CPM

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.

Our Advisor to the Board of Directors, Mr. Angelos Gregoriades is attending the 9th Global Meeting of Slovak Honorary Consuls

We are pleased to share that Mr. Angelos Gregoriades, Advisor to the Board of Directors of Cyproman Services Ltd and Honorary Consul of the Slovak Republic in Cyprus, recently participated in the 9th Global Meeting of Slovak Honorary Consuls held in Bratislava, Slovakia. Organised by the Ministry of Foreign and European Affairs of the Slovak Republic, the event brought together 116 honorary consuls from around the world to discuss the role of economic diplomacy, international cooperation, and Slovakia’s presence on the global stage. Mr. Gregoriades' involvement reflects our ongoing commitment to supporting international partnerships and promoting cross-border business and investment opportunities.

Cyprus Is One Step Closer to Schengen: What It Means for Property Investors in 2025

(Source: Square One/Linkedin) A Borderless Future: Why Cyprus’ Schengen Progress Matters for Real Estate As of this year, Cyprus has successfully passed the final technical evaluations for Schengen membership, and official sources from Brussels indicate that the country is now on the verge of full accession. While the political ratification process is still underway, the EU's confidence in Cyprus’ readiness sends a strong signal: the borderless era is near. And for international property buyers and investors, this opens the door to a whole new level of opportunity. Cyprus and the Schengen Zone: A Timeline of Progress Cyprus joined the EU in 2004 but has remained outside the Schengen Area for two decades, largely due to border complexities and geopolitical considerations. That’s changing. In 2024, Cyprus integrated the Schengen Information System (SIS) and biometric checks across its points of entry—two of the most critical technical requirements. By early 2025, EU officials confirmed that Cyprus had passed all final checks. The only step left is unanimous political approval from current Schengen member states, expected by the end of 2025. This would allow for unrestricted travel to and from 27 other European countries—boosting tourism, business, and of course, property market activity. What This Means for Property Investors The prospect of Cyprus joining the Schengen Zone is already accelerating demand in real estate, especially among foreign nationals seeking a strategic base within Europe. Here’s how this development is impacting the property market: Stronger International Demand: Investors from Israel, the UAE, and non-EU countries are looking to secure property now, before prices surge post-accession. Residency + Travel Advantage: Cyprus’ existing Permanent Residency programme is already attractive. Add Schengen access, and it becomes one of the most valuable property-based residency programmes in the EU. Boosted Rental Yields: Tourism is expected to rise substantially once Schengen is active—especially in hotspots like Limassol, where short-term rental demand is already strong. Capital Growth: Investors are betting on capital appreciation, especially for off-plan and early-stage developments in prime areas.

Cyprus achieves largest jump in top 50 of StartupBlink’s Global Startup Ecosystem Index

(Source: CBN) Cyprus achieved the largest jump within the top 50 of StartupBlink’s Global Startup Ecosystem Index, ranking 45th globally, with Chief Scientist Demetris Skourides welcoming the news and musing that the country’s hard work is finally paying off. According to the report, Cyprus has maintained its positive momentum, leaping 9 spots to 45th globally, and jumping 7 spots to rank 27th in Europe. The island has ranked 30th globally in terms of the total impact of employees on the ecosystem. With Larnaca rejoining the Index, Cyprus now has four cities in the global top 1,000, and all top-ranked cities improve their positions. Limassol, meanwhile, has overtaken Nicosia to lead the island this year, indicating a healthy degree of competition among the ecosystems in the country. Efforts are paying off Commenting on the news, Chief Scientist Demetris Skourides posted on his LinkedIn: “As a strategist I often get asked on how I interpret the signals that a strategic vision and intent are working as desired creating benefits for the country, the answer is very simple, measure what matters. It is my core belief that we should build on data driven insight, and performance measurement and benchmarking are great tools that can help us zero in into what matters.” He added, “In less than 18 months since my appointment, as Chairman of the Board of Directors, and the government, we feel proud that our efforts in pivoting Cyprus’ research and innovation ecosystem are yielding outstanding results”.Under the Country Rankings Insights in the From 21 to 50 category, the report mentions, among other: “One of the biggest winners of 2024 is Cyprus, as it achieved the largest jump in the global top 60 this year, climbing nine spots to 45th and surpassing European contenders such as Ukraine, Latvia, Croatia, and Greece.” Source: Research in Innovation Foundation Innovation ecosystem now 4th globally among countries with population less than 2 million According to the Research and Innovation Foundation (RIF), the Cypriot innovation ecosystem now ranks 4th globally among countries with a population of less than 2 million, and 6th globally in startup exits under €1b. “In fact as of today Cyprus has 5x the startups that existed in 2020 and the numbers are expected to increase,” said Skourides. Cyprus, which ranks in the 201-1,000 tier of the Index where the researchers found higher volatility, was listed among the cities that inspired StartupBlink this year with their positive momentum. In this tier, there are 331 European cities ranked, with 115 cities showing positive momentum, and 22 newcomers to the Index. Thirteen cities in the range of 201-300 of the Index have made substantial advances in their global rankings. Notable rises include Limassol, Cyprus up by 192 spots, Bratislava, Slovakia up by 46 spots, and Dresden, Germany up by 40 spots. Limassol records best momentum among top 250 worldwide Limassol's 192-spot global jump was listed as the best momentum among the top 250 worldwide. Limassol ranked 61st in the EU, showing the best regional momentum among the top 100 by climbing 45 spots, and is now among the top 100 for the Social & Leisure industry, where it ranks 85th worldwide. Nicosia moved up 46 places to join the global top 350 and increases 13 spots to enter the top 100 in the EU at 88th. And Larnaca replaced Paphos as the 3rd ranked ecosystem in Cyprus. Limassol is ranked 5th in the EU in the Gaming industry. “With attractive investments approved by the government, and a commitment to support the research and innovation ecosystem with funding and infrastructure support, we are implementing a core tenant of making Cyprus’ vision 2035 happen, fulfilling our commitment in creating new jobs, revenue streams and opportunities for our youth, particularly in Stem related fields,” Skourides said. He went on to thank all the stakeholders in the Cypriot research and innovation ecosystem, particularly researchers, research organisations and institutes, entrepreneurs and all the ecosystem stakeholders, including TechIsland, CITEA, Cyprus Computer Society, Employers and Industrialists Federation, Cyprus Chamber of Commerce and industry, “and of course the entire team at the Research Innovation Foundation. Cyprus has built a relatively modern, free-market, service based economy In its Startup Ecosystem Overview, StartupBlink said: “The island of Cyprus has built a relatively modern, free-market, service based economy. The country is a famous tourist destination, but lacks recognition for its startup activities, due largely to lack of funding. The resulting shortage of success stories does little to motivate the local population toward entrepreneurship. Recognising these challenges, the Cypriot Government has established a Deputy Minister of Research, Innovation, and Digital Policy to accelerate innovation on the island. Since its establishment in 2020, the deputy ministry has introduced attractive tax incentives for investment and innovation, increased the availability of funding opportunities, and offered a startup visa. Those steps should truly be commended and have a massive positive impact on the future of the Cypriot startup ecosystem. Further explore the industry insights on 1,000 cities and 100 countries using StartupBlink Pro. Additionally, the Cyprus Startup Visa program allows talented entrepreneurs from third world countries outside the European Union (EU) and the European Economic Area (EEA) to develop a startup with high growth potential in Cyprus. One strength of the island is the talent pool One strength of the island is the talent pool, as Cyprus has one of the EU's highest number of graduates per capita. The local talent has recently been strengthened by tens of thousands of Russian and Ukrainian IT professionals who migrated to Cyprus to escape instability created by the war. Moreover, numerous international companies, including NCR, Viber, Logicom, Semrush, and Amdocs have established operational or corporate management functions in Cyprus. Ironically, the presence of job opportunities in these global firms, along with appealing career paths in the public sector, poses a challenge for startups. This is because the mindset of many talented individuals is focused on securing fulltime employment, rather than taking risks. Notable initiatives to support entrepreneurs and attract foreign investors include Invest Cyprus and ARIS, a non-profit organisation established in association with Deloitte and sponsored by XM. As well, CYENS is a multi-stakeholder research and innovation center with the participation of the Municipality of Nicosia, three public universities in Cyprus, and two international Partners (the University College London and the Max Planck Institute for Informatics) to empower knowledge and technology transfer in the country. Contributing to innovation in Cyprus, Tech Island is an NGO on a mission to turn Cyprus into a world-class destination for tech talent. Another NGO with the goal of stopping brain drain, Cyprus Seeds offers an 18-month program that includes grants, mentorship, and training. Cyprus has established itself as a growing fintech hub Cyprus has established itself as a growing fintech hub. The dynamic fintech movement includes startups offering services from real-time investment portfolio securitisation and advanced performance analytics to automated order processing. Besides fintech, Cyprus is also home to some of the leading names in regtech, IoT, cybersecurity, and the gaming industry. Cyprus has also seen growth in Blockchain technology, and the University of Nicosia is the first university in the world to offer a Masters course in Digital Currency." Cyprus has unrealised startup potential Finally, the report says Cyprus has unrealised startup potential which is now being leveraged by an increasing number of start-up accelerators, incubators, and research institutions developing innovative projects. The government, it added, should create policies and incentives that support the launch of venture capital funds to promote entrepreneurship and startup culture. "In this way, the island can produce more success stories and become more recognisable in the global startup ecosystem,” it concluded.

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.