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INTRODUCING CPM The Art Of Making Business

Similar to a passionate artist that commits to his/her painting, we are dedicated to our vision, which values innovative thinking and strives to offer an exceptional level of client service through expertise and professionalism. As a result, CPM is now one of the leading international providers of Fiduciary and Corporate Administration Services in Cyprus, enjoying the respect of both its clients and its competitors.

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WHAT WE PROVIDE Proudly Providing A Comprehensive Range Of Services

We provide a fully comprehensive range of services to our international and local-based clients, encompassing large multinationals, banking institutions, and high net worth individuals. Services include, among others, Fiduciary, Company Administration, Secretarial, Accounting & Bookkeeping, Escrow, Payroll, and Fund Administration services. Moreover, through our associates, we offer Aviation, Yachting, and Crew Management & Administration services.

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The importance of Fund Administrators in the Funds ecosystem and their evolution throughout the years

By Marios Charalambous, Manager at CPF Fund Administration Fund administrators play an increasingly pivotal role in the funds ecosystem by providing critical operational support to fund managers and assurance of integrity within investment funds for investors. Their independent role enhances the transparency, compliance and stability of financial markets. From Cyprus… From a local perspective and looking into an emerging fund centre such as Cyprus, the role and responsibilities of fund administrators started in 2013 by a mere extension of the accounting obligation and evolved to a significant counterparty of the fund’s core functions. This will be further enhanced by the upcoming enactment of the legal framework for the authorization and operation of the Fund Administrators, which is expected to take place in 2023. To the world. This evolution of course, has been proportionally bigger in the traditional fund centres, where huge strides of development and improvement have been taken place in the last 20 years. Funds were historically self-administered by the fund manager using an internal finance team, accounting firm, or some other external firm to assist. Aside from a lack of independence this led to non-standardised procedures. For example, some of these companies allowed the manager to adjust the books and records as they wished, while others were not independently pricing securities or reconciling trades, simply calculating NAVs taken from custody report statements. As funds evolved and the investor needs changed, so did the fund administration services. Fund administration evolved into a back-office necessity for many asset managers to maintain books and records and process investor activity. Today, fund administrators are expected to be partners with investment managers, while also being cognisant of the best interests of the fund investors. Services have also expanded from accounting and investor record keeping, to now include technology that supports financial reporting, regulatory and tax reporting, investor tax reporting, AML compliance, company officers, investor relations, real time reporting, web portals, etc. The cornerstone of this evolution and development has one word and one word only written all over it, “technology”. As the needs and size of investment funds started to grow in the early 2000’s, fund administrators started to realise that the bespoke accounting databases and manual processes used at the time were becoming outdated. This need triggered numerous technology firms to enter this new space with expanded offerings which initially covered basic accounting and transfer agency requirements. Although this shift towards technology and automation was a step to the right direction, not everything was smooth. Many of the technologies were built around a specific type of fund or structure and were lacking monitoring to some of the investment requirements such as gates, side letters etc. These issues forced fund administrators to invest in different vendors to support different functions of the fund, with the manual intervention to exist in many processes of the fund and the data transmission between interconnected platforms to be one of the main challenges. Despite these challenges, this shift towards technology enabled fund administrators to elevate their role within the fund and increase their efficiency. In terms of fees they were able to charge half of what they were charging for a similar fund 10-15 years ago and offer a significantly higher reporting and service level. This automation though came at the expense of personalisation, as fund managers quickly realised that the technological solutions available, even today, are not as flexible and adjustable towards the various types of funds as one would have expected. Fund administration going forward In a rapidly changing world where in the last 3 years we have experienced and we are still experiencing a global pandemic, a major m

Suspension of access to the Register of Beneficial Owners for the General Public

The Department of the Registrar of Companies and Intellectual Property announced today, 28th November 2022, that based on a relevant decision of the Court of Justice of the European Union, dated 22/11/2022, in joined cases C-37/20 and C-601/20 (the “Decision”), access to the Register of Beneficial Owners to the general public is suspended from 23/11/2022.    In accordance with the above Decision, Article 1(15)(c) of Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018, according to which access to information on the Beneficial Owners of a legal entity was given to the general public, is invalid as it constitutes a serious interference with the fundamental rights in respect for private life and the protection of personal data, enshrined respectively in Articles 7 and 8 of the Charter of Fundamental Rights of the European Union.    The relevant information to the competent and supervisory authorities and the Unit, as referred to in the respective Directive 112/2021 article 12 and in the amending Directive 116/2022, will continue to be provided under the current procedure.    The relevant information to the obliged entities will be provided in accordance with the applicable procedure by additionally presenting of an affirmation to confirm that the details of the Beneficial Owners are requested within the context of taking the respective due diligence measures.    The obligation of companies and cooperatives to submit and update the data of the Beneficial Owners is not affected by the above and continues to exist.   

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.

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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