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Deputy Shipping Minister promotes Cyprus bid for IMO in London visit

(Source: Cyprus Business News) Deputy Minister of Shipping Marina Hadjimanolis had a series of high-level meetings in London as part of an official working visit aimed at strengthening bilateral maritime relations between Cyprus and the United Kingdom, and promoting Cyprus’ candidacy for re-election to the International Maritime Organization (IMO) Council, Category C, for the 2026–2027 term. A key highlight of the visit was the meeting between Hadjimanolis and UK Minister for Shipping, Mike Kane. The two sides discussed current global shipping challenges, with particular focus on geopolitical developments and the need to maintain a stable and competitive international maritime environment. Special emphasis was placed on joint actions planned under the Memorandum of Understanding between the two countries, which forms part of the Strategic Dialogue on maritime affairs between Cyprus and the UK, Deputy Ministry press release said. As part of the visit, the Deputy Minister also met with the Secretary-General of the Commonwealth, Shirley Ayorkor Botchwey. Their discussion centered on the progress of implementing the Memorandum of Understanding signed in April 2024 between the Deputy Ministry of Shipping, the Commonwealth, and the Cyprus Marine and Maritime Institute (CMMI) for the establishment of a Commonwealth Blue Charter Centre of Excellence in Cyprus. "This initiative is a milestone for enhancing Cyprus’s role as a regional maritime and ocean governance hub," it is added. To further promote Cyprus’s IMO candidacy, Hadjimanolis participated in a special event hosted by the Deputy Ministry of Shipping at the IMO headquarters, attended by the IMO Secretary-General and representatives of member states. Additionally, the Deputy Minister hosted a working lunch for the High Commissioners of Commonwealth countries, where she presented Cyprus’s priorities and longstanding contribution to global shipping. The visit also included bilateral meetings with the Ministers of Shipping of South Africa and Nigeria, aimed at strengthening cooperation and exchanging views on international developments affecting the maritime sector. Hadjimanolis’ visit to London is part of a broader strategic outreach framework by Cyprus’s maritime administration ahead of the critical IMO elections scheduled for November this year.

Cyprus achieves deployment of country's first quantum communication network

(Source: Cyprus Business News)   Scientists from the Cyprus University of Technology (CUT) have led the successful deployment of the country’s first-ever quantum communication network, in a groundbreaking achievement for both Cyprus and the global cybersecurity landscape. A press release by CUT added that the work was carried out as part of the CYQCI (Cyprus Quantum Communication Infrastructure) project, spearheaded by Professor Kyriacos Kalli and co-funded by the European Commission and the Deputy Ministry of Research, Innovation and Digital Policy (DMRID) of Cyprus. "With the technical implementation led by Dr. Mariella Minder, the first national network of its kind established quantum key distribution (QKD) links between seven critical governmental end users, providing them with infrastructure for communication of unprecedented security," it said. The press release noted that the network’s successful operation was showcased to the nation’s top cybersecurity and policy stakeholders during the Cyprus Quantum Security Info Day, held at the Digital Security Authority (DSA) on June 5th. "In a live demonstration, a video call with quantum-enhanced security was established between the DSA and the DMRID, utilising a direct QKD link between the two buildings. This real-time, tamper-proof communication highlighted the network’s readiness to secure sensitive governmental data against present and future threats," it added. During the event, Dr. Konstantinos Katzis, core member of the CYQCI team, announced the project’s plans to acquire an optical ground station, aiming to scale the network with satellite-based links that will connect the island to the rest of the European Union, it said Additionally, representatives from CUT, DSA, the Cyprus Organization for Standardization, as well as significant players in the international quantum industry, including Quantum Telecommunications Italy, Adtran and Officina Stellare, presented the technology’s current landscape. The future roadmap of CYQCI has also been outlined. CUT said that the next phase focuses on establishing a secure and scalable quantum communication infrastructure that interconnects National Quantum Communication Infrastructures (NatQCIs). "As part of this effort, Cyprus will be linked with Greece, Bulgaria, and the Netherlands. This initiative is closely aligned with the objectives of the European Quantum Communication Infrastructure (EuroQCI), aiming to integrate both terrestrial and space-based quantum communication systems to enable secure Quantum Key Distribution (QKD) across Europe," the press release added It noted that the deployment of the QKD network comes at a time where cybersecurity is facing a crisis. Over the last years, cyberattacks on sensitive data have been surging at an alarming rate, meanwhile, the rise of quantum computing compounds the threat landscape: research warns that quantum machines could decrypt today’s strongest public‑key encryption in seconds—some estimates suggest this could happen by 2030. CUT noted that quantum key distribution addresses both immediate and future risks and that by harnessing the principles of quantum mechanics, QKD generates cryptographic keys that are intrinsically tamper‑evident—any eavesdropping attempt disturbs the quantum states and is instantly detected. Thus, QKD provides the only unbreakable encryption mechanism, safeguarding communications both against current cyber threats and the looming power of quantum computers, it pointed out. "Resultingly, the first national quantum communication network marks a pivotal step toward the nation’s digital sovereignty and cybersecurity resilience. By integrating cutting-edge QKD technologies into real-world government operations, the CYQCI project has laid the foundation for a secure, scalable, and future-ready communications infrastructure. As Cyprus continues to develop its national quantum capabilities, this milestone signals not only local progress but also a meaningful contribution to the broader European Quantum Communication Infrastructure," it concluded.  For further information about the CYQCI project, visit www.cyqci.eu.

Viraj Kulkarni: I visualise at least six to eight times growth in the value of trade between Cyprus and India in the next few years

(Source: Cyprus Business News) Viraj Kulkarni, the Honorary Consul of Cyprus in Mumbai, is confident that India’s Prime Minister Narendra Modi’s visit to Cyprus will further boost the already thriving relations between the two countries and reveals a growing number of Indian companies have shown an interest in establishing a presence in Cyprus. In an exclusive interview with CBN, Kulkarni, among other things, also said, “ I expect an, at least, six to eight times growth in the next few years. You can hold me to this statement.” How significant is Prime Minister Narendra Modi’s visit to Cyprus? This is historic in every which way, as for the first time in the last few decades, there is a focused approach backed by actions on strengthening the already existing cordial relations between the Republic of India and the Republic of Cyprus. The cordiality and warmth exuded by the President of Cyprus, Mr Nikos Christodoulides and Prime Minister of India Shri Narendra Modi, was apparent and set the tone for furthering the relations. Besides Political relations, Trade, Tourism, Cultural, Capital Markets, and many other areas between the two countries will exponentially grow. I visualise an, at least, six to eight times growth in the value of trade in the next few years. This milestone moment validates the importance of Cyprus being a critical gateway to Europe and the rest of the Western nations, besides its own significance. What does it mean for the bilateral ties of the two countries? As I said above, I expect an, at least, six to eight times growth in the next few years. You can hold me to this statement. In the last few months, at the Consulate of the Republic of Cyprus in Mumbai, we received 32 proposals to tie-up/ establish a presence in Cyprus. These have been compiled and provided to the respective bodies in Cyprus. Included in this are four MOUs that aim to establish strategic alliances between the two countries. Three that have been signed are the one between NSE IX with the Cyprus Stock Exchange; The Bombay Chamber of Commerce and Cyprus Chamber of Commerce & Industry; the one between the Indian Merchants’ Chamber and the Cyprus Chamber of Commerce & Industry. The one on the verge of closure is that involving the South Gujarat Chamber of Commerce and the Cyprus Chamber of Commerce & Industry. These are strategically engaging over 6,000 members of the respective Chambers of Commerce. This does not include the IGC agreement involving ICC. The State of Maharashtra and State of Gujarat in India are on the forefront of Business and Trade with a combined GDP of $970 billion. Most of the proposals we have received are from these two states. I’m sure we will soon see more coming from Cyprus too. Thomas Cook India has established a presence in Cyprus while LTIMindtree, together with Voicing.AI, in which it has invested, has established a digital innovation centre at the CYENS Center of Excellence. Eurobank has announced that it is bringing the Indian electronic payments system UPI to Cyprus amid its efforts to make Cyprus a gateway for businesses from India to the European Union. More companies from India are reported to follow. What does this mean for the two countries’ business relations? Besides the ones I stated above and the above-named, it showcases the confidence and trust the two nations have in each other. We have witnessed an increase in the number of Visa Issuances to visit Cyprus by 33% in the last four months. After the above-mentioned historic meeting, I’m sure we will witness a quantum jump –I call it a Modi-Christodoulides effect. I also visualise a significant growth in wealth creation in multiple formats in both countries. The increased possibility of Schengen affiliation will improve attractiveness. If Cyprus graduates from being a Moneyval-compliant country to becoming a Financial Action Task Force (FATF) compliant country, it will add more interest from India. Areas where the interest has come from include- Financial markets, Agriculture, Manufacturing, Textile, Technology, Wellness, Education, Hospitality, Real Estate, Construction, Horticulture, Solar Energy, Pharma, Jewellery, Travel Aggregators, Airlines, Chambers of Commerce. This is in the list of 32 we provided. Improved travel connectivity is what we have also focused on and discussed possibilities with airlines, including with those of a few friendly countries. This will see fruition soon. The Cyprus Ministry of Tourism provided quite a few videos on “Visit Cyprus” and we shared the same with over 1,000 influencers from the Entertainment, HNI, Corporate segment etc. They were stunned by the natural beauty that exists out here. Plus, now we have the historic meeting- this will add heft. The LinkedIn page of the Consulate of the Republic of Cyprus in Mumbai has, in a very short time, garnered over 310 followers (including Industry bodies). This has added to the visibility. You can possibly witness an increase in MICE events, Destination wedding requests, and maybe Bollywood film shooting. The Cyprus government offers subsidies to certain segments. The initiatives of H.E Manish, High Commissioner of the Republic of India in Cyprus and those of (High Commissioner of the Republic of Cyprus to India) H.E Mr Evagoras Vryonides have contributed significantly to the ones begun well by their predecessors. Do you know of any other companies that intend to come to Cyprus? Yes. It's in the list we have compiled, besides the ones received by Their Excellencies, the High Commissioners of respective countries. I’m sure we will see a multiplier surge hereon. The proposals include ones from Foxtrot Interactive, Remiges Technologies Pvt Ltd, Pivot, which has an existing presence in Cyprus, Nivedita Haute Couture & Pret, Cutting Edge and the Rotary Club of Mumbai Pier, as well as one from a corporate hospital in Mumbai, delegations from Bombay Chamber of Commerce, a delegation from the Indian Merchants’ Chamber, and a delegation from South Gujrat Chamber of Commerce & Industry. We will share more information when the processes reach a more advanced stage.  

Alert , 2022 Employment Tax Incentives-New income tax exemptions for first employment in Cyprus

On 14 July 2022, the House of Representatives voted amendments to Articles 8(21) and 8(23) of the Income Tax Law (ITL) related to the income tax exemptions granted to employees who take up first employment in Cyprus. The amended provisions of the Law have been published in the Government Gazette on 26 July 2022. These amendments form part of a wider strategy of the Cyprus Government for attracting both international investments and diversified talent. Moreover, such amendments complement the recent changes in the migration rules which simplify and expedite the relocation of staff and their families from EU and non-EU countries. The new 50% exemption (Article 8(23A)) The provisions of the new Article 8(23A) of the ITL apply as from 1 January 2022 for individuals who take up first employment in Cyprus commencing on or after 1 January 2022 provided that the following conditions are satisfied:   • The individuals were not tax resident of Cyprus for a period of at least 10 consecutive years prior to the commencement of their employment in Cyprus; and • Their annual remuneration from exercising their employment in Cyprus exceeds the threshold of €55.000.   The exemption is granted in any tax year where the €55.000 threshold is satisfied. The exemption can also be granted (subject to special rules) in the first and final tax year as well as in cases where the annual remuneration fluctuates below the annual threshold of €55.000.   The exemption is available once in a lifetime for a maximum period of 17 years starting from the tax year of taking up first employment in Cyprus.   It should be noted that this exemption does not require the individuals to become Cyprus tax residents.   Moreover, individuals claiming this exemption cannot also claim the existing 50% exemption (Article 8(23)), the existing 20% exemption (Article 8(21)) or the new 20% exemption (Article 8(21A)).   Transitional provisions   Moreover, individuals who took up employment in Cyprus prior to January 2022, may also be eligible to transition themselves and claim an exemption as per the new Article 8(23A) as shown below:   Year of commencement of 1st employment Eligible persons   Prior to 2022 Individuals who benefited from the existing 50% exemption (Article 8(23)) and continuously exercised their employment in Cyprus up to and including 2021     Between 2016 and 2021 Individuals whose annual remuneration from first employment in Cyprus exceeded €55.000 Individuals whose annual remuneration from first employment in Cyprus did not exceed €55.000 and within 6 months, starting from 26th July 2022, their remuneration will exceed the €55.000 threshold   Individuals currently benefiting under the existing 50% exemption (Article 8(23)) and do not fall within any of the cases mentioned above will continue to benefit from the existing 50% exemption up until the completion of the 10 year period. It should be noted that the provisions of Article 8(23) apply for individuals taking up first employment in Cyprus up until 26th July 2022.   The new 20% exemption (Article 8(21A)) Under the provisions of Article8 (21A), which are applicable as from 26th July 2022, individuals who take up first employment in Cyprus after 26th July 2022 are eligible to claim a 20% exemption on their annual remuneration (capped at €8.550) for a maximum period of 7 years.   Individuals claiming the new 20% exemption should have been non-Cyprus tax residents for at least 3 consecutive years prior to the commencement of first employment in Cyprus and must have been employed outside of Cyprus by a non- resident employer.   The exemption can be claimed in the tax year following the tax year of commencement of first employment in Cyprus (i.e. if first employment commences in 2022, the 20% exemption is granted from tax year 2023 up until tax year 2029).   Individuals already benefiting from the 50% exemption will not be eligible to additionally claim the 20% exemption.   Individuals who are currently eligible under the existing 20% exemption (Article 8(21)), and who are not eligible for the transitional provisions (mentioned above) will continue to benefit from the existing 20% exemption up until the completion of the 10 year period.

Alert 2, 2021 UBO Register of Trusts and of similar legal arrangements

Cyprus implements Beneficial Ownership Register for trusts and similar legal arrangements Further to the introduction of the register of Beneficial Owners (BOs) for companies, on the 18 June 2021 Cyprus has introduced a similar register for BOs of Trusts and other similar legal arrangements (the “Trust Register”) to be kept electronically by the Cyprus Securities and Exchanges Commission (CySEC) which is the supervisory authority for the implementation and operation of the Trust Register. The Trust Register was implemented through CySEC’s Directive for the prevention and suppression of money laundering and terrorist financing (register of beneficial owners of express trusts and similar legal arrangements) (the “Directive”) which provides information and guidance in relation to the registration of express trusts and similar legal arrangements in the Trust Register. The Directive applies for express trusts which are defined as trusts created expressly by a settlor at his own will. Trusts arising by operation of law as well as trusts for which the settlor shows no clear intention for their creation are not considered to be express trusts. Registration of an express trust should take place in cases where: the trustee is located or residing in the Republic of Cyprus; or the trustee, which is located or residing outside EU, establishes a business relationship or acquires immovable property in Cyprus on behalf of the express trust. Information to be submitted The following information must be submitted for registration: For the trusts and other similar legal arrangements Name of the trust Country and date of establishment Applicable law Termination date (if applicable) Country in which the trustee is established or resides and details of his address In case the trustee resides outside the EU and establishes a business relationship on behalf of the trust in Cyprus, the date of commencement of the business relationship, the name of the person with whom such relationship is established together with the document which governs such a relationship In case the trustee resides outside the EU and acquires immovable property on behalf of the “Stated” (expressed) trust in Cyprus, the registration number and address of the immovable property together with the title deed of the property Any other information and/or supporting documentation requested by CySEC for identification purposes BO/s (trustee, settlor, protector, beneficiaries) Name, surname and father’s name Date and place of birth Nationality/ies Residential Address Type, number and country of issuance of identification document Date of death (where applicable) Date on which the person became beneficial owner The nature and extent of the rights which are directly or indirectly held by the UBO The role of the UBO in the trust or in a similar legal arrangement Any other information and/or supporting documentation requested by CySEC for identification purposes In case the Trust has one or more classes of beneficiaries, the following information should also be provided: Description of the class of beneficiaries and its members the nature and extent of the rights of each class of beneficiaries Deadlines and Charges A six-month period has been granted for existing trusts to be registered. For new trusts falling under either of the two cases, as well as for any changes in the information submitted to the Trust Register for trusts already registered, there is a time limit of 15 days from the date of appointment of the trustee or the date on which such changes were effected. CySEC has set a scale of charges for registration and renewal of registration of trusts as well as for retrieving information. Eligible persons/authorities for having access in the UBO trust register Eligible for having access without any charge to the information entered in the Trust Register will be the trustees and or any other equivalent person who has entered such information thereinto, as well as other competent authorities like the Unit for Combating Money Laundering and Terrorist Financing, the police, the Customs’ Department, and the Tax Department. Furthermore, any person or organization who may demonstrate a legitimate interest and who provides sufficient evidence in this respect , may have access to such information under a fee if the relevant application submitted to CySEC is approved. The procedure is set as follows: CySEC acknowledges with the trustees and or the equivalent person of the receipt of an application from a certain person/authority and the fact that they have initially established that indeed such a person or authority has a legitimate interest. If the trustees do not file written representations within 10 days as of the date it has received CySEC’s acknowledgment, then such a person and or authority will be given access to the information kept in the Trust Register.

Alert 2, 2021 UBO Register Of Trusts And Of Similar Legal Arrangements

Cyprus implements Beneficial Ownership Register for trusts and similar legal arrangements Further to the introduction of the register of Beneficial Owners (BOs) for companies, on the 18 June 2021 Cyprus has introduced a similar register for BOs of Trusts and other similar legal arrangements (the “Trust Register”) to be kept electronically by the Cyprus Securities and Exchanges Commission (CySEC) which is the supervisory authority for the implementation and operation of the Trust Register. The Trust Register was implemented through CySEC’s Directive for the prevention and suppression of money laundering and terrorist financing (register of beneficial owners of express trusts and similar legal arrangements) (the “Directive”) which provides information and guidance in relation to the registration of express trusts and similar legal arrangements in the Trust Register. The Directive applies for express trusts which are defined as trusts created expressly by a settlor at his own will. Trusts arising by operation of law as well as trusts for which the settlor shows no clear intention for their creation are not considered to be express trusts. Registration of an express trust should take place in cases where: The trustee is located or residing in the Republic of Cyprus; The trustee, which is located or residing outside EU, establishes a business relationship or acquires immovable property in Cyprus on behalf of the express trust. Information to be submitted The following information must be submitted for registration: For the trusts and other similar legal arrangements Name, surname and father’s name Date and place of birth Nationality/ies Residential Address Type, number and country of issuance of identification document

Alert 1, 2021 Cyprus law to implement Mandatory Disclosure Rules enters into force

On 31 March 2021, the law (Ν. 41(Ι)/2021, the Law) amending the Law on Administrative Cooperation in the field of Taxation (Law N. 205(I)/2012) was published in the Official Gazette of the Cyprus Republic and entered into force. The Law transposed the European Union (EU) Directive (referred to as DAC6 or the Directive) into domestic law. The Law entered into effect as of 1 January 2021, however, it will have a retrospective effect for reportable cross-border arrangements concluded on or after 25 June 2018 provided that one of the prerequisite triggering events is met. The final Cypriot Mandatory Disclosure Rules (MDR) legislation is broadly aligned with the requirements of the Directive with minor differences. Further to the Law, guidance notes will be issued by the Cypriot Tax Department (CTD) to provide clarity over the interpretation of key terms of the Law. The Directive requires intermediaries (including EU-based tax consultants, banks, asset managers, corporate administrative service providers, insurance companies and lawyers) and in some situations, taxpayers, to report certain cross-border arrangements (reportable arrangements) to the relevant EU member state tax authority. This disclosure regime applies to all taxes except value added tax (VAT), customs duties, excise duties and compulsory social security contributions. Cross-border arrangements will be reportable if they contain certain features (known as hallmarks). Under the Directive, an arrangement is reportable if: The arrangement meets the definition of a cross-border arrangement; and The arrangement meets at least one of the hallmarks A-E specified in Annex IV of the Directive and the main benefit test (MBT), where applicable. Administrative fines for non-compliance Breach   Penalty (one-off administrative fine per entity and arrangement) Failure to report a Reportable Cross Border Arrangement (RCBA)   €10.000-20.000 Delay in reporting an RCBA   Up to 90 calendar days: €1.000-5.000 More than 90 calendar days: €5.000-20.000 Filing inaccurate or incomplete or misleading report of an RCBA   €1.000-10.000 Failure to notify other intermediaries or the relevant taxpayer by the intermediary regarding the exemption due to Legal Professional Privilege (LPP)   €10.000-20.000 Delay in the notification of other intermediaries or the relevant taxpayer by the intermediary regarding the exemption due to LPP   Up to 90 calendar days: €1.000-5.000 More than 90 calendar days: €5.000-20.000 Failure to provide the Cypriot Tax Department with information or documents for an arrangement within 14 days from the date of reception of written notice   €1.000-10.000 Failure to pay the administrative fines imposed/Continuance of the relevant breach   Increase of imposed fine up to €20.000   As implied by the provisions of the Law, penalties will also apply for intermediaries/relevant taxpayers who have breached their reporting or notification obligations, as prescribed in the Law, for the transitional period. On 4 June 2021, the CTD announced the non-application of administrative penalties for all filings effected by 30 September 2021 in respect of RCBAs made or to be made from 25 June 2018 up until 31 August 2021. As from 1 September 2021, RCBAs should be reported within 30 days from the rom the relevant triggering event. Remarks Cyprus intermediaries and taxpayers with cross border arrangements should review their existing procedures to continuously monitor their disclosure obligations under the DAC 6, ensuring compliance and minimising the risk of monetary fines.

Mar Sat, 2022 CPM in Cyprus South Africa Business Forum
CPM was a proud sponsor of the Cyprus South Africa Business Forum, which took place between 11 and 18 September in the two major cities of South Africa, Johannesburg and Cape Town, with the mission to promote business cooperation and entrepreneurial synergies amongst the business circles of Cyprus and South Africa. The Business Forum, which was co-organized by the Cyprus South Africa Business Association, the Cyprus Chamber of Commerce and Industry and the Ministry of Energy, Trade, Industry and Tourism, CIPA, CIFA and the Cyprus Stock and Exchange Commission, involved the participation of more than 30 Cypriot businesses, including CPM, and more than 100 South African businesses as well as a number of officials from CCCI and the Ministry of Energy, Trade, Industry and Tourism, including the Ministry’s General Manager. During the Forum, Cyprus was presented as an EU jurisdiction of choice as well as a Business and Investment Funds Center. Special emphasis was placed on the opportunities for business development in the EU and other nearby non EU countries having Cyprus as an EU base.   CPM had the opportunity to meet with a number of prestigious law firms, accounting firms and service providers in both Johannesburg and Cape Town and to discuss particular ways of promoting Cyprus as a financial center. CPM would like to thank the organisers and participants for a most successful Business Forum. CPM is a leading international service provider operating from Cyprus offering the best possible tailor-made corporate management and administration solutions to each of our institutional, corporate and private clients in a multitude of international jurisdictions. This year, CPM celebrates 20 years of mastering the Art of Making Business! CPM is regulated by the Cyprus Securities and Exchange Commission under license number 56/196.
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