Cyprus’ economic strength has traditionally been founded on three main pillars; financial services, tourism and real estate (although the latter two are obviously intertwined and the first one has always been the most important of the two). The financial services industry has diversified in recent years.

Equation Corporate Services is proud of our position as a top bespoke corporate services provider in Cyprus. We are committed to supporting businesses through our local on-the-ground expertise and knowledge of the market. And as such, we always stay up to date with what is going on in all relevant business, financial and governmental sectors on the island.

As the leading bespoke corporate services provider in Cyprus, Equation Corporate Services is always tuned into the latest news, legislations, and updates in the financial and business sectors on the island. And sharing this expertise and on-the-ground local knowledge is a big part of what we do here at Equation.

On 1 June 2021, the first ever Convention for the elimination of double taxation with respect to taxes on income between Cyprus and the Netherlands (hereafter the Treaty) was signed in Nicosia, by Cyprus’ Minister of Finance, Constantinos Petrides and the ambassador of the Netherlands in Cyprus, Mrs Elke Merks-Schaapveld. 

On 17 January 2020, the Cyprus-Kazakhstan Income Tax treaty (2019) (hereafter ‘the Treaty’) has entered into force. The Treaty generally applies from 1 January 2021 for withholding taxes and other taxes.

The Treaty provides that gains arising from the disposal of shares of a substantial participation in the capital of a company which is resident of a Contracting State may be taxed in the latter State. A person is considered to have a substantial participation when this participation is at least 25% of the capital of that company, at any time within 12 months prior to disposal.

An analysis of data following a collection of fluids and rock samples revealed that Calypso is a promising gas discovery and confirms the extension of the ‘Zohr-like’ play” into Cyprus’ waters. Zohr is a supergiant gas field discovered by ENI in 2015 in adjacent Egyptian waters and holds an estimated 30 trillion cubic feet of resources in place.