Cyprus Tax Structures Cyprus Tax Structures Kyriakos Tramountanellis x / Friday, June 24, 2022 0 92 Article rating: No rating Cyprus Tax Structures Read more
How to trade in Cyprus as a person or under a company? How to trade in Cyprus as a person or under a company? Kyriakos Tramountanellis x / Friday, June 24, 2022 0 99 Article rating: No rating In this short article we will demonstrate to you what the best route to contact your business is in Cyprus. We take into consideration tax savings and of course the legal protection of the owner of the Company. Read more
Cyprus Investment Firms: Capital Adequacy Reports (COREP) Mistakes to avoid Cyprus Investment Firms: Capital Adequacy Reports (COREP) Mistakes to avoid Kyriakos Tramountanellis x / Friday, June 24, 2022 0 61 Article rating: No rating Most Common Errors During COREP Reporting Read more
Capital Statements Capital Statements Kyriakos Tramountanellis x / Friday, June 10, 2022 0 118 Article rating: No rating In this Article we explaining what is a capital statement, what documents you are required to submit to the authorities and how to be prepared for such exersise. Read more
Global Mobility and Registration of Foreign Employer in Cyprus Global Mobility and Registration of Foreign Employer in Cyprus Kyriakos Tramountanellis x / Monday, June 6, 2022 0 73 Article rating: No rating Global Mobility and Employees working remotely benefits and issues to consider for Cyprus. Read more
Increase your Net Worth & Well Being + Reduce Your Taxes. Are You Taking Action? Share Written By Kyriakos Tramountanellis Tags 2020-11-29 Think Thoroughly and Act, NOW. Insure what Matters to You and Your Money!!! It still comes as a surprise to me how badly business owners and wealthy individuals take their long-term retirement plan decisions, if they make such decisions at all. Not only they do not think 20 years, at least, ahead of their time, they also fail to properly plan for their family needs and their health (and consequently their wealth!!!). By all means, i have nothing to do with insurances, but not to plan at all, i find negligent. Anyhow, please find below what i consider you should think NOW, Carefully and Thoroughly, in order to Tick the Box that you have done at least what was required for yourself, family and health, if worst comes to worst. Thinking About It, Without Acting, is Worse, since Now You Know What is Expected of You. Do Not Postpone These Matters For Later! 1. Pension Plan Reduce your Tax Bills and Increase Your Pension Simultaneously Once you retire, how much money will you be earning? Are you dependent on your passive income (which is great, if you have one) or this is something you leave for later, when you have time and money to think about. Trust me, this time rarely comes, so act fast NOW. Ensure you start paying a small amount of money to a pension plan (Provident Fund if you own a business) either directly or via your Company so that you will not only be Receiving your Pension from Social Insurance Office (after the age of 63 or 65) BUT ALSO a Steady Income which could be predetermined subject to the pension plan you choose. The best part of these plans is that they are Tax Allowable!!! And can be Tailored To Your Needs!~!~! How is it Tax Allowable: If your Company is The Owner of the Provident Fund Contract then the amount paid for your pension will be Tax Allowable from your Corporation Tax Computation. On the other hand, if you are the Owner of the Pension Plan (not a Provident Fund, but a personal pension plan) then this amount can be Tax Allowable from your Personal Tax Computation (subject to tax exemptions already claimed, as there is a threshold to the amount you can claim in a tax year). In other words, your P.A.Y.E could equal your Pension Fund Installment which is tax free! 2. Life Insurance Ensure that once you are gone, you will leave sufficient money to your loved ones During my employment with Hacker Young, at the London office, i used to hear this phrase a lot; "One Thing is Certain; Death and Taxes". This phrase is still used by my UK Clients. It seems that British people fully understand this topic and are adequately insured / covered, contrary to Cypriot Business Men / Women. So how come so many Cyprus Business Owners take this cover so lightly and fail to provide for their loved ones, once they are gone for good (i mean, once they "kick the bucket"). I can not comprehend this. Especially now that the Interest Rates are so Low and Cash at banks so Lightly Protected from Haircuts, Bank Defaults, Government Taxes and Strict Regulations. Golden Nuggets: Life Insurances are 100% Tax Free (if held more than at least 7 years) They Project Higher Interest Rates than Banks The Payout is Fairly & Reasonably Quantifiable when time is due. Fairly Flexible. 3. Medical Insurance Ensure you Protect Your Cash & Investments if Medical Needs Arise If you can not comprehend the importance of Medical Cover these days where terminal deceases and injuries are so common, then you are not able to comprehend the essence of this article. Golden Nugget: Certain Medical Cover can be topped up with Life Insurance Cover (part 2 above) which renders them also Tax Free, at least in Cyprus. Therefore, not only you secure yourself and family in terms of medical treatment and hospitalisation but you also get the Tax Benefit on the amount paid (subject to tax exemptions already claimed, as there is a threshold to the amount you can claim in a tax year). 4. Kids Insurances Ensure Studies and Emergencies are Covered By paying a small monthly instalment you ensure that you "save" enough money for the studies of your children. Golden Nuggets: They Force you to Save Money (and hence spend less) They Project a Significantly Higher Interest Rate than Banks You split your assets outside the Cyprus Banking System which means that you are Spreading Your Cash Balances Across the Globe, which in my opinion, is always a good thing. Remember: Insurance companies, insure against their positions, this is a legal requirement, therefore your investment with them is Highly Guaranteed (at least >75% at all times, if i am not mistaken and subject to the Insurance Company). In any case, this security can only be matched against the European Union Directive for deposits up to Euro 100,000 which are perceived to be guaranteed by the European Union. Interesting to note that this EU directive has not been tested, yet, nor anyone knows how long, which amount and how many installments it will take to take your money bank in the event of a bank default. About Us, CYAUSE Audit Services Ltd Our firm specialises in Tax Planing Solutions to High Net Worth Individuals and Business Owners locally and internationally. Our main expertise is Accounting, Auditing and Tax Advising of Local and International based Companies in various industries. During 2015 we have been awarded by I.C.P.A.C and the A.C.C.A for the Quality of our Audit Services and Procedures. More information about CYAUSE Audit Services and the Cyprus Corporate & Tax System you can refer to our Mobile Tax App called: «Cyprus Audit & Tax» free from the App Store and Google play our Website www.cyprusaccountants.com.cy and our YouTube channel called «Cyprus Accountants ACADEMY». Contact Us: Directly: kt@cyprusaccountants.com.cy or +357 99 428 543 Disclaimer: Our Capacity This article was written in our capacity as Financial Advisors of High Net Worth Individuals and Business & Tax Consultants. Our cumulative experience with the tax planing, estate planing, retirement planing, both locally and internationally enables us to see shortcomings in the market and areas of financial improvement. We do not represent any insurance company nor we want to handle any direct request for insurance cover. Our role is of an advisory nature; Always Thriving to Protect our Clients and Increase their Net Worth. 2. Investment Advice The above advice is not considered by our firm to be investment advice but rather a necessity, cash flow permits, a though process that should be adopted by all business people (and civil servants, why not) so as to protect their future and their assets. Thank you, Kyriakos Tramountanellis Read our article on Linked In here.