Cyprus an International Business Center in Europe Cyprus an International Business Center in Europe Kyriakos Tramountanellis x / Tuesday, March 29, 2022 0 99 Article rating: No rating In this article, we provide a summary of the main factors which have contributed to the success of Cyprus as an International Business center. Read more
Opening a Bank Account in Cyprus Opening a Bank Account in Cyprus Kyriakos Tramountanellis x / Tuesday, March 29, 2022 0 107 Article rating: No rating Opening a Bank Account in Cyprus - Procedure 2022. This article informs about the necessary documents and information required for the opening of a bank account in Cyprus or elsewhere. Read more
Cyprus VAT Registration - Explained in Simple words Cyprus VAT Registration - Explained in Simple words Kyriakos Tramountanellis x / Monday, March 28, 2022 0 67 Article rating: No rating 1. The charge for our review of your accounting records every 6 months will be Euro 100 + VAT (in total Euro 200 + VAT for the whole year) Read more
Accounting services Accounting services Kyriakos Tramountanellis x / Monday, March 28, 2022 0 74 Article rating: No rating My name is xxx. I'm looking for an accountant(+law) to work with my company on Cyprus. I already have a registered company(2 years) with an accountant firm working with me, but thinking about replacing it with somebody else. Could you please tell what is your fees for: - Nominee Services (Director, Secretary and Office address) - Final report+audit + 1 interim report - Tax certificate + yearly migration services(visitors visa) Thank you! Read more
Questions for Opening a Branch Questions for Opening a Branch Kyriakos Tramountanellis x / Monday, March 28, 2022 0 75 Article rating: No rating Opening a Branch in Cyprus Questions from a Client Read more
Are you letting your villa in Cyprus? What about VAT! Are you declaring your sales via the Cyprus VAT system? If not then this article is for you. Share Written By Kyriakos Tramountanellis Tags 19%9%airb&bairnbnbbooking.comcompany ownercyprus companiesCyprus Lettings & VATCyprus VATGiovaniholiday visitorproperty lettingvalue added taxvat 2021-09-23 All Cyprus property owners who let their villas / properties and exceed the VAT threshold of Euro 15,600 must be VAT registered and start charging VAT. The applicable VAT rate is usually 9% however this must be confirmed by your accountant or vat expert as the entire arrangement with the property management company must also be examined before determining the correct applicable VAT rates. All property owners must be VAT registered? The compulsory VAT registration for property owners (as for all physical or legal persons exercising business activities) is Euro 15,600 within 12 consecutive months. Hence, if you have been earning more than 15,600 per annum in rental income you must become VAT registered and account for VAT on your rental income at the applicable VAT rate. What happens if I have not been registered? You should voluntarily register the soonest possible. We can assist you with the entire process. What are the penalties and fines for omission to be VAT registered? 10% on the VAT amount due + interest + Euro 50 for each late VAT return submission. In other words, the penalty is significant and should be taken into consideration. If the discrepancies took place up to 7 years ago then the VAT penalties and fines could be in the region of Euro 10k – 15k + the actual VAT amount due which will be calculate on the rental income exceeding the Euro 15,600 multiplied at the applicable VAT rate. So please be careful and become VAT registered if you exceed the threshold! How will the VAT find me!!! - Very Easily! Here comes the bad news. It is so easy to be found that we urge you to become VAT registered. The Cyprus VAT or Income Tax Office can request statements from the management companies or booking software you are using such as Booking.com, Airbnb, Cyprus Lettings and so many other companies and obtain the total rents you have received per annum up tyo 7 years back. On top of those fees, you will have to pay the applicable VAT rate (9% or 19%) depending on the arrangement with the property letting company + the above penalties and fines explained. What happens if I own a property management company? Again, you will have to charge VAT however the manner and VAT rate depends on the commercial agreements with the property letting companies and the property owners. Feel free to contact us to explain you the logistics and different vat treatments that apply in your case. T:+357 99 428 543 E:kt@cyprusaccountants.com.cy I hope you found this article useful, looking forward for your comments!