CRITON TORNARITIS's Documents
CYPRUS AND ITS CONSTITUTIONAL AND OTHER LEGAL PROBLEMS BY CRITON G. TORNARITIS, Q.C
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CYPRUS AND ITS CONSTITUTIONAL AND OTHER LEGAL PROBLEMS
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Cyprus became a member of the European Union on 1 May 2004. Its tax system and legislation are harmonized with the European Union directives and the EU Code of Conduct and are fully in line with OECD requirements.
At the same time and within the EU framework, Cyprus has established a number of significant tax advantages that maintain an
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There are significant benefits from a proper and effective tax planning. Our people possess the knowledge and expertise to assist you identify such benefits. We are next to you to share know-how and innovative specialized solutions to support you for structuring your operations in a tax efficient way. This publication aims at providing a general description of the tax system in Cyprus. The tax information contained is based on the tax legislation and practice as at January 2009
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The use of the Trust as a vehicle of prudent international tax planning and business structuring is constantly growing. Trusts have been created for many reasons, in an effort to reduce tax liabilities, to alter the devolution of assets on death, to avoid the inconvenience and publicity of probate and to protect assets from actual or potential creditors
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All Cyprus tax residents are taxed on all income accrued or derived from all sources in Cyprus and abroad. Individuals who are not tax residents of Cyprus are taxed on income accrued or derived from sources in Cyprus.
Residence: The term ‘resident’ has been added in the Cyprus Law as from 1.1.2003 implementing the OECD Model that provides the framework for most countries’ tax systems and double tax treaties.
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