Mr Fabian Cabeza

Fabian Cabeza

Updates

Employment & Immigration

Expatriate relief for lower employment income earners officially extended
Cyprus | 20 January 2021

The House of Representatives recently voted into law an amendment to the Income Tax Law which extends the 20% deduction previously available to expatriates who earned an annual gross employment income of less than €100,000 for an additional five years. Additionally, a provision has been inserted to ensure that the relief will apply to qualifying persons for five years from the start of employment.

White Collar Crime

Cyprus launches UBO register
Cyprus | 01 February 2021

Cyprus has elevated its ultimate beneficial owner (UBO) reporting status by implementing all of the mechanisms for the creation, operation and maintenance of a UBO register. The UBO register is a requirement emanating from the amended Fourth EU Anti-money Laundering Directive, which was transposed into national legislation in 2018. According to a recent announcement by the Companies Registrar Department, relevant entities must submit information on their UBOs within six months of 22 February 2021.