tag:blogger.com,1999:blog-17383961623648041192024-02-12T16:36:31.927+02:00LLPO Law Firm BlogNews, alerts and events from LLPO's teams.Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.comBlogger61125tag:blogger.com,1999:blog-1738396162364804119.post-38655050809181950332016-11-04T08:24:00.000+02:002016-11-04T08:34:58.434+02:00LLPO appears in China Enterprise Summit: China Going Global<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="http://mmbiz.qpic.cn/mmbiz_png/74vDhM7HIm4IWFSBCDB81Y13gb0V3GiahYqleon6t9ZNr1RqTK4LCPicrPspJItmOyrIBrfpWTuYrMZC93sGtzdw/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://mmbiz.qpic.cn/mmbiz_png/74vDhM7HIm4IWFSBCDB81Y13gb0V3GiahYqleon6t9ZNr1RqTK4LCPicrPspJItmOyrIBrfpWTuYrMZC93sGtzdw/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1" height="370" width="640" /></a></div>
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On the 27/10/2016 we had an opportunity to appear at the China Enterprise Summit with a theme of China Going Global. The Summit was organized by our partners in China CTAC Group. </div>
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China Tax Advisory and Consulting Group (CTAC) is a group with offices in almost all Chinese cities and many third country Asian cities. </div>
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LLPO and CTAC are associated with the purpose to provide advisory services to Chineze enterprises in the new coordinated initiative of China Going Global.</div>
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The Summit was held at Beijing and was attended by 350 representatives and professionals of the government, the industry and the professional - service sector in China. LLPO Law Firm through its LLPO Asia division was the only western presenter at the conference to explore Cyprus as hub for Chineze companies to invest in Europe.</div>
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<a href="http://mmbiz.qpic.cn/mmbiz_jpg/74vDhM7HIm4IWFSBCDB81Y13gb0V3GiahbNiaW86CYKia9OZ5mcVF1hXVGic7cSbsyPCLN4VnCPbvOfSoV9h24qxQw/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://mmbiz.qpic.cn/mmbiz_jpg/74vDhM7HIm4IWFSBCDB81Y13gb0V3GiahbNiaW86CYKia9OZ5mcVF1hXVGic7cSbsyPCLN4VnCPbvOfSoV9h24qxQw/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1" height="420" width="640" /></a></div>
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Both <a href="http://www.llpolawfirm.com/michael-o-ioannides.html" target="_blank">Michael Ioannides</a> of LLPO Law Firm and Sissy Zhang of LLPO Asia appeared and presented on the Use of Cyprus Alternative Investment Funds and current awareness on OECD definitions of Economic Substance.</div>
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<a href="http://mmbiz.qpic.cn/mmbiz_jpg/wfH78NBdwJmGibgTQyHSQxFOoX2cicmUIvrVULLPIvtB9lDCR1xpsDrsHTCb7IgkdKnIezicnbmZ9ibra3LG3jTtsA/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://mmbiz.qpic.cn/mmbiz_jpg/wfH78NBdwJmGibgTQyHSQxFOoX2cicmUIvrVULLPIvtB9lDCR1xpsDrsHTCb7IgkdKnIezicnbmZ9ibra3LG3jTtsA/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1" height="382" width="640" /></a></div>
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For more information on LLPO's work with Asia and China please inquire with <a href="http://www.llpolawfirm.com/michael-o-ioannides.html" target="_blank">Michael O. Ioannides</a> or <a href="http://www.llpolawfirm.com/" target="_blank">Sissy Zhang</a>. Further information of LLPO's work on <a href="http://www.llpolawfirm.com/corporate.html" target="_blank">Corporate & Tax</a>, <a href="http://www.llpolawfirm.com/financial-services.html" target="_blank">Financial Services</a> and <a href="http://www.llpolawfirm.com/cyprus-alternative-investment-funds.html" target="_blank">Funds</a>.</div>
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Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0Beijing, China39.904211 116.4073949999999538.344674 113.81462149999996 41.463747999999995 119.00016849999994tag:blogger.com,1999:blog-1738396162364804119.post-10673563273076498882016-10-17T07:57:00.000+03:002016-11-03T08:10:08.645+02:00 Cyprus to add Registered Funds as a new type of AIF's<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4i69eTa6b6gwb3YqC4qH574xFCZjEPfXSvlAVN7w3Dfu3v0u3Y1NBHQ74vU3cDaHpwUeTihmiRhK548MC1wDJercvkA4ga6QZSb1fnKOcgW6rA1K828-AhEY2ZFo5iRVQXU2IeUddmt_X/s1600/CySec-Wooden-Logo.jpg" imageanchor="1"><img alt="Cyprus Registered Funds" border="0" height="289" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4i69eTa6b6gwb3YqC4qH574xFCZjEPfXSvlAVN7w3Dfu3v0u3Y1NBHQ74vU3cDaHpwUeTihmiRhK548MC1wDJercvkA4ga6QZSb1fnKOcgW6rA1K828-AhEY2ZFo5iRVQXU2IeUddmt_X/s640/CySec-Wooden-Logo.jpg" title="Cyprus Registered Funds" width="640" /></a></div>
A new type of a registered alternative investment fund will be introduced by CySeC in Cyprus. This new category of "registered" funds will be available for funds marketed to professional or well informed investors. <br />
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The main characteristic of registered alternative investment funds is that they will not be directly authorized or directly supervised by CySeC but only registered in a central registry. Instead, registered funds will be operated by their investment manager and the investment manager authorized by CySeC will be directly responsible for their operation.<br />
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Such registered funds are customarily used for a fast route establishment, minimum thresholds of supervision and sometimes the assumption of riskier investment positions. The structure is expected to be used extensively by hedge funds or other alternative structures.<br />
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For more information check <a href="http://www.llpolawfirm.com/cyprus-alternative-investment-funds.html">Alternative Funds (AIF)</a> or contact <a href="http://www.llpolawfirm.com/michael-o-ioannides.html">Michael O. Ioannides</a>.</div>
Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0Cyprus35.126413 33.42985899999996533.45611 30.837085499999965 36.796715999999996 36.022632499999965tag:blogger.com,1999:blog-1738396162364804119.post-9997190413472759532016-09-18T10:31:00.000+03:002016-11-03T08:31:30.683+02:00The new regime for granting Cyprus (EU) Passport by Investment<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhyphenhyphenIwKbgnb7VxsTTtwVAYCXasGWNsCTWPoXLLVrMp9aDos1NEcBLo13uP48JKHca2YR5creqyGrpDcJAB_SvJXLqcEA99c9eaQ7NyUVOQxhUfyzqCG3VKvd3xANEjeEsBNmp5E7oS9iLDU/s1600/Cypriot-passport-08.09.2016.jpg" imageanchor="1"><img border="0" height="367" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhyphenhyphenIwKbgnb7VxsTTtwVAYCXasGWNsCTWPoXLLVrMp9aDos1NEcBLo13uP48JKHca2YR5creqyGrpDcJAB_SvJXLqcEA99c9eaQ7NyUVOQxhUfyzqCG3VKvd3xANEjeEsBNmp5E7oS9iLDU/s640/Cypriot-passport-08.09.2016.jpg" width="640" /></a><br />
<span style="text-align: justify;">On the 13th of September 2016 the Cyprus Government approved the new regime for granting Cypriot - European citizenship for foreign investors.</span><br />
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The new regime is the more competitive Citizenship programme in Europe and it is expected to attract an increase of citizenship applications. The new regime provides for the reduction of the required investment to €2.000.000, includes participation in Alternative Investment Funds as a class of approved investments and shortens the time for approval to 3 months.</div>
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<b>Investment Requirement and Approved Classes for Investment</b></div>
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The main requirement for acquiring European - Cypriot Citizenship is the investment of €2.000.000 in any of the following classes of investments in Cyprus:</div>
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<li style="text-align: justify;">Purchasing of Real Estate;</li>
<li style="text-align: justify;">Construction;</li>
<li style="text-align: justify;">Residential, Commercial or Tourism Development;</li>
<li style="text-align: justify;">Infrastructure Development;</li>
<li style="text-align: justify;">Acquire, Incorporation or Participation in a Cyprus company with a business plan for investment in Cyprus;</li>
<li style="text-align: justify;">Participation in Alternative Investment Funds licensed and regulated in Cyprus;</li>
<li style="text-align: justify;">Purchasing of regulated Financial Instruments (i.e. securities or bonds) of Cyprus companies with substantial economic activity;</li>
<li style="text-align: justify;">Any combination of the class of investments including a maximum of €500.000 in Cyprus Government Bonds.</li>
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<b>Permanent Privately-owned residence in Cyprus</b></div>
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The applicant is required to have a permanent privately-owned residence in the Republic of Cyprus, the value of which must exceed the amount of €500,000 at current prices (plus VAT).</div>
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<b>Clean Criminal Record</b></div>
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The applicant must have a clean criminal record from the country of origin and the country of residence (if different). Furthermore, his/her name must not be included on the list of persons whose assets are frozen within the boundaries of the European Union.</div>
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It is estimated that a period of 3 months is needed for the approval of the application and the issuance of Cypriot - European Passport.</div>
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LLPO Law Firm provides a turnkey solution to its clients to acquire Cypriot - European Citizenship by Investment. For further information please contact Michael Ioannides at <a href="mailto:moi@llpolawfirm.com.cy">moi@llpolawfirm.com.cy</a> and/or Andreas Leonidou at <a href="mailto:aleo@llpolawfirm.com">aleo@llpolawfirm.com</a> and/or Maria Panayiotou at <a href="mailto:map@llpolawfirm.com">map@llpolawfirm.com</a>.</div>
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Anonymoushttp://www.blogger.com/profile/13266129917297150757noreply@blogger.com0Cyprus35.126413 33.42985899999996533.45611 30.837085499999965 36.796715999999996 36.022632499999965tag:blogger.com,1999:blog-1738396162364804119.post-52629910038430290422016-09-05T11:07:00.001+03:002016-11-04T08:25:58.746+02:00LLPO Law Firm to advise the Government for the privatization of the Cyprus National Lottery<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx2Y8AB5A5bx0tU3EWMWeF8H3MjVgmjLn5HKmatUniKkc6UhcavAvcSumW7m2SFbHHEQ-1JwuaqacpOdY9S94fPS1Wf7Jx4S-8nZW8jf8Q-pDvqXq65c9e1kDYJFA4T5YhqSKQnqOt3xft/s1600/p020xqdj.jpg" imageanchor="1"><img border="0" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx2Y8AB5A5bx0tU3EWMWeF8H3MjVgmjLn5HKmatUniKkc6UhcavAvcSumW7m2SFbHHEQ-1JwuaqacpOdY9S94fPS1Wf7Jx4S-8nZW8jf8Q-pDvqXq65c9e1kDYJFA4T5YhqSKQnqOt3xft/s640/p020xqdj.jpg" width="640" /></a></div>
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Vlaemminck & Partners BV BVBA operating under the brand name of PharumLegal and Angelides, Ioannides Leonidou LLC - LLPO Law Firm, (acting as the legal experts of the KPMG Ltd led advisory team, also including, QLot Consulting AB and J&E Davy Holdings Limited) have been selected by the Ministry of Finance of Cyprus and the Republic’s Privatization Unit as the retained consultants of the Cyprus Government for the provision of professional services regarding the private sector participation in the National Lottery.</div>
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<b>Pharumlegal and LLPO Law Firm will offer their legal services to:</b></div>
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(a) provide a legal analysis of the lottery market in Cyprus and the relevant trends in the global gaming market,</div>
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(b) identify, analyse and present the private sector participation options and respective legal structures regarding the National Lottery,</div>
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(c) assess and adequately develop Cyprus’ existing legislative and regulatory framework pertaining to the lottery activities and any relevant impending legislation and draft/ prepare/ amend all necessary underlying laws and regulations and secure their enactment,</div>
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(d) manage all legal aspects of the Project from design, initiation, preparation, execution and management up to the financial close of the Transaction</div>
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<b>About PharumLegal - Vlaemminck & Partners BV BVBA </b>(<a href="http://www.pharumlegal.eu%29/">www.pharumlegal.eu)</a> </div>
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Pharumlegal, is a leading law firm, with its headquarters located in Brussels, Belgium, specialising in the lottery industry and a key contributor to the relevant EU and national gaming legislations. The lawyers of the firm have been advising governments, regulators and operators all over Europe for the past 30 years, and have been involved in every gambling case at the Court of Justice of the EU since 1994</div>
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<b>About LLPO Law Firm - Angelides, Ioannides, Leonidou LLC</b> (<a href="http://www.llpolawfirm.com%29/">www.llpolawfirm.com)</a></div>
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LLPO Law Firm is a leading law firm, with its headquarters located in Nicosia, Cyprus, practicing in all major areas of commercial and financial services law, providing amongst other services legislative and regulatory compliance services and advice on commercial law, lotteries, gambling and gaming, intellectual property, corporate and company law.</div>
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Anonymoushttp://www.blogger.com/profile/13266129917297150757noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-20524324273271707752016-05-01T08:03:00.000+03:002016-11-03T08:32:09.370+02:00 Benefits of the Cyprus Alternative Investment Funds<div dir="ltr" style="text-align: left;" trbidi="on">
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As regional and domestic markets continue to expand and fuel economic growth, the funds industry of Cyprus is taking a frontline the global investment environment. In particular more and more investors and managers are choosing Cyprus as their prefered jurisdiction for the establishment and administration of their Alternative Investment Funds.</div>
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The Benefits of an Alternative Investment Fund in Cyprus is that it offers a range of legal, regulatory and tax solutions to address and meet the needs of AIF promoters and investors alike. Services such as setup and acquisition structuring, fund administration, legal, custody and audit are provided in a wide and customized range, and at competitive costs in comparison to other reputable funds jurisdictions. Cyprus has enacted strict Anti-Money Laundering Regulations, in line with EU and international standards.<span style="background-color: white; color: #0c336c; font-family: Roboto, sans-serif; font-size: 16px;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaaI6pGr4HJw5Iigyukj80jYXRd6nsCnD8Jm7hSZJ_svjUUTDptQ4WYqoLiJ7r_HMXF8NXJJKXYLQRVJkr5SvXTU1tj0ASxcE45FKL43GZ2ysLeEw6V17PyuvUUY2Z7qbaLNqqI_6Nkysr/s1600/AIFMD-2zyf4klpb3grgld8xtzta8.png" imageanchor="1"><img border="0" height="630" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaaI6pGr4HJw5Iigyukj80jYXRd6nsCnD8Jm7hSZJ_svjUUTDptQ4WYqoLiJ7r_HMXF8NXJJKXYLQRVJkr5SvXTU1tj0ASxcE45FKL43GZ2ysLeEw6V17PyuvUUY2Z7qbaLNqqI_6Nkysr/s640/AIFMD-2zyf4klpb3grgld8xtzta8.png" width="640" /></a></span></div>
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There are no specific provisions or special modes of taxation in Cyprus tax law regarding AIFs. Therefore, provided an AIF is structured in the form of a private limited liability company, and its management and control is exercised in Cyprus, it is taxed in the same way as a Cyprus tax resident company. All of the advantages afforded by the Cyprus tax regime will fully apply to the AIF regime.</div>
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The below are the main tax advantages enjoyed by an AIF in Cyprus:</div>
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Exemption from tax on profits from disposal of shares and other financial instruments; </div>
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Exemption from tax on foreign dividends received (with some conditions); </div>
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No withholding tax on interest and dividend payments made to non-residents;</div>
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No stamp duties on the subscription, redemption, repurchase or transfer of units; </div>
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Dividends distributed or deemed to be distributed by an AIF to Cyprus tax residents are subject to 3% SDC (compared to 17% that applies to dividends from normal limited liability companies to Cyprus tax residents);</div>
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No withholding tax on redemption of units; </div>
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Can obtain a Tax Residency Certificate; </div>
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Enhanced image and creation of substance. Unlike private companies, an AIF is subject to regulation and monitoring, all Directors are deemed to be “fit and proper”, investment strategies is documented within a Private Offering Memorandum, and a custodian/depositary and investment manager are typically appointed.</div>
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A wide network of Double Tax Treaties is in place with more than 58 countries worldwide, securing tax incentives and encouraging the channeling of funds in other countries with nil or low withholding tax rates; </div>
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In practice most AIFs generate only exempt forms of income, hence are not subject to Cyprus tax.</div>
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For more information on this subject please check <a href="http://www.llpolawfirm.com/cyprus-alternative-investment-funds.html">Alternative Funds (AIF)</a> contact <a href="http://www.llpolawfirm.com/michael-o-ioannides.html">Mr. Michalis Ioannides</a> or <a href="http://www.llpolawfirm.com/andreas-n-leonidou.html">Mr. Andreas Leonidou</a> - Partners of <a href="http://www.llpolawfirm.com/">LLPO Law Firm Cyprus</a>.</div>
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Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0Cyprus35.126413 33.42985899999996533.45611 30.837085499999965 36.796715999999996 36.022632499999965tag:blogger.com,1999:blog-1738396162364804119.post-73958107432454514842016-01-01T08:08:00.000+02:002016-11-03T08:09:35.723+02:00Criminal Defense – Winning Your Case With The Help Of A Criminal Defense Lawyer<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0puU5Dw78tIlfs4_MoH2LKhtMxVrlNW3w4RhLMt1wZDEiaiH6y5SXu29o79JNtz8IdAmbDb3gD4WSXC4JE2sz2oLl1aj04mpbh2UozFHeeZbOeg7A0xj-3JWj7Vwh0MnXhaF3PPqF5ms/s1600/Untitled.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="185" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0puU5Dw78tIlfs4_MoH2LKhtMxVrlNW3w4RhLMt1wZDEiaiH6y5SXu29o79JNtz8IdAmbDb3gD4WSXC4JE2sz2oLl1aj04mpbh2UozFHeeZbOeg7A0xj-3JWj7Vwh0MnXhaF3PPqF5ms/s400/Untitled.png" width="400" /></a></div>
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People think that criminal defense lawyers defend the guilty individual. However, people need a support or help of qualified and certified criminal defense lawyer, if they are accused in the criminal proceedings without considering your innocence or guilt. The criminal defense lawyers have the much important role in the justice system in all countries. </div>
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<b><b>Defense Lawyers defend the Rights of the Accused</b></b></div>
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The major or essential role of the criminal defense lawyer is to defend the rights of the defendant. Every criminal defense lawyer is obligated by law to help their clients by ensuring them that they are treated according to the justice system. Especially the job of the criminal defense lawyer is to observe that his client is permitted. </div>
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<li style="text-align: justify;">The privilege to a legal counsel </li>
<li style="text-align: justify;">The privilege to be released from difficult or unfair searches and seizures </li>
<li style="text-align: justify;">The privilege to remain silent </li>
<li style="text-align: justify;">The privilege to a quick and public trial </li>
<li style="text-align: justify;">The privilege to a trial by judges of your peers. </li>
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All above privileges are assured or promised by the law or constitution of every country. The criminal defense lawyer is committed to giving their clients with security against the governments outwit in meting out penalties to any person defendant to illegal offence. The qualified or experienced criminal lawyer completes this by facing any law enforcement or government manner that breaks the privileges of any country citizen blamed of a criminal offence. </div>
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<b>Criminal Defense Lawyers defend You from the Power of the Government </b></div>
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If any individual has been arrested, accused or are investing for an illegal crime, then he or she requires an experienced and qualified criminal defense lawyer to defend his/her life. A lawyer intervenes on your behalf in advance which increase your opportunities which provide the best result in the case. The criminal defense lawyer may help you in protecting your rights or privileges that you cannot have knowledge of in an inspection or investigation by detectives, prosecutor or police. It is extremely rare and unusual for a defendant accused with a heinous offence to not the advantage of possessing a private criminal defense lawyer. The criminal lawyer will defend his clients from the use and power of coercion of the government, specifically from excessively zealous prosecutors. </div>
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<b>Criminal Lawyers Defend the Innocent </b></div>
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Another essential and crucial part of the criminal defense lawyer is to protect the innocent or accused. We observe various reversed cases of crime where new proof proves the imprisonment of an innocent individual who has spent time in a jail due to a wrong guilty judgment made by the jury. In most part, many clients of the defense lawyers are quite criminally guilty of the illegal act they have been accused with some of the clients of attorneys are really innocent on unusual events. In spite of the unusual happenings, more innocent people are charged with a crime and declared guilty of illegal offence. </div>
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Defense attorneys have to be diligent in holding police and prosecutors responsible for all the levels of their inspection in all cases they hold. It is necessary to struggle the prosecution of the incorrectly blamed. Therefore, defense attorneys have to take their role as advocates for the defendant in a serious manner. </div>
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<br /></div>
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Thus, to complete the job of supporting the constitution privilege or rights of the clients, defense attorney has to function as the overseer to supervise or inspect the police and prosecutor’s investigation. A criminal defense attorney has to keenly pursue sovereign investigations into the office for which his client has been blamed. Hence, in the end, you have to select the criminal defense lawyer carefully to be protected from the criminal offence. </div>
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<b></b><br />
<div style="text-align: justify;">
<b><b>Author Bio </b></b></div>
<b>
</b>
<div style="text-align: justify;">
Angela Charles has always guided people in the right way through her articles whenever they are in need. Her articles on <a href="http://www.lucymcallistercriminallaw.com/attorney_profile.html">Lucy McAllister</a> are highly researched and very informative. </div>
<div style="text-align: justify;">
<br /></div>
This article was written by <a href="https://plus.google.com/109226613003127994275">David Anderson</a>, associate of <a href="http://www.llpolawfirm.com/">LLPO Law Firm</a>
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Anonymoushttp://www.blogger.com/profile/13266129917297150757noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-66290297727659590062014-04-06T21:53:00.000+03:002016-11-03T07:47:54.783+02:00Cyprus (EU) Passport/Nationality <div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
The new criteria for granting Cypriot citizenship with the Scheme for Naturalization of Investors in Cyprus by exception to foreigner investors were approved on 19th March 2014 by the Council of Ministers.</div>
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<br /></div>
<div style="text-align: justify;">
The major changes are mentioned in criteria 8 where it is noted that the Council of Ministers has the right to decrease the amount of investment to €2,000,000 in the following criteria Investment in government bonds, Investment in real estate, developments and infrastructure, Investment in real estate, developments and infrastructure, Acquiring, incorporation or participation in Cypriot business or companies.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBoGP-WfZNntQ90iszDoh8eDdySV7vQPAJU-pgsgPV13OyFyVuExoxrl0ikElu_Mi7aemhx4k6DZAFkpqYtnAMVcLMFehpugysrRvdt7EK5uDH5jruWMGMVSRw76T4Ezxm_QnXT9HdzhE/s1600/flag.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBoGP-WfZNntQ90iszDoh8eDdySV7vQPAJU-pgsgPV13OyFyVuExoxrl0ikElu_Mi7aemhx4k6DZAFkpqYtnAMVcLMFehpugysrRvdt7EK5uDH5jruWMGMVSRw76T4Ezxm_QnXT9HdzhE/s1600/flag.png" height="131" width="200" /></a>Below you will see in details the new criteria for granting Cypriot citizenship. </div>
<h3 style="text-align: justify;">
<b><span style="font-size: small;">Cyprus (EU) Passport/Nationality </span></b></h3>
<div style="text-align: justify;">
An individual from a non-EU country can obtain a Cyprus passport through a procedure called naturalization, based on his/her financial affairs and investments in Cyprus. Such procedure is made in accordance with Council of Ministers Decision dated 10.10.2011. </div>
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<br /></div>
<div style="text-align: justify;">
The Council of Ministers updated the conditions for naturalisation of investors in Cyprus by exception, on the basis of subsection (2) of section 111A of the Civil Registry of 2002-2013 on 19/03/2014. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
A non Cypriot citizen who meets one of the financial Criteria below, either personally or through a company/companies in which he/she participates as shareholder – prorata to his shareholding percentage, or as a high level Executive Member of a company/companies, which meets one of the financial Criteria below, will be eligible to obtain a Cypriot citizenship through Naturalisation by Exception. </div>
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<div style="text-align: justify;">
In case of a high level Executive Member of companies, he/she is eligible to apply, provided that the said member receives such remuneration in the said company/companies, that he/she generates tax revenues for the Republic of at least €100,000 for a period of three years and provided that this tax has already been paid or prepaid. </div>
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<div style="text-align: justify;">
The applicant should have made the required investments during the three years preceding the date of the application and maintain the said investment for a period of at least three years after the date of Naturalisation. </div>
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<br /></div>
<div style="text-align: justify;">
Below are the financial criteria for the Naturalization of Investors in Cyprus by Exception: </div>
<h4 style="text-align: justify;">
<b>1. Investment in Government Bonds </b></h4>
<div style="text-align: justify;">
The applicant must have purchased bonds issued by the Republic of Cyprus in an amount of at least €5,000,000 million. </div>
<h4 style="text-align: justify;">
<b>2. Investment in financial assets of Cypriot companies or Cypriot Organisations </b></h4>
<div style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwC3eBeBIXoAKP_YNuJyaXZWQaIIKXCaZBeSv0HgYNZo0XpHMHhg6639MXrOWZqyQTHMjhlhGzTCF_QMNgzNQtZSVCE1Nf7bZjkp4_PI0A_aR_eDAWKmLORQwHyP1jLYrkx_EvXC6pjgc/s1600/passport.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwC3eBeBIXoAKP_YNuJyaXZWQaIIKXCaZBeSv0HgYNZo0XpHMHhg6639MXrOWZqyQTHMjhlhGzTCF_QMNgzNQtZSVCE1Nf7bZjkp4_PI0A_aR_eDAWKmLORQwHyP1jLYrkx_EvXC6pjgc/s1600/passport.png" height="192" width="200" /></a>The applicant must have purchased financial assets of Cypriot companies or Cypriot Organisations (i.e. bonds / securities / debentures registered and issued in the Republic of Cyprus) of at least €5,000,000 million. </div>
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<br /></div>
<div style="text-align: justify;">
It is understood that the financial assets may be purchased either at the issuance or thereafter by the market. </div>
<h4 style="text-align: justify;">
<b>3. Investment in real estate, developments and infrastructure </b></h4>
<div style="text-align: justify;">
The applicant must have invested at least €5,000,000 in purchase or construction of real estates or other developments (residential or commercial developments, developments in tourism or other infrastructure projects). </div>
<h4 style="text-align: justify;">
<b>4. Acquiring, incorporation or participation in Cypriot business or companies </b></h4>
<div style="text-align: justify;">
The applicant must have acquired, incorporated or participated in business or companies residing and operating within the Republic of Cyprus, amounted of at least €5,000,000. Such business or companies must have physical presence in Cyprus and employ at least five (5) Cypriot nationals. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
It is noted that this criteria also provides the compulsory conversion of deposits into shares. </div>
<h4 style="text-align: justify;">
<b>5. Deposits in Cypriot Banks </b></h4>
<div style="text-align: justify;">
The applicant must have personal fixed term deposits for three years in Cypriot banks or deposits of privately owned companies or trusts (in which he/she is the beneficial owner) in the Republic of Cyprus of at least €5,000,000. </div>
<h4 style="text-align: justify;">
<b>6. Combination of the above criteria 1 (Investment in government bonds), 2 (Investment in real estate, developments and infrastructure), 3 (Investment in real estate, developments and infrastructure), 4 (Acquiring, incorporation or participation in Cypriot business or companies), 5 (Deposits in Cypriot Banks) </b></h4>
<div style="text-align: justify;">
The applicant must have made total investments amounting to at least €5,000,000 by combination of any of the above criteria. </div>
<h4 style="text-align: justify;">
<b>7. Persons whose deposits with Popular Bank have been impaired due to the measures implemented after the 15th March 2013 </b></h4>
<div style="text-align: justify;">
The applicant must have incurred an impairment in deposits amounting to at least €3,000,000. </div>
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<br /></div>
<div style="text-align: justify;">
In the case where the applicant has incurred an impairment in his/her deposits under €3,000,000 he/she may apply having made an additional investment through the criteria 1 (Investment in government bonds), 2 (Investment in real estate, developments and infrastructure), 3 (Investment in real estate, developments and infrastructure), 4 (Acquiring, incorporation or participation in Cypriot business or companies), 5 (Deposits in Cypriot Banks) for the balance of the required amount of the said criterion. </div>
<h4 style="text-align: justify;">
<b>8. Major Collective Investments </b></h4>
<div style="text-align: justify;">
The Council of Ministers has the right, in exceptional cases, to decrease the above criteria 1 (Investment in government bonds), 2 (Investment in real estate, developments and infrastructure), 3 (Investment in real estate, developments and infrastructure), 4 (Acquiring, incorporation or participation in Cypriot business or companies): </div>
<div style="text-align: justify;">
<ol><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEherBeEITJGPtDraH91hU1phUXyaaMndReImOJubCNTkS7m2ToterFWP_ZZaKvCLCL3XnOi-0ERlCaZFACpSNRRiWOgTCLCPPUDKLsF0QyZQjt1uVtmkFIMPXd3x1dYm8OaRA7cCLf3_CE/s1600/mutual+funds.jpeg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEherBeEITJGPtDraH91hU1phUXyaaMndReImOJubCNTkS7m2ToterFWP_ZZaKvCLCL3XnOi-0ERlCaZFACpSNRRiWOgTCLCPPUDKLsF0QyZQjt1uVtmkFIMPXd3x1dYm8OaRA7cCLf3_CE/s1600/mutual+funds.jpeg" height="133" width="200" /></a>
<li>to €2,500,000 for investors who demonstrably participate in a collective investment scheme if the total investment is at least €12,500,000. </li>
<li>to €2,000,000 for investors who demonstrably participate in a collective investment scheme if the total investment is more than €12,500,000. It is understood that the present provision (ii) will be valid until 1/6/2014. </li>
</ol>
</div>
<div style="text-align: justify;">
Additionally, it is noted that for the cases (i) and (ii) above, the investment for criteria 1 to 4 can be carried out through different seller/provider (physical or legal person). </div>
<h3 style="text-align: justify;">
Terms and Conditions: </h3>
<div style="text-align: justify;">
<ul>
<li>The applicant must have a clean criminal record. Furthermore, his/her name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union. </li>
<li>The applicant is required to have a permanent privately-owned residence in the Republic of Cyprus, the value of which must exceed the amount of €500,000 at current prices (plus VAT). </li>
</ul>
It is understood that the members of the same family, who submit independent applications as investors, can purchase collectively a residence, provided that the total amount of the residence covers the amount of €500,000 for each applicant. </div>
<div style="text-align: justify;">
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<div style="text-align: justify;">
In the case where following a periodic inspection it has been ascertained that any condition is being circumvented, the naturalisation may be revoked. </div>
<h3 style="text-align: justify;">
Requested Documentation for an application for citizenship </h3>
<div style="text-align: justify;">
In order to examine any application, the following documents are required to be submitted: </div>
<div style="text-align: justify;">
<ul>
<li>Clean Criminal Record </li>
</ul>
</div>
<div style="text-align: justify;">
Certificate of Clean Criminal Record from the country of origin and the country of residence (if different). </div>
<div style="text-align: justify;">
<ul>
<li>Residence in Cyprus </li>
</ul>
</div>
<div style="text-align: justify;">
<ol>
<li>Contract of sale </li>
<li>Title of ownership or proof of the submission of contract of sale in the Department of Lands and Surveys </li>
<li>Proof of payment of the agreed purchase price </li>
<li>Transfer in a cyprus commercial bank in the name of the seller or in the company name of the seller </li>
</ol>
</div>
<div style="text-align: justify;">
Regarding the financial criteria, the following are required if applied: </div>
<div style="text-align: justify;">
<ol>
<li>Certificate of incorporation of the company/companies from the Registrar of Companies </li>
<li>Certificate of shareholders from the Registrar of Companies or certificates which prove that the investor is the ultimate beneficial owner of the company </li>
<li>Audited financial statement of the company/companies for the last three years preceding the year of the submission of the application </li>
<li>In case where the applicant is a high level executive member, additionally it is required to provide his/her employment contract and the Proceeds Certification from the Inland Revenue Department. </li>
</ol>
</div>
<div style="text-align: justify;">
Any other document may requested by the Ministry of Interior or the Ministry of Finance. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Moreover the following documents are required depending on the criteria: </div>
<h4 style="text-align: justify;">
1. Investment in Government Bonds </h4>
<div style="text-align: justify;">
Receipts from the General Accounting of the Republic of Cyprus for the purchase of the government bonds. </div>
<h4 style="text-align: justify;">
2. Investment in financial assets of Cypriot companies or Cypriot Organisations </h4>
<div style="text-align: justify;">
<ol>
<li>Title/titles and other documents regarding the financial assets </li>
<li>Transfer in a cyprus commercial bank in the name of the company or the organisation </li>
</ol>
</div>
<h4 style="text-align: justify;">
3. Investment in real estate, developments and infrastructure </h4>
<div style="text-align: justify;">
<ol>
<li>Contract of sale </li>
<li>Proof of payment of the agreed purchase price </li>
<li>Confirmation from the Registrar of Companies regarding the shareholders </li>
<li>Transfer in a cyprus commercial bank in the name of the seller or the company </li>
<li>Confirmation from the Department of Social Insurance for the insurable earnings of company’s employees; </li>
<li>Confirmation from the Inland Revenue Department for the taxable earnings of the cypriot employees in the companies and business in which the applicant invested </li>
</ol>
</div>
<h4 style="text-align: justify;">
5. Deposits in Cypriot Banks </h4>
<div style="text-align: justify;">
<ol><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghmpyjBXGaqsDbccedHslbKBBY2Tn-zi7377e2wAWv3f5Bm2WK3Y2ueHT2KCOCCfV6wh9ScYiHWWzjAb8Q2J3IIVFu2ZEWI6JkwxBowZVFpYu6Jt4OpupeXJJvreqQqtGRkGNdCaQJAug/s1600/fixed+deposits.jpeg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghmpyjBXGaqsDbccedHslbKBBY2Tn-zi7377e2wAWv3f5Bm2WK3Y2ueHT2KCOCCfV6wh9ScYiHWWzjAb8Q2J3IIVFu2ZEWI6JkwxBowZVFpYu6Jt4OpupeXJJvreqQqtGRkGNdCaQJAug/s1600/fixed+deposits.jpeg" height="49" width="200" /></a>
<li>Confirmation from Cypriot banks as to the fixed term deposits for five years of the applicant or the companies in which he/she is the ultimate beneficial owner or of the trust in which he/she is the beneficiary owner </li>
<li>Transfer of the deposit amount in a cyprus commercial bank. </li>
</ol>
</div>
<h4 style="text-align: justify;">
6. Impairment of deposits in Popular Bank </h4>
<div style="text-align: justify;">
<ol>
<li>Confirmation as to the level and the time of the impairment of the deposits. </li>
<li>In the case of deposits of companies in which the applicant is the ultimate beneficial owner, the Certificate of Registration of the Company by the Registrar of Companies and/or any other evidence is to be attached. </li>
</ol>
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Moreover the applicants in all cases must submit the following documents: </div>
<div style="text-align: justify;">
<ol>
<li>Application forms duly completed and signed (three Cypriot referees must sign as well) </li>
<li>Affidavit at the District Court that the applicant’s declarations in the application forms are true. </li>
<li>Copies of passport (must be an apostile document if the applicant’s country of origin has ratified Hague Convention of 1961) </li>
<li>Two passport size photos </li>
<li>Original and copy of birth certificate of the applicant (formally translated by P.I.O. in Cyprus in English or in Greek) </li>
<li>Copy of marriage certificate of the applicant, if applied (formally translated by P.I.O. in Cyprus in English or in Greek) </li>
<li>Adequate proof of the applicant’s intention to apply for Cypriot citizenship, published in a daily newspaper. The publication in the press must be for two consecutive days </li>
<li>Letter introducing the applicant, i.e. CV, small history of the applicant (residence history), family status (married, age of children if any), business activities of the applicant or his/her family in general, small description of assets worldwide, etc. </li>
</ol>
</div>
<div style="text-align: justify;">
<span style="font-size: x-small;"><b>Notes </b></span></div>
<div style="text-align: justify;">
<span style="font-size: x-small;">* All documents which are not in Greek language must be formally translated and certified by a licensed translator. </span></div>
<div style="text-align: justify;">
<span style="font-size: x-small;">* All documents must be certified from an authorized person or a relevant authority. If the above documents need to be translated, translations should be made by P.I.O in Cyprus or the Embassy or Consulate or the related Government authority of the applicant’s country of origin. </span></div>
<h4 style="text-align: justify;">
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE7HaF4DOj8jCaDbG9EtIbKUNFb8ylo-xjBFuoidtvp9zLB2NzqB5GIz3WrtdrdkXn_1xFG3gPW1QUkbUrkkr7l1gf3Q3imQnCVxKbJAzn-L99nJlD4POlv3X97pEW4yGrFPo1nD0b-oI/s1600/approved.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE7HaF4DOj8jCaDbG9EtIbKUNFb8ylo-xjBFuoidtvp9zLB2NzqB5GIz3WrtdrdkXn_1xFG3gPW1QUkbUrkkr7l1gf3Q3imQnCVxKbJAzn-L99nJlD4POlv3X97pEW4yGrFPo1nD0b-oI/s1600/approved.jpeg" height="149" width="200" /></a></div>
Time </h4>
<div style="text-align: justify;">
It is estimated that a period of 3 months is needed for the determination and issuance of EU Citizenship/Passport. </div>
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Anonymoushttp://www.blogger.com/profile/13266129917297150757noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-10228574990547128982014-03-03T18:29:00.003+02:002016-11-03T07:19:56.354+02:00Double Tax Treaty Between Cyprus and Latvia<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6g2opMFjLxrCJVPqTjcsXlF8bB0qq-uqdC9_ZffNDwN3Ljl0_DFPx-FgZNL_wxGP10nqibJI0pwd34goOjSn485Mfaa_km_1tz7qT1JXrc9I1XoT4edMGyTjPkrJL9KY_PWycRavD1Rs/s1600/latvia.jpeg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em; text-align: justify;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6g2opMFjLxrCJVPqTjcsXlF8bB0qq-uqdC9_ZffNDwN3Ljl0_DFPx-FgZNL_wxGP10nqibJI0pwd34goOjSn485Mfaa_km_1tz7qT1JXrc9I1XoT4edMGyTjPkrJL9KY_PWycRavD1Rs/s1600/latvia.jpeg" height="149" width="200" /></a><br />
<div style="text-align: justify;">
In the meeting of Secretaries of the Latvia State, was announced the draft law, prepared by the Ministry of Finance of Republic of Latvia, regarding Convention between Republic of Latvia and Cyprus for avoidance of double taxation and prevention of fiscal evasion in respect to taxes on income.</div>
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<br /></div>
<div style="text-align: justify;">
The agreement aims to promote trade, foreign investment and facilitate investment from both Latvia and Cyprus. The draft DTA includes provisions for the exchange of information in accordance with the Organization for Economic Cooperation and Development model.</div>
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<br /></div>
<div style="text-align: justify;">
The draft DTA must receive approval from the Latvian Cabinet of Ministers before being signed with the Cyprus government. Following the signing, the agreement requires approval from parliament.</div>
</div>
Anonymoushttp://www.blogger.com/profile/13266129917297150757noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-14652958805497707212013-03-25T08:10:00.002+02:002016-11-03T07:46:22.110+02:00Cyprus bail-out agreed, bail-in for Bank of Cyprus<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
Eurozone <a href="http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/136487.pdf" target="_blank">leaders have finalised a deal</a> for a 10billion bail-out of Cyprus, reaching a deal for the ring-fencing of the banking system to a bail-in estimated around 12billion without affecting insured deposits.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>The Bail-in Plan</b></div>
<br />
<ol style="text-align: left;">
<li style="text-align: justify;">Laiki Bank will be split into a "good" bank and a bad bank.</li>
<li style="text-align: justify;">Laiki "good" bank together with its insured depositors will be folded into Bank of Cyprus.</li>
<li style="text-align: justify;">ECB will provide all necessary liquidity to the banking system.</li>
<li style="text-align: justify;">Bank of Cyprus will bail-in itself by recapitalizing through a "deposits to equity" conversion of uninsured deposits to the extend required in order to maintain a 9% capital ratio.</li>
</ol>
<div style="text-align: justify;">
<b>The Bail-out Plan</b></div>
<div style="text-align: justify;">
The bail out plan consists of a Euro 10 billion finance to Cyprus to be used for refinancing Cyprus Government Debt and Public Finances Deficit. <a href="http://blog.llpolawfirm.com/2012/12/cyprus-troika-mou-cyprus-tax-and.html" target="_blank">The programme</a> for the financing is already agreed between Troika and Cyprus and enacted into law since December 2012.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>The expected results of Eurogroup decision</b></div>
<div style="text-align: justify;">
The reorganisation of the Banking Sector was long awaited by professionals, economists and foreign investors in Cyprus. The model followed by the biggest banks in Cyprus was stigmatised by money laundering suspicion following an influx of russian capital since 1993-1998 era. The Banking system was no longer facilitating the new post-2004 and post-2008 era. The strategy of business services industry in Cyprus changed a lot after the introduction of the Euro, transforming Cyprus into a substantial business centre rather than an offshore "money-hiding" regime. More and more business groups was adopting Cyprus as their headquarters jurisdiction and holding company jurisdiction. The banking system remained unreformed and highly dependent on "old parked money" with their operations adopting a "parked money" banking model rather than "real-operations" model. Loans were only made on cash deposits for foreign owned groups, transaction fees were non-competitive by any standard and project financing was an unknown word for Cypriot Bankers. An industry that grew on servicing international investors came about to be able to service only a small portion of them. Only 10% of the international companies registered in Cyprus, banked through Cyprus. Most of the service providers in Cyprus had to send their clients to international bank for at least 3-4 years now. The end of the sector was close and everybody in these sectors knew it. The catalyst was the investment of big portion of the cash reserves of these banks into Greek Bond and the subsequent haircut. Capital was flying out of these banks for at least one year now. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The decision of the Eurogroup, although not necessarily intentional, is reforming the banking system into a potentially dynamic sector. It will certainly force these banks to become more competitive internationally and become assistive to the business services sector. Until then business as usual for the business services industry which accounts for 45% of the Cyprus GDP and remains generally unaffected by the Eurozone decisions.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Our opinion is that with these changes, the sector of business services will expand even more, for the same reasons it happened in 2004 and 2008. The Cyprus holding company is now becoming the right choice for more investors than Russians. The "pass-through" tax and services regime of Cyprus will now be finally stable and even more competitive. </div>
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Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-32849829555769656732013-03-22T14:08:00.000+02:002016-11-03T07:46:22.117+02:00'Αποψη: Σχέδιο για την Ανακεφαλαιοποίηση του Κυπριακού Τραπεζικού Συστήματος<div dir="ltr" style="text-align: left;" trbidi="on">
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Η παρούσα πρόταση επιδιώκει να επιλύσει το κύριο πρόβλημα το οποίο αντιμετωπίζει σήμερα η Κυπριακή Οικονομία το οποίο είναι η ανακεφαλαιοποίηση των Κυπριακών Τραπεζών οι οποίες αποτελούν συστημικό κίνδυνο, με τρόπο διαχειρίσιμο εν όψη της γνωστής πλέον πρόθεσης του Eurogroup για πιθανό κούρεμα των καταθέσεων. Η παρούσα πρόταση αποτελεί μόνον έσχατη λύση και νοουμένου ότι όλες οι άλλες επιλογές έχουν εξαντληθεί. Αρκετές ιδέες αλλά και μέρος της μεθοδολογίας της παρούσας πρότασης αντλούνται από <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2235359" target="_blank">την μελέτη του δικηγόρου Lee C. Buchheit και καθηγητή νομικού Mitu Gulati</a> καθώς και σε<a href="http://www.theatlantic.com/business/archive/2013/03/how-to-fix-the-cyprus-bank-disaster-in-3-steps/274207/" target="_blank"> αρθρογραφία του Matthew O’ Brien βοηθού εκδότη της The Attlantic</a> και <a href="http://blogs.reuters.com/felix-salmon/2013/03/19/a-much-better-alternative-for-cyprus/" target="_blank">Felix Salmon σε αρθρο του στον Reuters</a>.</div>
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Η <a href="http://www.eurozone.europa.eu/media/402209/Eurogroup%20statement%20CY_final__16%203%202013%20_2_.pdf" target="_blank">εκπεφρασμένη πρόθεση του Eurogroup ημερομηνίας 16.3.2013</a> δημιούργησε σωρεία αντιδράσεων τόσο στα μέσα μαζικής και οικονομικής ενημέρωσης όσο και στους κύκλους οικονομολόγων, επαγγελματιών του κλάδου, πολιτικών ακόμα και Ευρωπαϊκών Θεσμών. Η δημοσιοποίηση των αποφάσεων του Eurogroup, ειδικότερα με τον τρόπο που έγινε πρώτο θέμα για τις τελευταίες 6 μέρες στα οικονομικά μέσα κλονίζει ανεπανόρθωτα την εμπιστοσύνη των καταθετών των Κυπριακών Τραπεζών, κυρίως ως προς την ασφάλεια των καταθέσεων τους. </div>
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Ειδικότερα η εμπιστοσύνη των καταθετών κλονίστηκε:</div>
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<li>Αναφορικά με την βιωσιμότητα του Τραπεζικού Συστήματος της Κύπρου</li>
<li>Αναφορικά με την εκπεφρασμένη πρόθεση της Τρόικα για να προχωρήσει σε κούρεμα καταθέσεων στην Κύπρο</li>
<li>Αναφορικά με την μη εκπεφρασμένη πρόθεση της Γερμανίας να πλήξει το οικονομικό μοντέλο της Κύπρου</li>
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Η κρατούσα άποψη στους καταθέτες είναι ότι: </div>
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<li>Ο χρηματοπιστωτικός τομέας είναι πολύ μεγάλος για να διασωθεί από την Κύπρο</li>
<li>Ουδείς επί του παρόντος επιθυμεί να συνδράμει για την διάσωση του</li>
<li>Ακόμα και αν σωθεί με οποιονδήποτε τρόπο το χρηματοπιστωτικό σύστημα, θα υπάρξει φυγή καταθέσεων με αποτέλεσμα να χρειάζεται να ξανα-διασωθεί.</li>
<li>Σε περίπτωση διάσωσης των τραπεζών η πρόθεση της Τρόικα είναι να υποβάλει ξανά κούρεμα καταθέσεων. </li>
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Ο κύριος λόγος της δυσπιστίας που δημιουργήθηκε αφορά την βασική αρχή του χρηματοπιστωτικού συστήματος που αφορά την ασφάλεια των καταθέσεων. Το ερώτημα είναι πώς θα μπορούσε να ήταν όλα αυτά διαφορετικά;</div>
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Παρατίθεται πιο κάτω ένα εναλλακτικό προσχέδιο δράσης και ενεργειών το οποίο δεν μπορεί να θεωρηθεί ῾κούρεμα῾ και λαμβάνει υπόψιν του τις πρόσφατες δηλώσεις περί διαχωρισμού του τραπεζικού συστήματος σε καλή τράπεζα και κακή τράπεζα.</div>
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<b>Στάδιο Πρώτο: Εφαρμογή Συναλλαγματικών Περιορισμών ως μέτρο Έκτακτης Ανάγκης</b></div>
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Η εφαρμογή συναλλαγματικών περιορισμών είναι ένα μέτρο το οποίο είναι αναγκαίο για να κερδηθεί ο κατάλληλος χρόνος για να συμφωνηθούν, προγραμματιστούν και εκτελεστούν τα υπόλοιπα μέτρα και ενέργειες Ο τρόπος έχει ήδη προταθεί στην βουλή και θα ήταν εκ του περισσού να αναλυθεί στην παρούσα πρόταση.</div>
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<b>Στάδιο Δεύτερο: Αναδιάρθρωση των Τραπεζών με την δημιουργία καλής και κακής τράπεζας</b></div>
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Το μέτρο έχει ήδη προταθεί στην βουλή από την κεντρική τράπεζα και δεν είναι αναγκαίο να αναλυθεί περαιτέρω</div>
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<b>Στάδιο Τρίτο: Διασφάλιση της Ρευστότητας: Μετατροπή όλων των ανασφάλιστων καταθέσεων (ΑΚ) σε Προθεσμιακές Καταθέσεις σε Ευρώ (ΠΚΕ).</b></div>
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Ανασφάλιστες καταθέσεις (ΑΚ) είναι όλες οι καταθέσεις πάνω από Ευρώ 100.000 ανἀ άτομο και ανἀ τραπεζικό ίδρυμα.</div>
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Προθεσμιακές Καταθέσεις ἠ ΠΚΕ σημαίνει καταθέσεις τακτής προθεσμίας 5 ετών (ΠΚΕ5) και καταθέσεις τακτής προθεσμίες 10 ετών (ΠΚΕ10) οι οποίες θα είναι διαπραγματευόμενες στην ανοικτή αγορά. </div>
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Η μετατροπή των ανασφάλιστων καταθέσεων σε Προθεσμιακές Καταθέσεις δεν μπορεί να λύσει το πρόβλημα των Κυπριακών Τραπεζών αναφορικά με την Κεφαλαιακή τους Επάρκεια (Tier 1 Capital) αλλά διασφαλίζει ότι δεν θα υπάρξει η ανάγκη για δεύτερη η τρίτη διάσωση των Κυπριακών Τραπεζών στο μέλλον. Οι καταθέτες δεν θα μπορούν να φύγουν τα χρήματα τους από τα τραπεζικά ιδρύματα του νησιού για περίοδο 5 και 10 ετών με αποτέλεσμα να αποφευχθεί ο κίνδυνος κατάρρευσης του συστήματος σε ένα μήνα.</div>
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Με απλά λόγια αντί για ῾κούρεμα῾ θα υπάρχει μια αναχαίτιση φυγής για να δοθεί χρόνος στο σύστημα να ορθοποδήσει. </div>
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Η εν λόγω μετατροπή σε προθεσμιακή κατάθεση θα μπορούσε να γίνει με δύο διαφορετικά σχέδια, το ένα πενταετίας (ΠΚΕ5) και το άλλο δεκαετίας (ΠΚΕ10) με ανάλογο επιτόκιο το επιτόκιο θα πρέπει να σχεδιαστεί με τέτοιο τρόπο ώστε να ωθεί τον καταθέτη να επιλέγει το ΠΚΕ10 παρά το ΠΚΕ5.</div>
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Τόσο το ΠΚΕ5 όσο και το ΠΚΕ10 θα είναι δημοσίως διαπραγματεύσιμα με αντίστοιχο τρόπο που διαπραγματεύονται κρατικά ομόλογα. Η τιμή διαπραγμάτευσης των ΠΚΕ στην έναρξη διαπραγμάτευσης θα υποστεί πτώση η οποία αφήνει την αγορά να προβεί σε έμμεσο ‘κούρεμα’ και επιτρέπει στους καταθέτες ΑΚ να ρευστοποιήσουν τις καταθέσεις τους σε χαμηλότερη τιμή αν είναι απαραιτήτως αναγκαίο ή αν αυτό επιθυμούν οι κάτοχοι τους. Οι καταθέτες οι οποίοι θα διακρατήσουν τα ΠΚΕ θα μπορούν ταυτόχρονα να μην απολέσουν χρήματα σε βάθος χρόνου, είτε πενταετίας ΠΚΕ5 είτε δεκαετίας ΠΚΕ10.</div>
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Η μετατροπή όλων των καταθέσεων σε Ευρώ είναι κατ´ αρχήν αναγκαία για να μπορούν να διαπραγματεύονται σε αγορά. Η μετατροπή αυτή θα προσφέρει επιπλέον ρευστότητα στις Τράπεζες αφού θα αποδεσμεύει την χρήση μεγαλύτερου ποσοστού των καταθέσεων αυτών στην καθημερινή λειτουργία της τράπεζας.</div>
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Τόσο η πληρωμή του τόκου όσο και η πληρωμή του κεφαλαίου θα εξασφαλίζεται από την Τράπεζα ή σε περίπτωση που αυτό το μέτρο δεν θεωρείται ικανό να δημιουργήσει την απαιτούμενη εμπιστοσύνη, θα μπορούσε να εξασφαλίζεται από την Εταιρεία Επενδύσεων και Αλληλεγγύης Με αυτόν τον τρόπο η έκδοση δεν θα υπολογίζεται στο δημόσιο χρέος της Κυπριακής Δημοκρατίας.</div>
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<b>Στάδιο Τέταρτο: Αναδιάρθρωση Υφιστάμενων Ομολόγων Κυπριακής Δημοκρατίας</b></div>
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Τα υφιστάμενα Ομόλογα της Κυπριακής Δημοκρατίας (ΟΚΔ) απαρτίζονται από περίπου 4 δισεκατομμύρια Ευρώ ΟΚΔ με βάση το Κυπριακό Δίκαιο (ΟΚΔΚΔ) και 4 δισεκατομμύρια Ευρώ ΟΚΔ με βάση το Αγγλικό Δίκαιο (ΟΚΔΑΔ). </div>
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Η άμεση και εύκολη λύση είναι η αναδιάρθρωση των ΟΚΔΚΔ και επέκταση αποπληρωμής τους κατά 5 ή 10 χρόνια ανάλογα με το πλάνο το οποίο προνοεί το Μνημόνιο για ισοσκέλιση των δημοσίων οικονομικών και τον αναμενόμενο χρόνο εξόρυξης φυσικού αερίου.</div>
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Αναφορικά με τα ΟΚΔΑΔ χρειάζεται περαιτέρω συζήτηση αφού χρειάζεται η σύμφωνη γνώμη του ιδιωτικού τομέα σε μια μορφή ιδιωτικής συμφωνίας για αναδιάρθρωση Ορισμένες επιλογές θα μπορούσε να ήταν η αντικατάσταση τους με της Δημόσια Επενδυτική Εταιρεία ή και αντικατάσταση τους με Ομόλογα Αερίου.</div>
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<b>Στάδιο Πέμπτο: Ανακεφαλαιοποίηση της Κακής Τράπεζας</b></div>
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Οτιδήποτε και να γίνει, η κακή τράπεζα θα χρειάζεται ανακεφαλαιοποίηση Το πλεονέκτημα είναι σαφέστατα το μη αποδεδειγμένο μελλοντικό απόθεμα Φυσικού Αερίου. Στην Ιρλανδία χωρίς οποιανδήποτε πιθανότητα φυσικού αερίου έγινε αποδεκτή η έκδοση αρχικά γραμματίων προς την κακή τράπεζα και στην συνέχεια αντικατάσταση τους με 40 χρόνια ομόλογα. Η Ευρωπαϊκή Κεντρική Τράπεζα εδώ μπορεί να αντιδράσει διότι η έκδοση 40 χρόνων ομολόγων συνδεδεμένων επί του εισοδήματος του Φυσικού Αερίου τα οποία θα εξασφαλίζουν το ELA μπορεί να θεωρηθεί εκτύπωση χρημάτων. Όμως αυτό ακριβώς έγινε στην περίπτωση της Ιρλανδίας.</div>
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Σε αυτό τον τομέα υπάρχει μια λύση η οποία μπορεί εύκολα και άμεσα να γίνει:</div>
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<li style="text-align: justify;">Άμεση έκδοση Ομολόγων Εισοδήματός Φυσικού Αερίου (ΟΦΑ) στο ποσό που είναι αναγκαίο για χρήση. Τα ομόλογα θα μπορούν να είναι 10χρονα (ΟΦΑ10) 25χρονα (ΟΦΑ25) 40χρονα (ΟΦΑ40). </li>
<li style="text-align: justify;">Η Κυβέρνηση θα εγγυάται την τελευταία πληρωμή των ομολόγων η οποία θα καλύπτει και τυχόν μη πληρωμές που έγιναν κατά την διάρκεια. Δηλαδή αν τυχόν εκδοθούν ΟΦΑ10 συνολικού ποσοὐ 5δισ. και στην λήξη θα έπρεπε να πληρωθούν 7δισ. ενώ τα συνολικά έσοδα μέχρι τότε είναι 9δισ. η κυβέρνηση θα πληρώσει 7δισ. στους ομολογιούχους ΟΦΑ10 και θα κρατήσει μόνον 2δισ.</li>
<li style="text-align: justify;">Το ποσόν εξασφάλισης για την κυβερνητική εγγύηση θα ανέρχεται σε πολύ μεγάλο ποσό πιθανόν κοντά στα 20δισ. αλλά είναι σαφέστατα πιο διαχειρίσιμο</li>
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<b>Εναλλακτική λύση σε περίπτωση άρνησης των Ευρωπαϊκών Θεσμών</b></div>
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Σε περίπτωση άρνησης της Ευρωπαϊκής Κεντρικής Τράπεζας να αποδεχθεἰ τα ομόλογα φυσικού Αερίου για επέκταση του ELA, τότε η μόνη λύση εντός Ευροζώνης είναι η φορολόγηση των καταθέσεων πέραν των Ευρώ100.000 με ποσοστό το οποίο να ικανοποιεί πλήρως της κεφαλαιακές ανάγκες της Κύπρου. Στην συνέχεια η ΚΡΕΤΙΚ θα εκδώσει ανασφάλιστα ΟΦΑ5, ΟΦΑ10, ΟΦΑ25, ΟΦΑ40 σε όλους τους καταθέτες των οποίων τα χρήματα φορολογήθηκαν.</div>
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Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-29927016540797105142013-03-16T10:04:00.000+02:002016-11-03T07:46:22.113+02:00Cyprus Depositors to Bail out Cyprus: A short term hit for long term benefits<div dir="ltr" style="text-align: left;" trbidi="on">
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After 10 hrs of negotiations Cyprus has reached a bail-out agreement with European Union and IMF for Euro 10 billion. The agreement is reached on a condition of a one time bail-in tax on all depositors to be implemented on Tuesday morning after a Monday bank holiday to avoid bank runs. The bail-in tax will be scaled, with deposits over Euro 100.000 facing 9.99% tax and deposits below Euro 100.000 facing 6.75%. The total tax revenue of the bail-in is expected to reach Euro 5.8 billion, taking the total bail funds to around Euro 16 billion.</div>
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The rates of the bail-in tax shave off approximately a 2 to 4 years interest earned on those deposits and although it seems high at first instance, it is doubtful whether it will cause any bank runs from foreign investors. The benefits of safe keeping cash in Cyprus are far greater than the concern of the one time tax imposed. If the result of the bail-in tax is to keep Cyprus banks out of reach for foreign entities, maintain confidentiality of the identities of the depositors and create systemic stability of the banking industry and the economy at large, then it seems that the bail-in may prove a wise move for Cyprus under the circumstances.</div>
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On comparison with other jurisdictions depositors in Cyprus are still better off, even after the bail-in tax. For many years and many to come, Cyprus deposits where and will be accumulating interest 3 and 4 times higher than comparable deposits in other jurisdictions. With the right structures in place many depositors where able to lower their overall effective tax on their deposits to much lower rates than using just one jurisdiction. Financing operations with Cyprus deposits may even negate the overall effective tax for most corporations involved. These benefits remain unaffected balancing the short term losses with long term benefits for the depositors.</div>
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The army of Cypriot professionals standing in the forefront of international tax planning for the last 40 years may be the most helpful ally for the depositors. Restructuring operations in a way that remain beneficial after a tax change has always been on the agenda of tax professionals. In this occasion it seems that the Cyprus bail-in tax is a short term loss, but its manageable, with minor restructuring of operations.</div>
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Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-80006931164773053982013-02-26T10:45:00.000+02:002016-11-03T07:48:39.351+02:00Who holds the Liability in a Truck Accident Lawsuit? <div dir="ltr" style="text-align: left;" trbidi="on">
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Trucks are larger and heavier than other vehicles on the road and given the number of commercial trucks driving especially on the highway over the speed limit, truck accident victims can experience life-threatening injuries or even death. According to the U.S. Department of Transportation Federal Motor Carrier Safety Administration Analysis Division, the number of people dead in truck, 18-wheeler and tractor trailer accidents occupy a fair percentage of the total number of people who lost their lives in vehicle crashes. Furthermore, many people get injured in truck accidents every day. </div>
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<b>Significance of Filing a Truck Accident Lawsuit </b></div>
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While a compensation (in any amount) can heal the wounds, it can definitely provide the financial resources required to afford the right medical treatment, cover the lost wages during the time of recovery and give financial stability to the family at present and in future. In order to obtain all these, the plaintiff requires filing a lawsuit without which, he cannot claim to collect his damages. A truck accident attorney can come to help at this time. The attorney will provide you legal help by taking certain crucial steps like the party/parties responsible for the accident and also who should bear the financial responsibility for the injuries sustained in the crash. </div>
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Have you incurred injuries due to a 18-wheeler accident in Texas? If you want to take legal action against the offender, you need to hire a 18-wheeler accident attorney. You will be able to know the significance of filing a truck accident lawsuit from the professional. There are many <a href="http://www.texas-truckaccidentlawyer.com/truck-accident-information/houston-semi-truck-accident-attorneys-houston-18-wheeler-accident-lawyers/">18 wheeler accident lawyers in Texas</a> so, you should ensure to choose the most qualified and experienced one. </div>
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<b>Claiming for your Damages </b></div>
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On the basis of the circumstances of your 18-wheeler accident case, you may be able to file a personal injury lawsuit against any/all of the following: </div>
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The vehicle operator- speeding up, driving for longer hours, inaccurate inspection of the vehicle and driving under the influence of alcohol (DUI) are the things that truck drivers most often do. These can lead to dangerous accidents. </div>
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The owner of the truck- many trucking companies hire truck drivers who are not trained adequately. Poor maintenance of trucks is also something done by these companies. </div>
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The insurance company- the law states that a truck company must carry a minimum amount of insurance (much higher than that of the common modes of transport). Its importance is recognized when a victim sues the company for claiming personal injury in an accident.</div>
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This article was written by <a href="https://plus.google.com/109226613003127994275">David Anderson</a>, associate of <a href="http://www.llpolawfirm.com/">LLPO Law Firm</a></div>
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Anonymoushttp://www.blogger.com/profile/13266129917297150757noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-12424155402399870832013-02-25T15:05:00.000+02:002016-11-03T07:19:56.356+02:00The Annual Company Levy of Euro 350 for Cyprus Companies<div dir="ltr" style="text-align: left;" trbidi="on">
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According to Companies Law (Amendments) (No.3) 2012 and 2013 voted by the Parliament, amendments were enforced in relation to the fixed annual levy of Euro350 for companies. With the amendments the annual levy of Euro350 has been imposed to all Cyprus companies. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
More specifically, the amendments made are as follows: </div>
<div>
<ol>
<li>All Cyprus companies, either dormant or not, (or group of companies) which do not hold any assets, or which hold assets which are situated in occupied areas of Cyprus should pay the amount of Euro350 as from the year of its registration. Companies, which are under the procedure of liquidation or winding up by 29th March 2013, are excluded. </li>
<li>In the case of groups of companies, the total amount of levy to be paid by all companies will not exist the amount of Euro20,000. Such amount shall be spread equally between the companies of the group.</li>
<li>The deadline for payment of the duty for the year 2012 (for companies exempted under the original provisions) is extended to 29th March 2013 </li>
<li>For the year 2013 and any subsequent year the levy must be paid not later that 30th June of each relevant year. </li>
</ol>
For further reading on the issue please read our posts on <a href="http://blog.llpolawfirm.com/2012/06/annual-charge-for-year-2012-for-cyprus.html">Cyprus Annual Company Levy</a> and <a href="http://blog.llpolawfirm.com/2012/12/cyprus-troika-mou-cyprus-tax-and.html">Cyprus Troika MOU</a>. Further reading on <a href="http://www.cycompanyregistration.com/cyprus-tax.html">Cyprus Tax</a>.</div>
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Anonymoushttp://www.blogger.com/profile/13266129917297150757noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-14258030462666540862013-02-17T21:36:00.001+02:002016-11-03T07:19:56.359+02:00Cyprus signed a Double-Tax Treaty with Spain<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-weight: normal;">‘Finally’ Cyprus and Spain signed a double-taxation Treaty</span></div>
<span style="font-weight: normal;"><div style="text-align: center;">
Thursday 14 February 2013, Nicosia, Cyprus</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidP-TL44csfjPWcZlpGjWRCwf776Zuzg250mistnox9SMQlhE6c_D1mrD-GxkW0Vr19uws2OPnOAytCwaul-Wcl31nyu4WaovYlIvAE-phQ-kCDUEITCDC4wXTvDu3QeZKZliuZdFQauE/s1600/Flag-Pins-Spain-Cyprus.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidP-TL44csfjPWcZlpGjWRCwf776Zuzg250mistnox9SMQlhE6c_D1mrD-GxkW0Vr19uws2OPnOAytCwaul-Wcl31nyu4WaovYlIvAE-phQ-kCDUEITCDC4wXTvDu3QeZKZliuZdFQauE/s320/Flag-Pins-Spain-Cyprus.jpg" width="320" /></a>Finally, the barrier was lifted as the two countries signed an agreement to be ratified for the avoidance of double taxation. Double taxation is perhaps the most vivid example of a barrier in international relations and economic cooperation, arguably, an unfortunate remnant of the past. Cyprus and Spain signed on 14 February 2013 an agreement to be ratified for the avoidance of double taxation. The new agreement is the result of strong governmental resolution to seal the cooperation bond between the two countries. The agreement was signed at a ceremony held at the residence of Spain’s Ambassador in Nicosia, Ana Salomon Perez and during the addresses of the representatives of the two countries one could certainly realize that we are entering a new era of cooperation, trade and investment between the two countries.</div>
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LLPO has a long-standing cooperation with professionals and investors in all major cities in Spain. We literally witnessed the 2006 policy of the Spanish Authorities to reject any private commercial utilization of the structures of the two countries in a single transaction and a unified tax treatment. Even after the amendment of this irrational policy and Cyprus reinstatement from such treatment, back in 2009 we dealt with the commercial difficulties investors and traders faced in attempting to enter into transactions resulting in the moving of funds or services form one country to the other, whereby to benefit from Spain's participation exemption regime, the taxpayer ought to have been able to demonstrate that there were valid economic and business reasons for operating through a Cypriot company.</div>
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As Spain’s Ambassador in Nicosia stated this important new agreement "…will certainly facilitate investments from Spain to Cyprus and from Cyprus to Spain and strengthen economic relations between our two countries". As she noted "the Spanish authorities showed a considerable amount of flexibility in order to reach an agreement", expressing the gratitude of the Spanish government particularly of the Minister of Finance and the Minister of Foreign Affairs who made major efforts to complete all necessary domestic procedures so that the signatures could take place before the term in office of Minister of Finance Vassos Sharly and the current government came to an end.</div>
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The Cypriot Finance Minister Mr. Vassos Sharly on his part said that "what you need is a commitment that you believe in what you are doing and everything else falls into place". He said that double tax agreements do not progress simply because you have commitment but you need a partner and in this context "we had a very good partner to work with. We did it and we are doing a lot but we need friends and in Spain we have a very good friends which we always believe in and I hope that this relationship will develop from a double tax agreement at the moment to become a great strength in the relationship between us", he noted.</div>
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LLPO consistent in our pledge to exceed our clients’ expectations, all these years we maintained very close cooperation with Spanish professionals and upgraded our professional network. That’s why LLPO has an extra reason to welcome this long awaited development. Cyprus and Spain may now share each other’s incentives and resources in order to afford traders and investors the freedom to utilize the advantages of each country’s opportunities, without having the concern of the imposition of double taxation. </div>
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<a href="http://www.llpolawfirm.com/" target="_blank">LLPO</a> and its expert network are ready to facilitate investors’ and clients’ decisions. , ¿Vamos? </div>
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Find more information on our <a href="http://www.cycompanyregistration.com/cyprus-tax.html" target="_blank">Cyprus Tax website</a>.<!--EndFragment--></div>
Anonymoushttp://www.blogger.com/profile/06152994861882233849noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-47064709050958745402013-01-17T10:24:00.000+02:002016-11-01T08:12:38.022+02:00Cyprus Undertakings for Collective Investments Transferable Securities (UCITS)<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Undertakings for Collective Investment in Transferable Securities (UCITS)</b> are investment funds that have been established and authorised under a harmonised European Union (EU) legal framework under which a UCITS established and authorised in one EU Member State can be sold cross border into other EU Member States without a requirement for an additional authorisation. This so-called “European passport” is central to the UCITS product and enables fund promoters to create a single product for the entire EU rather than having to establish an investment fund product on a jurisdiction by jurisdiction basis. </div>
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<b>Regulatory Authority and Laws in Force </b></div>
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The Undertakings for Collective Investments in Transferable Securities Law 200(I)/2004 provides the legal framework for the registration, regulation and marketing of local and foreign funds in Cyprus. </div>
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The administrative supervision of the implementation of the provisions of the Law has been assigned to the Cyprus Securities and Exchange Commission (“CySEC”). The CySEC shall supervise the operation of UCITS and Management Companies, as well as, to the extent that this Law applies to them. </div>
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<b>Legal Nature of UCITSs </b></div>
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A UCITS shall be an undertaking the sole object of which is the collective investment in transferable securities and/or in other liquid financial assets from the public, and which operates on the principle of risk-spreading and the units of which are, at the request of holders, redeemed, directly or indirectly, out of this undertaking’s assets </div>
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<b>Distinction of UCITSs </b></div>
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UCITS may be divided into sub-categories on the basis of terms, conditions and criteria, including their continued obligations concerning the structure of their assets in the various types of transferable securities or other liquid financial assets in which they invest; these terms, conditions and criteria, including their continued obligations, shall be defined by the CySEC. </div>
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<b>Legal Form of UCITSs </b></div>
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A local UCITS can take one of the following legal forms: </div>
<div style="text-align: justify;">
<ul>
<li>Mutual Funds; </li>
<li>Variable Capital Investment Companies </li>
</ul>
</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEIl5PPJEK0zQSbJxjS_TpyHbBkyY1xq6-oRErdhqzX0br4xRK3H7Cptnovc0y3DtJ9LDLq3uOHAtSdEIQ2dqhOhKsEgKDALtq_LOFjjHSvB4BDG_6MfGyCQBFQE6JUuUNa57Ci53o0Oo/s1600/B643981EAB7357B93AFE6B9740F439.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEIl5PPJEK0zQSbJxjS_TpyHbBkyY1xq6-oRErdhqzX0br4xRK3H7Cptnovc0y3DtJ9LDLq3uOHAtSdEIQ2dqhOhKsEgKDALtq_LOFjjHSvB4BDG_6MfGyCQBFQE6JUuUNa57Ci53o0Oo/s1600/B643981EAB7357B93AFE6B9740F439.jpg" /></a></div>
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<b>Mutual Funds </b></div>
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The mutual fund is a pool of assets which may be comprised by transferable securities, money market instruments and cash in the form of bank deposits. The assets of the mutual fund belong to the unit holders of the fund and its operation is defined by a regulation. The fund is managed by a mutual fund management company. The assets of the mutual fund are kept under a custodian. The mutual fund has no legal personality and is represented by the management company in any case of dispute. </div>
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<b>Variable Capital Investment Companies </b></div>
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Variable Capital Investment Companies are limited liability companies whose issued share capital is variable and equal to the value of the assets of the company after deduction of its liabilities. These companies have the exclusive purpose of investment of their pooled assets in transferable securities, money market instruments, and cash in the form of bank deposits. The company may manage its own assets but not the assets of other companies. The assets of the company are kept under a custodian. </div>
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<b>Supervision of UCITS in Cyprus </b></div>
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To set up and operate either a Mutual Fund or a Variable Capital Investment Company in Cyprus the permission of the CySEC is required. Also the permission of the CySEC is required for all foreign UCITS that are based in another EU member state and wish to market their units or shares in Cyprus. </div>
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<b>Licensing </b></div>
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UCITS to operate must have received in advance official authorization from the competent authorities of the Member State in which they are established or from the member state of origin. The authorization is a passport for all Member States. </div>
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<b>Time to the market </b></div>
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The Management Company must be notified within two months from the submission of the application about the authorization or rejection of the application. If the Variable Capital Investment Company hasn’t designated a Management Company then the CySEC notify the relevant parties within six months from the submission of the application about the approval or rejection of the application. In both circumstances the CySEC must explain the reasons for the possible rejection. </div>
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<b>Reporting </b></div>
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The Management Company for each Mutual Fund managed, and the Variable Capital Investment Company shall submit to CySEC and make available to the investors the following: </div>
<div style="text-align: justify;">
<ul>
<li>A prospectus containing essential elements set by CySEC which must be kept up to date. </li>
<li>An annual report for each financial year. </li>
<li>A semi annual report (for the first six months of year). </li>
<li>A summarized statement of assets and expenses at the end of the first, second and third quarter of the year. </li>
<li>A summarized statement of assets and expenses by the end of the last quarter of the financial years which also must contain an additional profit and loss account and information about the profit-sharing throughout the year. </li>
<li>Publication in the daily local press of the net value of the assets, the number of outstanding shares and the units’ net value and issue and redemption price. </li>
</ul>
</div>
<div style="text-align: justify;">
<b>Transparency </b></div>
<div style="text-align: justify;">
Investors must have the opportunity to watch easily the course of their investment, without having specialized knowledge. The regulation provides a series of informative papers to be available for investors such as the document named as “Basic information for investors”, and other information referred above to the reporting section that the Management Company or the Variable Capital Investment Company obliged to prepare. All these and especially the prospectus and the basic information for investors are presented precisely and in an easily understandable way in order to allow investors evaluating the company, determine whether they would redeem their shares or not, and assess their risks. Therefore, transparency for the real condition of the UCITS will be achieved. </div>
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<b>Assets Portfolio </b></div>
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The assets must be held by a depositary independent of and distinct from the management company. Depositary services may be provided by either: </div>
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<br /></div>
<div style="text-align: justify;">
<ul>
<li>Banks or co-operative credit institutions both: </li>
</ul>
a. licensed for the purpose by CySEC; </div>
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b. based in Cyprus or operating there through a branch. </div>
<div style="text-align: justify;">
<ul>
<li>Cyprus companies authorised by CySEC which have provided adequate financial and professional guarantees. </li>
</ul>
</div>
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Safekeeping of the following can be delegated to an officially authorised depositary abroad: </div>
<div style="text-align: justify;">
<ul>
<li>Foreign transferable securities. </li>
<li>Other liquid financial assets. </li>
<li>Shares in Cyprus companies listed overseas. </li>
</ul>
This delegation must be notified to the management company and does not release the depositary from liability for the assets concerned. CySEC can replace a depositary if it: </div>
<div style="text-align: justify;">
<ul>
<li>Finds a serious violation of its obligations. </li>
<li>Considers replacement necessary for the protection of investors’ interests. </li>
</ul>
</div>
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<b>Investment Restrictions </b></div>
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UCITS can only invest in the financial instruments set out in Directive DI200-2004-01, which include: </div>
<div style="text-align: justify;">
<ul>
<li>Transferable securities, money market instruments and financial derivative instruments, which are admitted to: </li>
</ul>
a. or traded on a regulated market in a member state; </div>
<div style="text-align: justify;">
b. or traded on a regulated market which constitutes a controlled market of a member state;</div>
<div style="text-align: justify;">
c. listing on a stock exchange in a third country. </div>
<div style="text-align: justify;">
<ul>
<li>This is provided the choice of stock exchange or market: </li>
</ul>
a. is provided for in the fund rules, memorandum or articles of association, or the articles of association of the investment company; and </div>
<div style="text-align: justify;">
b. has been approved by CySEC. </div>
<div style="text-align: justify;">
<ul>
<li>Financial derivative instruments dealt in over-the-counter (OTC derivatives), subject to certain safeguards. </li>
<li>Units of both:</li>
</ul>
a. UCITS authorised in member states under the UCITS Directive; </div>
<div style="text-align: justify;">
b. other collective investment undertakings that are subject to a comparable level of regulation and provide comparable investor protection. </div>
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<ul>
<li>Deposits with credit institutions which are repayable on demand or which mature in no more than 12 months, provided that the credit institution either: </li>
</ul>
a. has its registered office in a member state; </div>
<div style="text-align: justify;">
b. is subject to prudential accepted by CySEC as equivalent to those in Cyprus. </div>
<div style="text-align: justify;">
<ul>
<li>Money market instruments issued by regulated issuers and underwritten by an appropriate body such as a central bank or state or local authority. </li>
</ul>
A UCITS cannot: </div>
<div style="text-align: justify;">
<ul>
<li>Invest in precious metals. </li>
<li>Invest more than 10% of its assets in newly issued securities.</li>
<li>Have an aggregate exposure under financial derivatives contracts that exceeds its NAV. </li>
<li>Invest more than 10% of its assets in transferable securities or money market instruments issued by the same body. </li>
<li>Invest more than 20% of its assets in deposits made with the same body. </li>
</ul>
</div>
<div style="text-align: justify;">
<b>Borrowing Restrictions </b></div>
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The investment company, the management company and the depositary acting on behalf of a UCITS cannot contract loans, unless the loans are back-to-back (that is, where companies in different countries borrow offsetting amounts from each other in each other’s currency). </div>
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<br /></div>
<div style="text-align: justify;">
The following may also apply: </div>
<div style="text-align: justify;">
<ul>
<li>An investment company or management company acting on behalf of a UCITS can borrow, for a period up to three months, up to 10% of the UCITS net assets to satisfy applications for redemption of units (if the sale of securities is considered disadvantageous). </li>
<li>An investment company can borrow up to 10% of its net assets to acquire immovable property essential for the direct pursuit of its activities. </li>
<li>A management company can borrow up to 15% of its own funds, provided that the loan is to acquire immovable property essential for the direct pursuit of its business. </li>
</ul>
</div>
<div style="text-align: justify;">
In addition, the loans referred to in the first two bullet points above must not exceed 15% of the investment company’s net assets in aggregate. </div>
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<br /></div>
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<b>Tax Treatment of UCITS in Cyprus </b></div>
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UCITS are subject to taxation under the Income Tax Law of 2002, the Special Contribution for the Defence of the Republic Law of 2002, the Capital Gains Tax Laws of 1980 to 2002 and the Immovable Property Tax Laws of 1980 to 2002. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The following main rules apply: </div>
<div style="text-align: justify;">
<ul>
<li>companies are subject to tax on profits at 10%. Profits include interest received by collective investment schemes, after deduction of any costs (including financing costs) of earning it; </li>
<li>there is no taxation of capital gains in Cyprus, apart from gains on disposal of real property in Cyprus and on disposal of shares in companies holding that property; </li>
<li>gains on disposal of securities are exempt from tax. The definition of securities includes units in collective investment schemes. Gains from the redemption of units or other participations in UCITS constitute a sale or disposal of securities, and are subsequently tax exempt; </li>
<li>dividend income is exempt from corporate income tax. It is also exempt from special defence contribution (SDC tax), unless: </li>
</ul>
a. more than 50% of the paying company’s activities result directly or indirectly in investment income; </div>
<div style="text-align: justify;">
b. the foreign tax is significantly lower (that is, 5% or less) than the tax burden in Cyprus. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In addition, if a Cyprus-resident UCITS does not distribute a dividend within two years from the end of the tax year, both: </div>
<div style="text-align: justify;">
<ul>
<li>70% of accounting profits are deemed to have been distributed; </li>
<li>SDC at 3% is imposed on that part of the deemed dividend distribution which applies to shareholders or unitholders who are Cyprus residents. </li>
</ul>
</div>
<div style="text-align: justify;">
If a Cyprus-resident UCITS is wound up, both: </div>
<div style="text-align: justify;">
<ul>
<li>any profits earned in the five years before dissolution which have not been distributed or deemed to have been distributed are considered as having been distributed on dissolution; </li>
<li>the proportion attributable to Cyprus-resident shareholders or unitholders are subject to SDC tax at 3%. </li>
</ul>
Dissolution under a qualifying reorganisation scheme is entirely tax exempt. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Application for the recognition of UCITS </b></div>
<div style="text-align: justify;">
The application for the recognition of a UCITS is mainly two stages procedure: </div>
<div style="text-align: justify;">
<b>Stage 1: Application </b></div>
<div style="text-align: justify;">
For a licence to be granted to local and foreign funds, a duly completed application form and supporting documentation must be submitted to CySEC. </div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhazdubfEHWfa7AnvqIwkSCvIi4mzN1FpZrONGzXyGAAVw5exOfi2srZ435gIUFfYWMa5g6KeKbG4wYixgYsaqkDvt2XI4-NpTLnn3JFwWGwp3PjI_QQScLeC-Eacq7P0gKoqoFWBPlFUM/s1600/ucits1.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhazdubfEHWfa7AnvqIwkSCvIi4mzN1FpZrONGzXyGAAVw5exOfi2srZ435gIUFfYWMa5g6KeKbG4wYixgYsaqkDvt2XI4-NpTLnn3JFwWGwp3PjI_QQScLeC-Eacq7P0gKoqoFWBPlFUM/s1600/ucits1.jpg" /></a></div>
<div style="text-align: justify;">
<b>Stage 2: CySEC Review </b></div>
<div style="text-align: justify;">
CySEC must determine the application within six months of submission of a complete application. Failure by CySEC to reach a decision within this time limit is subject to judicial review before the Supreme Court under Article 146 of the Cyprus Constitution. CySEC can request further clarifications or additional information as it deems appropriate to allow it to fully evaluate the application and ensure that the applicant complies with the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(1) of 2007) (Investment Services Law) and any Directives issued under it.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Check our <a href="http://www.llpolawfirm.com/main.html" target="_blank">website</a></div>
</div>
Anonymoushttp://www.blogger.com/profile/13266129917297150757noreply@blogger.com1tag:blogger.com,1999:blog-1738396162364804119.post-24260833052224023852013-01-07T11:35:00.000+02:002016-11-03T07:47:54.773+02:00Economic Growth and the case of Universities and Colleges in Cyprus<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5yDFc9U2-gKIh7HACNTft8D0Z9TE47mTDwjVl0glEbP84jFoHezO5DDmi4GMJn5UhYgBdnUJN6KQ9qZb41S8fCBSvrKisz9g16VqrsBX67IvSPSO7F8ndfE9EG5k-jRVU4BuNJvBHaDw/s1600/photo_14646_20100325.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="92" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5yDFc9U2-gKIh7HACNTft8D0Z9TE47mTDwjVl0glEbP84jFoHezO5DDmi4GMJn5UhYgBdnUJN6KQ9qZb41S8fCBSvrKisz9g16VqrsBX67IvSPSO7F8ndfE9EG5k-jRVU4BuNJvBHaDw/s320/photo_14646_20100325.jpg" width="320" /></a></div>
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According to the Ministry of Education and Culture of the Republic of Cyprus, it was and it still is the official governmental policy and aim to establish Cyprus as a regional educational and research center, which will attract international scholars and students.</div>
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Higher education in Cyprus consists of public and private institutions of university and non-university level (namely higher education colleges). Ever since 1989, when the University of Cyprus was established, the sector of higher education was growing steadily and within expectations up until 2005 when a radical development in the sector was witnessed. The cornerstone for this development was the legislative process that led to the enactment of the Private Universities (Establishing, Operating and Control) Law 2005. This legislation afforded private individuals the ability to form and administer privately owned Universities.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVzPd7F7dojkpxnUHZZsN8qX4fyPi2cX-ls-ptYSmkHkWKZyEeqXLFjch6lZdEE5zudmYARgopWNGyK7w2OWa2w0NzC-w23s9wMVWpc-bue04rJqEEPJcm3aF2GuyqtBpap2weHUR20g8/s1600/graph.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVzPd7F7dojkpxnUHZZsN8qX4fyPi2cX-ls-ptYSmkHkWKZyEeqXLFjch6lZdEE5zudmYARgopWNGyK7w2OWa2w0NzC-w23s9wMVWpc-bue04rJqEEPJcm3aF2GuyqtBpap2weHUR20g8/s1600/graph.jpg" /></a></div>
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Numbers speak for themselves and the official 2011 Annual Report of the Ministry of Education and Culture, pictures this growth in various graphs and tables. Bottom line is that even in the hard global financial times, people and especially foreigners as concerns Cyprus, chose to still educate themselves with students numbers rising in comparison to those of previous years.</div>
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Here are some numbers describing the current situation of higher education in Cyprus. Currently more than 30.000 students are studying in private and public higher education institutions, 10.000 more than back in 2005. In addition the number of Cyprus students studying abroad is decreasing in favor of an increasing number of Cyprus students studying Cyprus institutions. On the other hand the numbers of foreign students studying in Cyprus doubled since 2005 and this trend is expected to continue in the coming years.</div>
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Furthermore, privately owned institutions of University and non-University level, account for more than 2/3 of the enrolled students in all educational institutions in Cyprus. The same applies with the appointed academic staff, whereby privately held institutions appoint 2/3 of the total of academia in Cyprus.</div>
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With these numbers in mind one must not forget that Cyprus is also committed to the Europe 2020 initiative which was developed as the European Commission’s policy blueprint for recovery from the crisis and for social and economic growth over the next decade, has inevitably influenced the Cyprus Higher and Tertiary Education policy. Europe 2020 sets out the Commission’s ideas for reviving the European economy and creating smart, sustainable, inclusive growth. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmjOlRO7ufMc_wki_HYXcV10yzt4fm9FY4HnZH8s7JNaZNhHAK0V5mzK3M4M8BTUaIVjbjqQkTrio_-X4pHwiquJB2owJ8ipn4lRhY4bY8bS4Lj2c7J39BJNQ8axiBicGckItEAzr-E9I/s1600/Higher_Education_Success.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmjOlRO7ufMc_wki_HYXcV10yzt4fm9FY4HnZH8s7JNaZNhHAK0V5mzK3M4M8BTUaIVjbjqQkTrio_-X4pHwiquJB2owJ8ipn4lRhY4bY8bS4Lj2c7J39BJNQ8axiBicGckItEAzr-E9I/s1600/Higher_Education_Success.jpg" /></a></div>
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Education and training policies are the main key, if Europe is to meet its ambitions. Modernizing universities and opening up university education to more people are important for smart growth; building quality and access in basic education and lifelong learning will help deliver inclusive growth.</div>
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The 2020 strategy proposes five headline targets. On education, the Commission recommends efforts to cut the school dropout rate to below 10% from the current 15% and to increase the number of young people with a university degree or diploma from less than a third to at least 40%. The other targets are increasing the employment rate to at least 75%, boosting spending on research and development to 3% of GDP (it is currently only 2%, significantly less than in the US and Japan), lifting 20 million people out of poverty and achieving the EU’s 20/20/20 climate change and energy goals (20% reduction in greenhouse gas emissions, 20% of EU energy to come from renewable resources, 20% reduction in energy use).</div>
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All the above are evidence and reasonable expectations why Private Education in Cyprus will continue to grow as an economic sector, continue benefiting those engaged in it, but also re-boost the economy of the whole island. If that is the case then those engaged in it can stop worry about the drought.</div>
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Check out our <a href="http://www.llpolawfirm.com/ucg.html" target="_blank">website</a> for further information.<br />
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Anonymoushttp://www.blogger.com/profile/06152994861882233849noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-44192566009159120512013-01-03T18:03:00.001+02:002016-11-03T07:47:54.781+02:00Requirements and Procedure for a Class A Betting Services License<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuh4lBVzGEeoZBJ8zgCCHW4fTJ2rosx3LZFmXsIW7Y6JMABJiIzM8ttXcPp-7j8E1tIGPwqVdZLw8-CyH7KYlcbeDMr-wYA0b05se-2bbmLmc3UIfaLb2g5m1iGh1exUJHZPqn0x6MB-M/s1600/4215514-3x2-340x227.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuh4lBVzGEeoZBJ8zgCCHW4fTJ2rosx3LZFmXsIW7Y6JMABJiIzM8ttXcPp-7j8E1tIGPwqVdZLw8-CyH7KYlcbeDMr-wYA0b05se-2bbmLmc3UIfaLb2g5m1iGh1exUJHZPqn0x6MB-M/s320/4215514-3x2-340x227.jpg" width="320" /></a></div>
Following the enactment of the new Betting Law 2012, the newly formed National Betting Agency, approved and published the application forms for a Class A Betting Services License. The forms include the Class A Operator application form, the Class A representative application form and the Class A Authorised Premises application form.</div>
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It is reminded that the new legislation provides for two Classes of lawful betting services. Class A Betting Services is the license designed for services that are to be provided on – shore through local premises by the operator himself or his authorized representatives. The second Class of lawful betting services namely Class B Betting Services concerned those betting serviced provided online and have no connection to an on shore activity.</div>
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<b>The applicable requirements for a Class A betting activities license in Cyprus are the following:</b></div>
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<b>1. Incorporation of Corporate Entity (Cyprus) limited by share</b></div>
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Class A Betting Services License is granted only to corporate entities. The entity may be either a Cyprus company or a foreign company limited by shares. In case of an overseas company is intended to be used, a Cyprus Branch needs to be established. In either case the main activity of the company must be betting services and its issued and paid up share capital must be at least of Euro 500.000. This means that the shareholder must have proof of paying the capital in the company which capital may be used for materializing the company activities and services.</div>
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<b>That company as a matter of law and practice will need to have:</b></div>
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<li>One or more registered Shareholder(s). The registered shareholder(s) may be the real beneficiary(ies) or a trustee shareholder. Cyprus law recognizes the medium of a trustee shareholder holding the shares on behalf of the real beneficiary. In any case there is a respective duty on the company to declare the real beneficiaries having more than 5% interest in the share capital of the company. Strictly speaking shareholders are not responsible for the activities of the company and in any case their liability will not exceed the unpaid amount of their share in the company.</li>
<li>One or more registered Director(s). The registered director(s) may be the real beneficiary(ies), an appointed third party, or a nominee director. The directors of the company are exercising the powers of the company and are responsible for the offences committed in so far as they are aware of the circumstances giving rise to the offence.</li>
<li>One registered Secretary. A list of the duties of the secretary can be found in the document titled Company’s Secretary Responsibilities. Briefly, the duties comprise of statutory reporting and secretarial compliance.</li>
<li>An official Registered Address. This is the address which the company declares to the authorities in order to receive all relevant communication directions and requests. It is always advisable that the registered address be connected in a way to the registered secretary so that compliance and information be exchange swiftly</li>
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The people that appear in this company must share the following characteristics:<br />
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<li>They must have no criminal conviction for a related offence.</li>
<li>They must have completed their 25th year of age</li>
<li>They must be proper for the appointment, something that will be judged on their current financial condition and record, such as their financial means available from the provision of the relevant services and in case of previous convictions the nature of the conviction and the height of the imposed penalty.</li>
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Apart from the company’s officers Cyprus law and/or practice requires from a corporate entity to have:</div>
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External Auditors who proceed with the statutory audit of the financial affairs of the company and prepare the annual accounts of the company.</div>
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Even though not specifically provided by legislation it is advisable that a company has proper legal consulting available at a daily basis.</div>
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<b>2. Bank Guarantee</b></div>
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Any application for a Class A Betting Services License must be accompanied by a bank guarantee for the amount of Euro 550.000 from a local or EU banking or cooperative institution with effect up to 6 months after the expiry of the intended period of the license (i.e one or two years). The law specifically provides that the said bank guarantee must create an irrevocable liability to the bank or cooperative institution to pay any amount which the licensee is required to pay but nevertheless neglects to pay, to:</div>
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<li>Any player who participating in bets and won thereunder,</li>
<li>The Republic of Cyprus as bet tax,</li>
<li>The National Betting Committee as contribution.</li>
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The law also provides that should the Committee acknowledges that the bank guarantee does not cover the 10% of the annual turnover of the said company, it may request the raising of the guaranteed amount up to such amount so as the 10% of the annual turnover is covered.</div>
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<b>3. The ability and suitability of the Class A recipient</b></div>
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The company to be licensed must be able to exhibit:</div>
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<ul>
<li>that it has or is able to retain, sufficient funds and to maintain a minimum reserve which ar fixed from the Committee, so that the payment of players wins-proceed are safeguarded,</li>
<li>that it maintains a proper (computerized) control system and audit control of the services provided,</li>
<li>that it applies the terms and conditions which were set by the committee to safeguard the players,</li>
<li>that it ensures the suitability of the operation of any equipment used,</li>
</ul>
<br />
<div style="text-align: justify;">
<b>4. Computerised System of Slip Marking </b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The applicant for a Class A License needs to submit an application to the Committee to have its computerised system of slips’ marking approved. In general all prescriptions of the relevant system must be described but in particular the application needs to describe,</div>
<div style="text-align: justify;">
</div>
<ol>
<li>the General procedures that will be followed,</li>
<li>the particulars and prescriptions, of the software to be used</li>
<li>the accounting systems and procedures,</li>
<li>the procedures and the samples for the maintenance, security, upkeep and transfer of the equipment,</li>
<li>the procedures for the creation and maintenance of the security installations, including the general compliance and internal controls in relation to the access to critical systems,</li>
<li>the disaster recovery plan,</li>
<li>satisfactory data maintenance system</li>
<li>and any other information that the Committee might request.</li>
</ol>
<br />
<div style="text-align: justify;">
The above also apply in cases of amending or altering the computerised system. The costs of audit of the computerised system will be the applicant’s burden but currently the Authority does not disclose such costs.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
It should be noted that the necessary equipment, which includes the electromechanical parts and the software of the computerised system for slips marking should be located and remain located in the Republic of Cyprus.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>5. Application and License Fee</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
For a one year Class A license the fee is Euro 30.000 and Euro 45.000 for a two years license. For a one year representative license the fee is Euro 2000 and Euro 3000 for a two years representative license.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>6. Annual Accounts</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Every Class A licensee needs to submit to the authority the latest by the 30th of June every year, annual accounts for the previous year, audited from an accredited auditor which must include, the total amount that has been paid by the licensee in relation to bets placed during the said year, the total amount of pay-outs irrespective of the period in which they were placed, the names of the authorised representatives and particulars of sums paid to them as commission and any other information that may be requested by the authority.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>7. Books and records</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The licensee is responsible to maintain in a specific book the particulars relevant to every betting slip, or other document ;or electronic data which was delivered to the licensee, and to submit declaration of the amount collected or the amount that has become collectable either by himself or any of his representatives.</div>
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<br /></div>
<div style="text-align: justify;">
<b>8. Betting Tax</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Every licensee pays to the Republic of Cyprus a 10% tax on the clean revenue from bets and a 3% contribution on the clean revenue from bets for every calendar month. The Clean Revenue is determined as an X minus Y, whereas X equals to the total amount paid to the licensee in relation to bets held by himself and Y equals to the total amount of payouts to winning players. Betting tax is payable at the end of every calendar month.</div>
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<br /></div>
<div style="text-align: justify;">
<span style="text-align: left;">Check out our <a href="http://www.llpolawfirm.com/gamleasgroup.html" target="_blank">website</a> for further information.</span></div>
</div>
Anonymoushttp://www.blogger.com/profile/06152994861882233849noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-87909270855844491682012-12-30T11:51:00.002+02:002016-11-03T07:46:22.130+02:00Sunday Cartoon: LLPO's advice to all the kids out there<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXfjn5FtCQTzhhqMSy49Lx9wvnDA07-jy_gO9Mctdhms0vciaYS5aKveTT9LhHLsaTF24Iiyut25zdQ1H4x2gjeJhnLBoe9AZaHJ-TiZPnGZ0YXBQLLPWovDp5kCYoeOuX2rPIo70lY345/s1600/LLPO+Sunday+Cartoun+December+2.jpg" imageanchor="1" target="_blank"><img alt="Advice to kids from LLPO for Santa agreement" border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXfjn5FtCQTzhhqMSy49Lx9wvnDA07-jy_gO9Mctdhms0vciaYS5aKveTT9LhHLsaTF24Iiyut25zdQ1H4x2gjeJhnLBoe9AZaHJ-TiZPnGZ0YXBQLLPWovDp5kCYoeOuX2rPIo70lY345/s640/LLPO+Sunday+Cartoun+December+2.jpg" title="Advice to kids from LLPO for Santa agreement" width="552" /></a></div>
<br /></div>
Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-152927619966050062012-12-29T10:16:00.000+02:002016-11-03T07:49:02.981+02:00LLPO Blog: Our Word Cloud for 2012<div dir="ltr" style="text-align: left;" trbidi="on">
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A word-cloud is the visual representation of word frequency in a given set of text. In our understanding, word clouds show the focus of a body of text. We recite our word cloud for our 2012 blog posts. We are trying to draw a picture worth a year's words.</div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDl64NnC1SzBVY3hEhrAse6sjXZwko2U84h2JLkCeS0Lt3tqh11YYhytqZbtVwobq1G3hajqa69X3NnCgN5Y_PXF-DbGhyO1ydygk28uBNuXteN9q-NqXYjS7qP2y_jU2WusXXsihjHSDA/s1600/LLPOWORDCLOUD2012.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img alt="LLPO Law Firm Blog: WordCloud 2012" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDl64NnC1SzBVY3hEhrAse6sjXZwko2U84h2JLkCeS0Lt3tqh11YYhytqZbtVwobq1G3hajqa69X3NnCgN5Y_PXF-DbGhyO1ydygk28uBNuXteN9q-NqXYjS7qP2y_jU2WusXXsihjHSDA/s1600/LLPOWORDCLOUD2012.jpg" title="LLPO Law Firm Blog: WordCloud 2012" /></a></div>
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Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-59898136677543181352012-12-28T08:11:00.000+02:002016-11-03T07:49:38.530+02:00Cyprus International Collective Investment Schemes (ICIS)<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisg5Z_VJ8zJY6XNIvlo1auCAa1qsOOuwFgc3JEh4yiC-dZNdepjTljIHRAXg2Gi7X2859l8ep3Gu0BSNH6DGy_nU1_GTQaFc6_5VZ5a9KF949aPYVwfB4ZQJiOkTJ-Z0ii0lFbvBK70B4/s1600/iStock_000008150671Small.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="236" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisg5Z_VJ8zJY6XNIvlo1auCAa1qsOOuwFgc3JEh4yiC-dZNdepjTljIHRAXg2Gi7X2859l8ep3Gu0BSNH6DGy_nU1_GTQaFc6_5VZ5a9KF949aPYVwfB4ZQJiOkTJ-Z0ii0lFbvBK70B4/s320/iStock_000008150671Small.jpg" width="320" /></a></div>
<div style="text-align: justify;">
The International Collective Investment Schemes Law (No. 47(I) of 1999) (“the Law”) came into force in May 1999. The Central Bank of Cyprus (“the Bank”) has been designated under the Law as the competent authority with the responsibility for the recognition, regulation and supervision of ICISs. The Bank is also the supervisory authority for the managers and trustees of ICISs.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Under this Law, the Bank may issue regulations covering investment restrictions, directions and codes of conduct for ICISs, managers and trustees. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The Cyprus Companies Law and the Partnership and Business Names Law, are applicable to ICIS, except for those sections, which are specifically disapplied by the Law. The International Trusts Law is applicable to ICIS to its totality. </div>
<h3>
Legal form of ICISs </h3>
<div style="text-align: justify;">
An ICIS can take one of the following legal forms: </div>
<div style="text-align: justify;">
<ul>
<li>International Fixed Capital Company; </li>
<li>International Variable Capital Company; </li>
</ul>
</div>
<div style="text-align: justify;">
(The above two are known as “international investment company”) </div>
<div style="text-align: justify;">
<ul>
<li>International Unit Trust Scheme; </li>
<li>International Investment Limited Partnership. </li>
</ul>
</div>
<div style="text-align: justify;">
The sole object of an ICIS must be the collective investment of funds of unitholders. The units issued by an ICIS must be, at the option of unitholders redeemed or repurchased directly out of the assets of the ICIS (unless provided otherwise by the Law or any other law applicable thereto). </div>
<h3>
Type of ICIS </h3>
<div style="text-align: justify;">
Upon application to the Bank and having regard to the investment policy and the particular investment objectives of the applicant, an ICIS may be designated as: </div>
<div style="text-align: justify;">
<ul>
<li>an ICIS marketed to the general public; or </li>
<li>an ICIS marketed solely to experienced investors; or </li>
<li>a private international collective investment scheme. </li>
</ul>
<h3>
Managers of International Collective Investment Schemes </h3>
</div>
<div style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj51m1DBVdPwW4LAm3TiuetUkOz1dB52nPufP19jvqs3Oa_iXaq55o8Yceg63aEgs5NlKhv_KoIcM0NZolRWnaxxOh5_bs3vPYrnqU8zB1sk8gefmq9uKEb-KXbd0Ug8rB3q_VXpwQ5b7A/s1600/investment-income.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="199" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj51m1DBVdPwW4LAm3TiuetUkOz1dB52nPufP19jvqs3Oa_iXaq55o8Yceg63aEgs5NlKhv_KoIcM0NZolRWnaxxOh5_bs3vPYrnqU8zB1sk8gefmq9uKEb-KXbd0Ug8rB3q_VXpwQ5b7A/s200/investment-income.jpg" width="200" /></a>All ICISs, unless specifically exempted by the Bank or unless they are designated as private international collective investment schemes, must appoint a manager who must be approved by the Bank. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
No appointment shall be made to the office of the director of a manager without the prior approval of the Bank. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
A manager must have a place of business in the Republic, from where to conduct its business. This requirement will only be waived by the Bank in exceptional cases. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
If the manager delegates any of its functions to third parties (delegates), the principles which govern eligibility and conduct of the manager, apply also to such delegates. Further, any person to whom functions or duties have been delegated shall be subject to the provisions of the Law and the administrative acts issued under the Law in performing such functions or duties as if it was a manager. </div>
<h3>
Trustees of ICIS </h3>
<div style="text-align: justify;">
All ICISs, unless specifically exempted by the Bank or unless designated as private international collective investment schemes, must appoint a trustee to hold the assets of the scheme. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
A trustee must have a place of business in the Republic, from where to conduct its business, unless such requirement is specifically waived by the Bank. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
A trustee must act independently of the manager and must always act in the best interest of unitholders. </div>
<h3>
Regulations for ICIS, their managers and trustees</h3>
<div style="text-align: justify;">
Every scheme which is recognised by the Bank as an ICIS will be issued with a certificate of recognition. Conditions may be attached to an ICIS’s recognition, which will vary, depending on the particular investment objectives and policy of each scheme. In addition, conditions may be imposed by the Bank regarding the activities of a manager or trustee of an ICIS. </div>
<h3>
Publication of annual and half-yearly reports </h3>
<div style="text-align: justify;">
Every ICIS must prepare an annual and a half yearly report, which must be sent to the Bank and the unitholders. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The financial accounts of the ICIS must form an integral part of the annual and the half-yearly report. </div>
<h3>
Auditors of ICISs </h3>
<div style="text-align: justify;">
Every scheme is required to appoint an auditor who shall audit the information given in the scheme’s annual report in accordance with International Auditing Standards and who shall prepare a relevant report which shall be reproduced in its entirety in the annual report of the scheme. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Additionally, the auditor of a scheme must undertake to report to the Bank annually and in writing whether in his opinion and to the best of his knowledge the scheme has complied with its obligations under the Law or any administrative act issued under the Law. </div>
<h3>
Keeping of books and records </h3>
<div style="text-align: justify;">
The ICIS, the manager and trustee must keep proper books of account, so as to clearly indicate all sums of money received and expended. Such proper books of account shall be kept as is necessary to give a true and fair view of the state of the affairs of the ICIS, its manager and trustee and to explain their transactions for the period. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilkEXIdUUxuDq7UMGEJ9XbFg4k1RBcXrd0ob8ZOomcfPufmjNSBOE6X8IFZu96Ugk9xpi6mrIMOkk_AwIwmcjJ01BXLb5vqZbkDJGlUCpVolfneHUPCZ9E0n2AvKO8-xzUyG2jlcec-n4/s1600/image6.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilkEXIdUUxuDq7UMGEJ9XbFg4k1RBcXrd0ob8ZOomcfPufmjNSBOE6X8IFZu96Ugk9xpi6mrIMOkk_AwIwmcjJ01BXLb5vqZbkDJGlUCpVolfneHUPCZ9E0n2AvKO8-xzUyG2jlcec-n4/s200/image6.png" width="200" /></a></div>
<h3>
Asset valuation and pricing </h3>
<div style="text-align: justify;">
It is a fundamental principle that the price of units of an ICIS be based on the net asset value of the ICIS which must be determined on a regular basis in accordance with international accounting practices. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
An ICIS must sell, redeem or repurchase its units at the request of unitholders, in accordance with its constitutional documentation. Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid. Applications for a recognition as an ICIS. </div>
<h3>
Application for the Recognition of ICIS </h3>
<div style="text-align: justify;">
The application for the recognition as an ICIS is mainly two stage procedure: </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b><u>Stage 1: Preliminary Views </u></b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The first stage is to submit a business plan and the required information to the Bank for a preliminary view. This stage includes extensive consultation with the Bank on client’s behalf. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b><u>Stage 2: Final Application Submission</u></b> </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Once the Bank’s preliminary views and comments have been received, then a final application shall be prepared and submitted. </div>
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Check our website for further information on <a href="http://funds.llpolawfirm.com/" target="_blank">ICIS</a></div>
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</div>
Anonymoushttp://www.blogger.com/profile/13266129917297150757noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-9592087356104370182012-12-23T21:28:00.000+02:002016-11-03T07:46:22.133+02:00Sunday Cartoon: How to Stump a Corporate Lawyer<div dir="ltr" style="text-align: left;" trbidi="on">
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://www.llpolawfirm.com/" imageanchor="1" style="margin-left: auto; margin-right: auto;" target="_blank"><img alt="llpo law firm sunday cartoon how to stump a corporate lawyer" border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1Amqs2dFSp81k1wNxXEApwO3NbF2L8-0o84UQqstlx4oVK-0RZ3dz1cjg3j4FBkF4c3FuU1cfnuYjFaFiVBxJRENdMKt3JWW7TZsOK0abaLUCONOlDKVuGGTGDH25fH2orJ78l2exUY5e/s640/wmi100818h.jpg" title="" width="531" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">How To Stump a Corporate Lawyer</td></tr>
</tbody></table>
<br /></div>
Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-56552973070845389302012-12-21T11:27:00.000+02:002016-11-03T07:46:22.124+02:00MERRY CHRISTMAS & HAPPY NEW YEAR 2013!!!<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVk4WhrKagSDGuhZrGoCcq31SZqBuzdCm-aurmhi0iJhubPcL5dIJnUbBj_DQmBE3oUu9cqIv8B_qKdzAdzwezfhIdxh88X1q-fYHLO_YcdVf6p9Jd3iUkbor9jtL-habkn9ugBrdEC1U/s1600/ChristmasCard.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="424" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVk4WhrKagSDGuhZrGoCcq31SZqBuzdCm-aurmhi0iJhubPcL5dIJnUbBj_DQmBE3oUu9cqIv8B_qKdzAdzwezfhIdxh88X1q-fYHLO_YcdVf6p9Jd3iUkbor9jtL-habkn9ugBrdEC1U/s640/ChristmasCard.jpg" width="640" /></a></div>
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Anonymoushttp://www.blogger.com/profile/13266129917297150757noreply@blogger.com2tag:blogger.com,1999:blog-1738396162364804119.post-90857793421103985902012-12-20T15:56:00.000+02:002016-11-03T07:47:54.792+02:00Cyprus Innovation: We are proud for Maglid, Liddy and the TEIO SOLO<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjN3OpM4ny_YXT0Z8WE4WB_iodoQJVvblrHAK1b8VZSOdwe6ye-Bk7yvefOHKDhz8dzSrNewCsbrBx9UxQi238spqBFmL1FSTLniz82NlyRj_0O4rlx3ImiAVgBh2yaB5I-Wcnbz5JD-dZL/s1600/teioLogo.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjN3OpM4ny_YXT0Z8WE4WB_iodoQJVvblrHAK1b8VZSOdwe6ye-Bk7yvefOHKDhz8dzSrNewCsbrBx9UxQi238spqBFmL1FSTLniz82NlyRj_0O4rlx3ImiAVgBh2yaB5I-Wcnbz5JD-dZL/s1600/teioLogo.png" /></a></div>
<div style="text-align: justify;">
Here, at <a href="http://www.llpolawfirm.com/" target="_blank">LLPO Law Firm</a>, we are usually humble! Sometimes we get proud. We get proud when we win a "lost case" or when we help the "underdog corporate" ride a market wave. We also get proud when we nurture an against-the-odds start-up to get to commercialisation.<br />
<br />
Today we are proud because one of our nurtured start ups is commercialising and getting ready to revolutionise the way we interact with the world around us.</div>
<div>
<br /></div>
<div style="text-align: justify;">
Yes... I know, big words and better they mean something... but this is it <a href="http://maglid.com/index.html" target="_blank">Maglid aka "Magic Lid</a>". One handed... self actuating... self closing... <br />
<br />
Officially Maglid is patented in 72 jurisdictions, after 5 years of research and development, complex legal work and over Euro 2.000.000 of investment. The result... a hard core engineering invention... maybe one of a scale never seen before developed in our small island. Catch a glimpse in the future of closures!!!</div>
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<iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/3JGZoMq4SWk?feature=player_embedded' frameborder='0'></iframe></div>
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As we all know inventions need practical applications and commercialisation to become useful tools in our everyday lives. The first of such applications is launching now... in the form of a house-ware consumer product. </div>
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Teio Solo is a tea storage container with ambitions to solve all the problems involved in storing tea leafs. Explore<a href="http://www.teio.eu/index.html" target="_blank"> Teio Solo website</a> and the video below.</div>
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<iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/lVOQ8skaulQ?feature=player_embedded' frameborder='0'></iframe></div>
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The usual question I am asked when I show-case this Company, is whether the people involved are Cypriots. Well... yes! This is a 100% Cypriot Company with 100% Cypriots being involved. The real aspirations of the company are lying with market penetration internationally but I guess we get to try the innovation first with world wide launch from Cyprus. </div>
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Who said that there is no innovation in Cyprus? We are indeed proud!</div>
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Teio Solo has recently enrolled in <a href="http://www.nominateforindexaward.dk/Presentation/read/id=MjExNQ==" target="_blank">INDEX AWARDS competition</a> and needs the support of everyone!</div>
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Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-8227638047248342822012-12-20T00:08:00.000+02:002016-11-03T07:47:54.789+02:00Cyprus real estate market kickstarting due to the new Permanent Residence Permit regime<div dir="ltr" style="text-align: left;" trbidi="on">
Cyprus property market is picking up with a 67% growth year to year. In accordance to Land Registry statistics the numbers are not really huge but the rates are and it seems that the real estate market is kick starting. The growth rates per district are the following:<br />
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<li>Nicosia (Capital): 131%;</li>
<li>Limassol: 4%;</li>
<li>Larnaca: 50%;</li>
<li>Paphos: 67%;</li>
<li>Famagusta: 48%</li>
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It seems that the growth is caused by international demand, sales and property registrations. This clearly indicates that the new <a href="http://blog.llpolawfirm.com/2012/12/the-new-regime-for-cyprus-permanent.html" target="_blank">Permanent Residence Permit regime via property investment</a> is paying off. In 2012 there were 15 PRPs granted to third party nationals investing in property. Another 600 PRP applications from third party investors are under consideration and expected to be granted soon. This is a clear indication that 600 properties are sold (but not yet registered to the investors) which clearly sets the stage for more growth for Cyprus' real estate industry in 2013.<br />
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Check out our website for further information on <a href="http://www.llpolawfirm.com/eu-immigration.html" target="_blank">Permanent Residence Permit.</a> </div>
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Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0tag:blogger.com,1999:blog-1738396162364804119.post-41281806418918598882012-12-18T17:47:00.001+02:002016-11-03T07:47:54.778+02:00The new regime for a Cyprus Permanent Residence Permit via property investment<div dir="ltr" style="text-align: left;" trbidi="on">
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Cyprus has recently enacted a regulation allowing for a permanent residence permit via property investment. The regulation provides for the grant of a Cyprus permanent residence permit if the candidate purchases a privately-owned residence for self-occupancy in Cyprus, with a value of not less than €300.000.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1CzxhRbW7SwutNxUc31JLQmF-YBUAiwV1h2msvWByT39xMm3kpr4YsrVD626q7JnZb31M8jyG973QGpC-f7ky1F0SNhGcT2naXYB8G-F9De7fwYQoEXL_i6bZtQHjoRagRA4MSkr4FsX5/s1600/cyprus-visa.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="172" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1CzxhRbW7SwutNxUc31JLQmF-YBUAiwV1h2msvWByT39xMm3kpr4YsrVD626q7JnZb31M8jyG973QGpC-f7ky1F0SNhGcT2naXYB8G-F9De7fwYQoEXL_i6bZtQHjoRagRA4MSkr4FsX5/s320/cyprus-visa.jpg" width="320" /></a>Main Conditions</h3>
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The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person applying for permit.</div>
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The applicant must purchase a private house for his/her own residence in Cyprus with a value of not less than €300,000 and must have proof of payment/pre-payment of at least €200,000.</div>
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Visits Requirement</h3>
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The applicants should visit Cyprus at least once every two years, otherwise he/she will automatically lose his/her status as a permanent resident in Cyprus.</div>
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Required Documentation</h3>
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If the applicant satisfies the pre-conditions above, then an application for permanent residence can be submitted. The required documentation for such application is the following:</div>
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<li>Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building. The contract of sale should already have been submitted to the Department of Lands and Surveys;</li>
<li>Proof of payment of at least €200,000;</li>
<li>Confirmation letter from a Cyprus Bank stating that the applicant has deposited a minimum capital of €30.000 in an account, which will be blocked for at least three years;</li>
<li>A document proving the income of the applicant including pension, retirement income, salaries or dividends;</li>
<li>Criminal Record Certificate which must be issued by the Authorities in the applicant's country of origin; </li>
<li>Statement from the applicant stating that he/she does not intent to work or be engaged in any form of business in Cyprus;</li>
<li>Certificate of health insurance in Cyprus;</li>
<li>Marriage certificate (if spouse is included in the application);</li>
<li>In the event permanent residence is applied for children, birth certificates are required;</li>
<li>Copy of valid passport (certified from country of origin);</li>
<li>Letter of guarantee obtained from a bank in Cyprus (€850);</li>
<li>CV of the applicant;</li>
<li>Application Procedure</li>
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The application should be submitted to the Civil Registry and Migration Department personally or through a representative.</div>
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The application is examined by the Civil Registry and Migration Department and is submitted to the Minister of the Interior, for a decision. For the purposes of the specific type of immigration permit, no personal interviews are necessary.</div>
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Then the Ministry of the Interior will inform the applicant or the representative of the applicant and the Civil Registry and Migration Department, about the decision of the Minister of the Interior. </div>
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The normal time for a Permanent Permit of this kind requires 1-2 months, however the applicants are granted temporary residence permits from the outset of the procedure.</div>
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Check our website for further information on <a href="http://www.llpolawfirm.com/eu-immigration.html">Cyprus Permanent Residence Permit</a>.</div>
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Anonymoushttp://www.blogger.com/profile/05454572506311852206noreply@blogger.com0