G.Kouzalis LLC notes that According to the Anti-Money Laundering regulations, any person who will send money into a Cyprus bank account should provide clear evidence as per his details, his background and most importantly the sources of his income. For example, a Purchaser who will send money to purchase a Cyprus property has to also […]
G.Kouzalis LLC informs that GHS (GESY) is the health insurance system of Cyprus. Although the initial legislation was passed in 2001, the system was voted by parliament on 16 June 2017 after many negotiations of the Minister of Health and the Doctors’ Councils. The responsible body of the health system is the Health Insurance Organization. […]
Pre-Primary School Children must attend pre-primary school for one year before attending primary school. The three types of pre-primary schools in Cyprus are the public kindergarten, the community kindergarten and the private kindergarten. All three types are approved and regulated by the Ministry of Education and Culture. Primary School Education is obligatory for children who […]
For every sale of your Cyprus Property, the seller/s must submit to the Cyprus Tax office their capital gains tax forms, even if no profit will be made in order to receive the Tax Report as this is needed at the land Registry in order to be able to transfer immovable property and to complete […]
Once you have selected your Cyprus Property, you need to engage an INDEPENDANT Cypriot Lawyer in order to prepare the appropriate legal documentation to enable you to become the legal owner. There are generally 2 options available to purchasers of Cyprus Property: A contract of sale. This is either made with the ‘developer’ / ‘construction […]
If your Cyprus property is on a complex of more than 5 properties, then under Cypriot Law you are required to have a Cyprus Committee who are tasked with looking after the complex in the best interest of all owners. One of the jobs of the Cyprus Committee is to ensure that every year (within […]
Cyprus Company can be closed either by way of strike off from the Registrar of Companies or by way of members’ voluntary liquidation. The main difference between strike off and liquidation is that if the Company is struck-off it may be restored following a relevant application to the court through a Cyprus Lawyer within 20 […]
KYC is an acronym for “Know your Customer”, a term used for customer identification process as per Cypriot Legal System. The customer indemnification procedure is when banks and law firms obtain information about the identity and address of the customers. This process helps to ensure that banks’ services, as well as the Law offices, are not […]
The General Data Protection Regulation – GDPR – became mandatory starting on 25th of May 2018 by the European Parliament. G.Kouzali LLC notes that all Cyprus law firms should have the General Protection declaration which is governed by the provisions of Regulation (EU) 2016/679 of the European Parliament and of the Council on the protection of natural persons with […]
G.Kouzalis LLC notes that Cyprus benefits greatly from its strategic geographical position in the Eastern Mediterranean. As an EU member and a continually evolving international financial centre, Cyprus has become a central business hub attracting countless commercial endeavours, supporting essential partnerships and boasts unlimited untapped investment opportunities. Cyprus tax regime is one of the most […]