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CIBA promotes, connects and adds value
to companies operating in Cyprus!
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YOUR SUBSTANCE
CIBA promotes, connects and adds value
to companies operating in Cyprus!

LATEST NEWS AND ANNOUNCEMENTS REGARDING COVID-19

Epidemiological risk assessment of countries concerning COVID-19, dated 25/10/2021, effective as 28/10/2021

Following a decision of the Council of Ministers, on 18 February 2021, regarding the Action Plan for the gradual resumption of flights and the re-opening of airports, the Epidemiological Monitoring Unit of the Ministry of...
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Guidelines on Management of COVID-19 cases and their close contacts

The Press and Information Office has placed renewed guidelines on the management of COVID-19 cases and close contacts as follows:  Managing Positive COVID-19 cases  Upon announcement of a positive result after rapid antigen test or...
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Vaccination with the 3rd dose starts for people aged 60 years and over

Following a decision by the Council of Ministers on 15 October and as part of the target to shield, through the administration of the 3rd dose, the population groups that are most vulnerable to severe disease...
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Epidemiological risk assessment of countries concerning COVID-19, dated 18/10/2021

Following a decision of the Council of Ministers, on 18 February 2021, regarding the Action Plan for the gradual resumption of flights and the re-opening of airports, the Epidemiological Monitoring Unit of the Ministry of...
Read More

ABOUT CIBA

The Cyprus International Businesses Association (CIBA) was established on 31 December 1992 as a registered not-for-profit company limited by guarantee.

CIBA came to existence on the initiative of a number of expatriate business executives who had moved their international operations to Cyprus in order to benefit from the island’s strategic location, bridging Europe to Middle East Africa and the Far East, as well as to take advantage of the island’s relaxed atmosphere and Mediterranean climate and its rather simple but competitive and effective tax regime.

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UBO Registry

Beneficial Owners Register of corporate and other legal entities, February 19, 2021

The framework for the prevention of money laundering and terrorist financing activities has been strengthened with the establishment of a Beneficial Owners Register for corporate and other legal entities.

The law for the “Prevention and Suppression of Money Laundering and Terrorist Financing (Amendment) Law of 2021”, was voted yesterday by the House of Representatives.

The Ministry of Energy, Commerce and Industry welcomes the voting of the relevant Amendment Law which harmonizes and strengthens national law with the 5th European Directive (EU 2018/843, 30th May 2018), on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing activities. One of the basic provisions of the Amendment Law regards the establishment, maintenance and operation of a Beneficial Owners Register for corporate and other legal entities, by the Registrar of Companies.

The start date for the collection of the relevant data from companies is set for the 16th March, 2021. Within the next few days, the Registrar of Companies will issue the 1st Directive regarding the maintenance and operation of the Register, as well as a manual for the operation of the interim system solution that has been developed to this end.

It is noted that the Ministry of Energy, Commerce and Industry intends to organise an online seminar to demonstrate the interim solution, for which an announcement will be issued soon.

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LATEST NEWS

Epidemiological risk assessment of countries concerning COVID-19, dated 25/10/2021, effective as 28/10/2021

Following a decision of the Council of Ministers, on 18 February 2021, regarding the Action Plan for the gradual resumption of flights and the re-opening of airports, the Epidemiological Monitoring Unit of the Ministry of...
Read More

Imposition of 10% additional tax for employees with income other than employment income – Courtesy of EY

The Ministry of Finance, through the Tax Department, issued Interpretive Circular no. 54, on 19 October 2021, which refers to the imposition of 10% additional tax for employees with income other than employment income. Specifically,...
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November and December 2021 CPD Seminars by MNK RISK CONSULTING

“The Alternative Investment Fund (AIF) Managers Law and the AIF Law: Latest regulatory updates and Risk Monitoring of AIFs” Instructors: Mr. Alkis Konstantinou & Mrs. Damiani Papatheodotou, M.N.K Risk Consulting Ltd Thursday, 18th November 2021,...
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Guidelines on Management of COVID-19 cases and their close contacts

The Press and Information Office has placed renewed guidelines on the management of COVID-19 cases and close contacts as follows:  Managing Positive COVID-19 cases  Upon announcement of a positive result after rapid antigen test or...
Read More

TAKING CARE OF THE INTERNATIONAL BUSINESS COMMUNITY IN CYPRUS