Start-up to Cyprus (UK Citizen) Start-up to Cyprus (UK Citizen) Kyriakos Tramountanellis x / Thursday, May 12, 2022 0 85 Article rating: No rating I am shortly moving to cyprus and I have to work. Atm my business is in uk and I am hoping to continue this by making return trips to the UK. I do also want to start up in cy as self employed. My question is who do I pay my tax to? , do I continue to pay my tax to the UK even though I won't be residing there? Or do I include my earnings with cyprus tax . Read more
Digital Nomad in Cyprus Digital Nomad in Cyprus Kyriakos Tramountanellis x / Thursday, May 12, 2022 0 68 Article rating: No rating I found a remote job at a German company that allow me to work from Cyprus. Now i'm searching and comparing consultant services to help me setup the best tax system, so that i pay the least amount of taxes on my salary. From what i already know, i can pay about 2,65% of taxes on my salary, if i stick to certain rules like being in cyprus for XXX days per year and being in other countries for XXX days per year. Read more
Funding Scheme for the introduction of an Ecological Management and Control System in Businesses. Funding Scheme for the introduction of an Ecological Management and Control System in Businesses. Kyriakos Tramountanellis x / Wednesday, May 11, 2022 0 65 Article rating: No rating Σχέδιο για Πράσινη Οικονομία για επιχειρήσεις Read more
New Funding Scheme for the installation or replacement of a solar water heater in homes New Funding Scheme for the installation or replacement of a solar water heater in homes Kyriakos Tramountanellis x / Wednesday, May 11, 2022 0 67 Article rating: No rating Σχέδιο χορηγιών για εγκατάσταση ή αντικατάσταση ηλιακού θερμοσίφωνα σε κατοικίες ύψους €600 χιλ. Read more
Πρόγραμμα Σταθερότητας Κύπρος 2022-2025 Πρόγραμμα Σταθερότητας Κύπρος 2022-2025 Kyriakos Tramountanellis x / Tuesday, May 3, 2022 0 74 Article rating: No rating Nέο Σχέδιο Σταθερότητας για τη Περίοδο 2022-2025. Read more
Cyprus and Crypto Currencies! Some taxation aspects to consider Share Written By CYAUSE Auditors Tags activebitcoinblockchaincoinbasecryptoscryptotaxesCyprusdigitaldigital currencydividendetheriumhow it is taxedpassivetax for cryptostaxationtechnologytokenswallet 2022-01-25 A cryptocurrency is a tradable digital asset or digital form of money, built on blockchain technology that only exists online. Cryptocurrency transactions, including the buying and selling of digital currencies, have increased in popularity across the globe. While some countries have added strict regulations, other countries like Cyprus have embraced the paradigm shift, opening their arms to innovation opportunities. Cryptocurrencies: Bitcoin (BIT) Ethereum (ETH) Litecoin (LTC) Cardano (ADA) Polkadot (DOT) Bitcoin Cash (BCH) Stellar (XLM) Dogecoin (DOGE) Binance Coin (BNB) Legal Requirements CySec has been appointed as the supervising authority to supervise the compliance of Crypto Asset Service Providers with the AML Law. CASPs (Cypto Asset Service Providers) that provide services in or from Cyprus must submit a completed application form, along with relevant questionnaires and any additional information and/or required evidence, in accordance with CySEC’s Announcements. Furthermore, Cryptoassets’ activities are subject to anti-money laundering and counter-terrorism financing (“AML/CFT”) regulation and supervision. See below the policy issued by CySec. Tax Requirements The guidance in relation to the VAT treatment of cryptocurrencies is currently very limited. Cryptocurrencies profits are exempt from VAT, Bitcoin shall be treated as a currency because its main purpose is to be used as a direct means of payment. However, if you regularly make a profit from crypto-transactions, it is safer to do this as a private person with Non-Dom status in Cyprus or by using a “Dividend-Company”, in order to not subject these profits to tax in case the Cyprus Income Tax Office decides to treat it as passive gains. Activities related to DLT (distributed ledger tecnhology) and Virtual Currencies create a series of questions, regarding the imposition of taxation. As a general rule, tokens shall be treated as intangible assets due to their non-physical presence, therefore amortization over maximum 20 years will be allowable. Depending on the intentions of each buyer contributor and their classification, tokens could be treated as pre-payments, investments, intangible assets or stock. Disclaimer: The above are our views as the Cyprus Income Tax Office has not yet issued guidance over the tax classification of these instruments. Similarly we have not yet received sufficient information and eplanatino from CySEC or other regulatory bodies to assist us as to the treatment of these instruments. Transactions with Crypto in Cyprus The University of Nicosia is the first university in the world who accepts Crypto payments! There are currently no Cryptocurrencies ATMs in Cyprus We could not locate anyone else who accepts cryptos in Cyprus. Over the last years, Bitcoin and other decentralised digital currencies disrupted the global economy, bringing a revolution to the way that we perceive the idea of money. The growth of cryptocurrencies in Europe makes the issue of relevant regulations necessary. All the European Union Members will need to adopt a unified position in relation to the VAT treatment of cryptocurrencies and only minor differences will remain. Currently, there is no legislative framework and we don’t follow a set of rules with regards to Crypto investment firms, companies which intend to get involved with cryptocurrencies have to ensure that they follow a reasonable and consistent tax treatment in order to avoid unnecessary disputes with the tax authorities in the future. Useful links: CRYPTO ASSET SERVICES PROVIDERS (CASP). Regulatory Framework (2021) Cysec.gov.cy https://www.cysec.gov.cy/en-GB/entities/crypto-asset-services-providers-casps/ Policy Statement for Crypto Asset Services Providers. Regulatory Framework (2021) Cysec.gov.cy https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=13075523-a19e-43d9-8cce-e2c0e0f5bca9 Blockchain Cyprus Strategy. (2021) mof.gov.cy http://mof.gov.cy/assets/modules/wnp/articles/201907/480/docs/blockchain_strategy_english_final.pdf CBC Statement regarding cryptocurrencies / virtual currencies. (2021) centralbank.cy https://www.centralbank.cy/en/announcements/cbc-statement-regarding-cryptocurrencies-virtual-currencies-28-04-2021 Cyprus Securities and Exchange Commission | C417 – Prudential treatment of crypto assets and enhancement of risk management procedures associate. (2019). Cysec.gov.cy. https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=2937dc45-aa64-43fc-af9f-07ca5ff02730