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FAQs

Accounting

Yes the accountant must have the license provided by ICPAC (the Institute of Certified Public Accountants of Cyprus)

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At the end of any month, if the value of taxable supplies during the one year period ending at that point, has exceeded 15.600 euros.

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At least 6 years

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Maintain accounting records / bookkeeping procedure based on Cyprus Companies and Tax Law.

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When your annual turnover exceeds 15.600 euros annually.

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Auditing

Yes, all registered Cyprus companies must submit to the Inland Revenue and company registrar audit financial statements even If they are dormant.

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If your total revenue exceeds 70.000 euros annually, then you must prepare audited financial statements, however if below 70.000 euros it is not mandatory.

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Cypriot accounting practices use the International Accounting Standards (IAS) for financial statements preparation. With the European Union membership, the Cypriot companies should adopt IFRS according to EU requirements.

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The deadline is 1st of August the following year.

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The deadline to submit to the Inland Revenue is 15 months of year end and to the company registrar 13 months of year end.

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Company registration Cyprus

It’s not mandatory for the beneficial owner to be in Cyprus during any stage of the Company incorporation unless they willingly want to.

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According to the Cyprus law, it’s compulsory to have a local registered office in Cyprus. The incorporation documents must be kept at this address. At McMillan Woods, we offer special virtual office packages which include a local address to organizations that cannot open a physical office in Cyprus.

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Again it’s not mandatory but a skype call before opening the bank account will take place.

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• Get a Tax Number from the Cyprus Tax Authorities within 60 days to avoid any penalties
• Confirm if there is a need to register for a V.A.T. number
• Inquire if it’s necessary to register with the Social Insurance authorities in Cyprus

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From all beneficial owners:
• Passport apostille or notarized by any EU embassy
• Utility bill dated within 3 months
• Curriculum Vitae
• Bank Reference Letter

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Cyprus citizenship

Yes from 15/05/2019 the new amendment requires the applicant to make a donation to the state-owned funds of 150,000 euros in total.

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Yes.
(a) Politically Exposed Persons (PEPs), who hold or have held public office over the past five years.
(b) Persons against whom a criminal investigation was conducted.
(c) Persons under criminal investigation.
(d) Persons sentenced to imprisonment for serious offenses (eg. bribery, tax evasion, etc.), even though the sentence period has expired.
(e) Persons affiliated with legal entities which are under restrictions by the European Union (EU), eg. shareholders or senior executives of companies that are included in a list of sanctions.
(f) Persons affiliated with legal entities which have been restricted by the European Union (EU) but are no longer associated with them, eg. former executives of the companies who, at the time the sanctions regime was introduced, controlled them. This condition does not apply to those who had resigned before the sanctions were imposed.
(g) Persons who have fallen under sanctions by third countries (eg. US, Russia, Ukraine).
(h) Persons related to legal entities who have fallen under sanctions by third countries.
(i) Persons investigated or being under investigation, or those who have been convicted for criminal offenses, including persons wanted by EUROPOL or INTERPOL.
(j) Persons who have fallen under sanctions by the United Nations Security Council (UN).

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Usually from the date of application 4-6 months.

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• Copies of passport
• Birth certificate
• Marriage certificate (if applicable)
• Certificate of clean criminal record
• Copy of a utility bill as a proof of the address (not older than 6 months)
• CV
• Bank reference letter
• Individual photos

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Yes, the residency program is 300.000 euros plus VAT.

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Cyprus tax

Yes, Intellectual Property (IP) including copyrights, patented inventions and trademarks has an exemption of 80% of the overall profit derived from the qualifying intangible asset.

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Dividend income is tax exempt and there is no withholding tax on dividends.

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Profits realised on disposal of securities/shares in subsidiaries, bonds, derivatives, stocks etc., are not subject to taxation in Cyprus. This applies to all gains including capital gains and gains from trading in securities.

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Cyprus has one of the lowest tax rates in Europe, the efficient legal, the accounting and banking system, the European standard of living, the hospitality, friendliness and the high level of competence of Cypriots as well as the strategic geographical location and the good social and industrial infrastructure are among the factors contributing to the success of Cyprus as an international business centre.

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