TLS Partners - Chrysanthi Varnava & Co LLC

04/02/2025

We’re Back! Our Website is Live Again!

We’ve revamped, refreshed, and optimized to bring you an even better experience. Whether you're looking for legal services or more information about other legal or corporate matters, we've got you covered.

Check it out now at tls.com.cy and let us know what you think!

18/07/2023

5% VAT on primary residence

We would like to inform you that on 16 June 2023, an amendment to the Cyprus VAT Law was published in the Cyprus Government Gazette concerning the new legislative framework for 5% Value Added Tax (VAT) rate on the acquisition and/or construction of a primary residence in Cyprus.

The new law provides that 5% VAT applies for:

The first 130 sq.m. for a value up to €350.000

Subject to the total value not exceeding €475.000 and total size not exceeding 190 sq.m.

The acquisition and/or construction of a new residence which exceeds the 190 sq.m. and/or €475.000 maximums will be subject to 19% VAT for the whole value.

The new legislative framework does not apply for buildings for which a planning permission has been obtained or an application for planning permission has been submitted until 31st of October 2023, and the relevant application for the 5% VAT rate has been submitted within 3 years from the date of the new law (i.e. by 15/06/2026)

Any residences meeting the transitional provisions will be eligible to apply for the 5% VAT reduced rate under the regime applicable up to 15/06/2023 (i.e. 5% for the first 200 sq.m. with no value or size maximums).

14/05/2023

Such a great pleasure to attend the Spring IPG Conference in Berlin in May 2023 and be surrounded by friends and colleagues - Lawyers and Tax Advisors from all over the world!
Great conference and looking forward to seeing you again at the next Autumn IPG Conference!
TLS Partners - Chrysanthi Varnava & Co LLC

21/12/2022

0.4% Immovable Property Levy

Cyprus law provides for a 0,4% levy on the sale of immovable property as well as on the sale of shares in a company owning immovable property in the Republic of Cyprus as long as the buyer gets the ownership of the company.

The Tax Commissioner in charge delivers a payment certificate once the transfer of shares (Form TD 402/2002) / transfer of immovable property (Form TD 401/2022) is completed. He/she also retains all powers conferred by the Capital Gains Tax law and Assessment & Collection of Taxes law, such as the imposition of interests and/or penalty fees.

The levy, however, does not apply for the following:

Loan restructurings and company reorganisations.
Where a sale agreement has been submitted to the Land Registry.
Where a form for the transfer of shares has been submitted to the Registrar of Companies, with transfer date before the 22.2.2021.
Furthermore, with regards to sale of property falling under the period 22.2.2021 to 18.11.2022, interest and penalties should not be imposed as the time span for paying the levy will be expanded.

15/10/2022

https://lm.facebook.com/l.php?u=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fjoanneshurvell%2F2022%2F10%2F15%2Fhow-cyprus-has-become-top-eastern-mediterranean-tourist-and-tech-destination%2F%3Fsh%3D3fa02f0562cc&h=AT19XqZUEc2hIB8_D0E-QeWQPFJqmjkxEgnLAaq0TJSJpToMNNTAPx6ThF7q_dmIEgNxLOzT0MzkYDi7oYKQ2OPCb0crrqHo1Wh6KVaoGTNi4Z4ijQtCt1tEJMmF4L1w5Q

Cyprus has long had the reputation as a resort destination but it has so much more to offer. As well as beaches, nature, history and culture, Cyprus is becoming a burgeoning center for business and innovation.

09/10/2022

23/06/2022

Cyprus Company Amendment

Review instead of Audit

An important update to the Cyprus Companies Law, Cap 113, has been introduced as of the 9th June 2022, with the aim of simplifying accounting and audit practices for small size companies. These amendments shall become active upon publication in the Cyprus Gazette, and are summarized below.

According the amendments of the Companies Law, companies may submit their financial statements for review instead of audit, by a statutory auditor or statutory audit firm, according the International Standard on Review Engagements (ISRE) 2400, when the company's net turnover does not exceed the amount of €200,000 and the total value of the assets without deducting liabilities does not exceed the amount of €500,000.It is important to note that the Law includes specific exceptions, for example, for companies that are subject to regulation and supervision by certain independent authorities, for parent companies that are required to prepare consolidated financial statements, for subsidiaries whose parent company must prepare consolidated financial statements, and others.

12/05/2022

We are participating at the Spring IPG Conference in Florence 12-15 May 2022!

Varnava Chrysanthi

29/03/2022

Ετήσιο Τέλος για το έτος 2021

Το Τμήμα Εφόρου Εταιρειών σε συνέχεια Ανακοίνωσής του ημερ. 27 Δεκεμβρίου 2021 σας υπενθυμίζει ότι η τελευταία ημερομηνία καταβολής του Ετήσιου Τέλους για το έτος 2021, χωρίς την επιβολή της επιπρόσθετης επιβάρυνσης είναι η 31η Μαρτίου 2022.

16/03/2022

AirBnb Law Amendment

Get a license to rent your property!

Self catering accommodations!

09/03/2022

Restoration of a Cyprus Company.

A company that has been struck off from the company’s register, due to non-
compliance with the Companies Law, can be restored and considered to have
continued in existence as if its name had not been struck off.