Michael Kyprianou Law Firm

Lefteris Eleftheriou discusses the classification of Trusts under the Common Reporting Standard (CRS) and the reporting obligations for Cyprus Financial Institutions (CFI). You can read more by following the link in the comments. #CRS #Trusts #TaxTransparency #CyprusLaw #Compliance #FinancialRegulations #InternationalTax

The EU is preparing a significant update to its sanctions strategy against Russia, which is set for adoption by 24 February 2025, marking the third anniversary of its full-scale invasion of Ukraine. The 16th sanctions package aims to send a “clear signal” to Moscow that its actions will not go unchecked on the international stage. Read more on our article https://lnkd.in/dSER6hK3 For further information or advice, please contact info@compliancemk.com. #EU #EUSanctions #Russia #Ukraine #16thSanctionsPackage #AMLCompliance #MKCompliance

Marina Hadjisoteriou, Partner and Head of the Limassol Dispute Resolution Department, attended the 2nd Annual IBA Asset Recovery Conference that took place during 4-6 December 2024 in Madrid, Spain. You can read more by following the link in the comments. #IBA #assetrecoveryconference #fraud #Spain

Cyprus has taken a significant step in global tax reform! The Parliament has approved legislation aligning with the EU's Pillar Two Directive, introducing a 15% global minimum tax for multinational and large domestic groups. Stephanos S. Ayiomamitis discusses how this impacts businesses and strengthens Cyprus’s role in international tax cooperation. You can read more by following the link in the comments. #TaxReform #PillarTwo #GlobalTax #Cyprus #OECD #EUDirective #MNE #BusinessCompliance #CorporateTax

Partner and Head of the Limassol Dispute Resolution Department, Marina Hadjisoteriou and Partner, Christos Galanos represented our firm at the International Fraud Group’s (‘IFG’) flagship conference in London on 21 November 2024. You can read more by following the link in the comments. #IFG #fraud #conference #london

A new Decree issued on 19/12/2024 provides for the employment of highly qualified personnel coming from non European Union countries. You can read more by following the link in the comments. #employment

Lorena Charalambous analyses the enhanced Cyprus start-up visa programme looking to boost the local start-up ecosystem. You can read more by following the link in the comments. #startup #entrepreneurship #immigration

Yiannis Zavros, Associate, attended the Offshore Alert Conference that took place in London on 2-3 December 2024. You can read more by following the link in the comments. #conference #assetracing #insolvency #fraud #assetrecovery

The EU has adopted its 15th package of sanctions against Russia, following its continued war against Ukraine. The key restrictive measures are: • 84 new designations (54 individuals, 30 entities), now subject to asset freezes and travel bans, including, for the first time, fully-fledged sanctions on Chinese suppliers of drone and microelectronic components • 52 vessels listed, relating to Russia’s shadow fleet • 32 entities listed, now subject to stricter export controls • Measures to protect EU companies from litigation with Russian counterparts • Derogations for Central Securities Depositories (CSDs) • Extended Deadlines to assist EU operators with divestments from Russia Read our full article here: https://lnkd.in/dQuu3xUT For guidance on implementation, clarifications, or any other information, please contact us at info@compliancemk.com. #15thPackage #EU #EUSanctions #Russia #AMLCompliance #MKCompliance

Significant changes have been introduced to the framework of the Beneficial Ownership Register. The revised approach cancels previously imposed fines, introduces a maximum fine of €5,000 for future non-compliance, and extends submission deadlines. 📅 New deadlines: 31 January 2025: Submission of UBO details 31 March 2025: Completion of 2024 verification Read our full article here: https://lnkd.in/d9AHtiVN In case you require any clarification or assistance in submitting the required information in the Register of Beneficial Owners of the Department of Registrar of Companies and Intellectual Property, as well as the Cyprus Trusts Beneficial Owners Registry overseen by the Cyprus Securities and Exchange Commission, please contact us at info@compliancemk.com. #UBO #UBORegistry #Fines #AML #AMLCompliance #MKCompliance