Permanent Residency highlights 

Minimum investment amount

Investors must invest minimum 300,000 EURO in one of the following investment categories:

• Investment in a house/apartment: Purchase of a house or apartment from a development company,
• Investment in real estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000.
• Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic: €300,000 in the share capital of a company registered in the Republic of Cyprus, based, and operating in the Republic of Cyprus with proven physical presence in Cyprus and employment of least five (5) people.
• Investment in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments.

The applicant must prove a secure annual income of at least 30,000 EURO. A 5,000 EURO will be added for each dependent family member and 8,000 EURO for each dependent parent (of the applicant and/or his spouse).

Family Reunification

Both spouse and children under the age of 18 years old can be included in the investment program. Furthermore, residency can be extended to parents of both spouses. 

Employment

Applicants and their spouses cannot undertake any employment under this investment program. If the applicant has chosen the investment in a Cypriot company, the individual can be employed as the director of the company.

Investment Eligibility

Applicants need to meet the following requirements:

• Non-EU/EEA country citizen
• Min 18 years old
• No criminal record
• Obtain medical insurance
• Good character

Schedule

Approximately 2 months from the submitted date of the application

Author: Maria Georgiou

This content appears as a courtesy of Georgios K Georgiou LLC, a proud member of the China Collaborative Group (CCG Association). It is informational in nature and does not constitute legal advice or establish an attorney-client relationship between you and its author, publisher or any member of CCG. For more information related to its content, please visit www.georgioullc.com

The post Global mobility: permanent residency by investment in Cyprus appeared first on China Collaborative Group.

Failure to pay the fee in a timely manner will subject to penalities:

•  Late payments made by August 2022 shall face a penalty of 10% plus the annual tax fee €385.
• Late payments from 1 September onwards shall face a penalty of 30% plus the annual tax €385.
• Failure to pay the annual fee can result in being striked off the company from the Register.

The annual levy fee is highly recommended to paid within 30 June 2022.

This content appears as a courtesy of Georgios K Georgiou LLC, a proud member of the China Collaborative Group (CCG Association). It is informational in nature and does not constitute legal advice or establish an attorney-client relationship between you and its author, publisher or any member of CCG. For more information related to its content, please visit www.georgioullc.com.

The post Cyprus Alert: Annual Levy due by June 30th 2022 appeared first on China Collaborative Group.

Corporate income tax

The corporate income tax rate was reduced from 10 percent to 5 percent for small and micro-businesses. The tax rate is applied to the profit portion from 1 million RMB to 3 million RMB.

Reduction and exemption of six taxes and two fees

Six taxes and two fees for small and micro enterprises and individual businesses will be reduced within 50% of the tax amount (taxes include resource tax, urban maintenance, and construction tax, real estate tax, urban land use tax, stamp duty excluding stamp duty on securities transactions, arable land occupation tax and education fee surcharge, and local education surcharge within 50% of the tax amount)

The percentage rate will be implemented by the local provincial or municipal government; therefore the rate may vary.

Eligibility

Small and micro enterprises are defined as the following:

• Engaged in industries not restricted or prohibited by the State
• Annual taxable income does not exceed 3 million RMB
• The number of employees does not exceed 300
• Total assets do not exceed 50 million RMB

Refund of incremental VAT credits

From the tax filing period of April 2022, refund of incremental VAT credits is extended to micro and small enterprises, and individual-owned businesses. Such enterprises are also granted a lump sum refund of existing tax credits.

Eligibility

Such enterprises shall meet the following conditions to apply for a refund.

Tax credit rating is A or B;

Has not obtained any VAT credit refund or export tax refund in a fraudulent manner or falsely issued any VAT invoice in the 36 months before the application for the tax refund;

Has not been subjected to penalties on two or more occasions by a tax authority for tax evasion in the 36 months before the application for tax refund; and

Has not benefited under the policy of “immediate refund upon payment” or “return/refund after payment” of excess VAT since April 1, 2019.

Small-scale VAT taxpayers

Small-scale VAT taxpayers subject to 3% VAT on sales revenue will be exempted from VAT from 1 April to 31 December 2022.

Eligibility

Small-scale VAT taxpayers are taxpayers engaged in producing goods or providing services with an annual VAT taxable revenue not exceeding 5 million RMB.

The post Latest tax policies to support businesses during the COVID-19 outbreak appeared first on China Collaborative Group.

If the property is rented out, a nil ATED return must still be completed, a normal tax return must be filed in addition.

If this is not done in time, there is not only the threat of back tax and penalty tax. Failure to register for ATED can also delay a potential transfer of the property to a new owner for up to one year.

ATED has been mandatory since April 2013. If your company is not yet registered, this should be done as soon as possible.

HütteLAW will be happy to assist you in cooperation with Mark Levy from TC-group London (marklevy@tc-group.com ).

Author: Martin Hütte

This content appears as a courtesy of HütteLAW, a proud member of the China Collaborative Group (CCG Association). It is informational in nature and does not constitute legal advice or establish an attorney-client relationship between you and its author, publisher or any member of CCG. For more information, please visit www.huettelaw.ch.

The post Mandatory tax return for rental properties in UK – even if not rented out! appeared first on China Collaborative Group.