a debit card. Cyprus is considered to be the most well-known EU country for offshore company formation and Trusts.

The Cyprus International Trusts are exempted from income tax, capital gains tax, special contribution or any other taxes.

Additionally, there is no estate duty or inheritance tax in Cyprus, there is flexibility for relocation, there is no exchange control regulation and trusts can operate internationally with no disposal tax of securities. Thus, there are no withholding taxes on dividend payments, interest or royalties to non residents (subject to conditions).

In addition, the profits from the sale of shares in the stock exchange are tax free, whereas, the losses of a company can be carried forward opposed to future profits for an indefinite period. Besides those very important advantages, Cyprus is also offering the Group relief option, whereby the loss of one company can be covered by the profits of another since both of them are under the Cyprus residential tax scheme.

Moreover, Cyprus Permanent Residence and Cyprus Investment program are considered to be one of the strongest in the world since they provide several significant benefits to the investors, as well as, an advantageous flexibility towards the investors that are reside in non EU member states, which includes, their family members under 18 years old as well.

To sum up, Cyprus tax law is characterized by its simplicity, straight forward approach and effectiveness. Subsequently, entrepreneurs should consider Cyprus as a favorable market for incorporation or re – domiciliation of their business activities, since their companies will enjoy instantly, among other important advantages, low corporate taxation rates and annual maintenance corporation costs.

In addition, entrepreneurs will have the option of forming an offshore company or a trust so as to protect their assets, companies’ strategies and personal information by enjoying a very beneficial taxation regime with no exchange control regulation that would limit international operation.

Justifiably, Cyprus is considered to be an EU Tax Heaven island country. Cyprus companies enjoy safety, stability and flexibility, as well as, overall low tax rates while having the opportunity to trade not only in the EU but in other countries by enjoying the advantages of over 60 double taxation treaties. Cyprus is globally an ideal investment and incorporation gateway, offering to the investors a market right of entry to more than 500 million EU citizens, the Middle East and China.

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