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Cyprus and Spain: DTT enters into force

By | News

The relations between Spain and Cyprus are stronger every day since the double tax treaty was signed on February 2013 and enters into force on 28th of May 2014. Automatically, Spain removed Cyprus from the blacklist, making possible and easier the business between the countries in all the levels: importing and export products, investment in Real Estate, or using Spain as the first stop with the objective to expand services to South America.

Regarding the Taxes, under the treaty there is no withholding tax on interest and royalties. The following withholding tax rates apply on dividends:

-0% if the beneficial owner of the company paying de the dividend is a company whose capital is wholly or partly divided into shares holding directly at least 10% of the capital o f the company paying the dividend;

-5% in all the other cases

Irrespective of the above withholding tax rate on dividends under the treaty, Cyprus will not apply      withholding tax on dividends payments out of Cyprus.

How can we help you?

Our team will be at your disposal to discuss your interest to set up business in Spain or those companies which wish to invest in Cyprus and offer the most complete solution.

Central Bank started deposit guarantee scheme for FBME Bank LTD.

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The Central Bank of Cyprus issued an announcement on the 8th of April 2016 initiating the Depositor’s Protection Scheme (DPS) for the depositors of FBME BANK LIMITED (Cyprus Branch). Under the terms of the DPS the limit for compensation is EUR 100,000.

In order to participate in the DPS depositors must submit the following information:

  • Original Certificate of incorporation of the company certified by apostille.
  • Director’s certificate or other akin document indicating the director of the company
  • Signed letter by the director of the company
  • Signed letter by the beneficial owner of the company.
  • Indicate a designated bank account to which the funds will be transferred to. Please note that this account must be in another EU member state.
  • Bank letter confirming the following details for the designated bank account:
    IBAN
    BIC
    Beneficiary Name

The procedure is as follows:

  • With the receipt of scanned copies of the above documents we will prepare the relevant application which will need to be signed either by the Beneficial Owner or the Director of the company
  • On the application we will appoint ourselves as a proxy for handling the whole procedure.
  • Upon filing of the relevant application the CBC will notify the account holder of the amount which has to be paid out, after offsetting any credit the account has with any pending fees, installments and/or other obligations to the bank. This notification will be sent via email to the address provided on the application form.
  • Upon receipt of the notification the deposit holder shall have 30 calendar days to object to the amount as calculated by the CBC.
  • If there is no objection to the amount then the CBC will proceed to make payment to the designated account indicated on the application.

Important points to note:

The DPS covers accounts in any currency however the conversion shall be based on the rates set by CBC on the 09th April 2016.
The deadline for filing the application is the 09th of April 2018.
Customers need to communicate with the receiving bank beforehand and make sure that all supporting documentation are submitted to the bank pending the payment of the funds to avoid any complications.
For customers with deposits of more than EUR 100,000 submitting an application means relinquishing their rights to the fund ONLY to the extent of the compensation received. For any amount exceeding EUR 100,000 Depositors will have to take personal action against the bank and/or Special Administrator.

How can we help you?

Our team will be at your disposal to discuss your interest to file your application. We can assist you to prepare all the paper work and set up your Bank Account if you needed. Our lawyers will assist with you during the meeting with the Central Bank.

Cyprus IP Box Regime: the countdown to establish until 30 June of 2016

By | News

One very significant part of our clients business is the creation and development of the mark, logo and name. It will identify their business, creating an unique image that will also communicate values, experience and ideals. It is here where trade mark registration plays an important role and where our Firm will assist you to make sure you take all the right steps to protect your mark.

We always encourage our clients to do so and protect their IP inventions, literary, names, symbols, images and designs. Dedalos will assist you during the process, making sure that you take all the steps and choosing the appropriate location for the exploitation of your IP assets.

New changes in the IP BOX Regime

In order for the existing IP regimes to adapt with the new requirements, OECD and the G20 put in place new provisions. Under this consensus the current Cyprus IP Box Regime should be accepting ‘new entrants’ until the 30th of June 2016.

Cyprus will be allowed to introduce new regulations and all the companies entering before 30th of June 2016 can benefit of its provisions until 30th of June 2021.

Further, Cyprus IP BOX covers the following:

  • Trademarks, design, models, etc.
  • Copyrights on scientific works, literary works, dramatic works, artistic words, sound recording, photographs, broadcasts among others.
  • Patents and Inventions

All the companies which are considering to apply for the IP Box Scheme, they should proceed before 20th of June 2016 and we able to take advantage until 30 June 2021

How can we help you?

Our team will be at your disposal to discuss your interest to set up business the IP Box Scheme in Cyprus and advise on all the matters related.

Dedalos open your bank account in London

By | News

Dedalos offers the possibility to open bank accounts in United Kingdom to their clients. United Kingdom, and specifically its capital London, is one of the most desirables places by business people and high profile investors to run their operations from.
However, if the applicant is not resident in United Kingdom, the procedure to open bank account becomes very difficult and almost impossible.
In the Firm, they have been working to provide with the service to their clients and be able to assist you during the process to open the bank account in London. Dedalos will prepare all the paper work and when everything will be ready, just a meeting will be arrange with your banker to finalize the opening. With Dedalos assistance the procedure become easy and simple.