1 Audit & Assurance

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Our firm performs statutory audits in accordance with the ISA and in reporting under the IFRS. All key members of our firm are qualified and have considerable experience in a wide range of markets. Our provision of services are listed below:

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• Statutory audits under International Standards on Auditing (ISA) and under the IFRS

• Audits of component and consolidated financial statements

• Independent Auditors Reports

• Assurance reviews

• Internal audit

• Due Diligence services

• Audit of computerized systems and evaluation of internal controls

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PM AudiTax Ltd is authorized under the Cyprus Companies Act to audit companies and submit their financial statements to the relevant authorities. We are also authorized to submit financial statements to the Income tax office and to the Registrar of Companies. 

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PM AudiTax Ltd provides the highest quality on a timely and efficient manner with professional competence.

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2 Accounting Services

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Our team of highly experienced professionals are providing a wide range of accounting and book-keeping services to our clients in different industries.

 

Some of them are listed below:

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• Maintenance and book-keeping of accounting records

• Preparation management accounts

• Preparation of budgets and cash flow forecasts

• Preparation of financial statements in accordance with International Financial Reporting Standards

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We tailored our accounting services always based on the needs of our client.

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3 VAT (Value Added Tax)

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Value Added Tax (VAT) is an EU indirect tax which is complicated tax for those outside the EU. However, we are well qualified to help clients with all their cross-border and other EU challenges.

 

Compliance and advice on VAT services:

• VAT Registration

• Preparation and submission of VAT Returns and VIES (sales lists)

• Cyprus transactions

• European cross-border transactions

• Acquisition of goods and services

• Specific transactions such as triangular trade, distance selling, electronic services, VAT recovery, etc.

• Issues relating to financial services, companies with mixed supplies, real estate, etc.

• VAT reviews

• Advisory support during VAT investigations

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4 Payroll

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Our team of highly experienced professionals who are specialized in the preparation of payroll of our clients as follows:

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• Preparation and processing of monthly payroll 

• Payments of tax & social insurance contributions 

• Submission of monthly and annual tax returns  

• Preparation of Certificate of Yearly Emoluments

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5 Tax Advisory

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Is your business is tax efficient?

 

All successful companies consider the tax implications in their business environment before they take into consideration their business decisions, in order to not pay more tax rather than their legal obligation. This leads to an international tax compliance, consulting, and structuring of a crucial element in your global strategy.

 

Cyprus is a well-known an international financial centre for many years which many foreign investors prefer to use Cyprus companies for their international business. We provide tax compliance, tax advisory and tax restructuring to support the foreign corporations and individuals.

 

Tax Services

• Compliance and advice on Cyprus transactions for companies and individuals

• International tax planning

• Tax reviews

• International corporate structuring

• Advice on cross-border transactions

• Expatriate and migrant planning

• Trust and estate planning

• Cyprus Company Taxation

• Individual tax rates

• Special Defence Contribution

• Company Reorganizations

• Value Added Tax (VAT)

• Capital Gain Tax

• Double Tax treaties

• Profit from Shipping Activities

• Immovable Property Tax

• Social Security Contributions

• Transfer fees for Immovable Property

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6 Company Formation

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In collaboration with our legal associates we advise and assist you with the incorporation of a company in Cyprus or in any other jurisdiction in the world such as offshore, non-offshore and free-zone companies.

Cyprus Company is used as a vehicle in order to get benefit from the tax incentive regime of Cyprus as well as its wide network of Double Tax Treaties. We will undertake the entire process to set up your company tailored to your needs, either by using a “shelf company” available to you within 24 hours, or by incorporating a new one within 5 working days. 

Bear in mind that a shelf company is a company which was incorporated in the past. The benefit of using a shelf company is that offers a history to your company, offers the flexibility of commencing immediately your business transactions and also has the credibility of an older company where the credibility always influence the business relationships.

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7 Become a Cyprus Resident

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In cooperation with our legal associates and specialists, we advise and assist you for becoming a Cyprus Tax Resident. 

 

The permit:

• Concerns the NON-EU citizens.

• It is granted to the applicant and also to his spouse for the rest of their lives.

• They have no right to work in the Republic.

 

How long does it take to obtain the permit:

• Fast Track Procedure (Regulation 6(2)): within 2 months.

• Category F: within 12 months.

 

Fast-Track Procedure - Regulation 6(2)

•This Permit is also granted to the spouse minor and to adult children who are financially dependent on them.

 

Requirements

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a) Purchase of Property

1.   Must be purchased in the Republic of Cyprus

2.   Purchasers could be:

the applicant or

• the applicant’s spouse or

• the applicant and his/her spouse or

• a Cyprus Company, provided that the applicant or his/her spouse (or both) are the direct or indirect and the only shareholders of the Company which owns the property.

3.   Vendor must be a Real Estate Developer.

4.   Property purchased must be new (not qualified or used for resale).

5.   The Purchase Price must be at least €300,000 (not including VAT) where receipts must be presented.

6.   At least €200,000 of the amount (not including VAT) should be paid to the Vendor before the application.

7.   Proofs of transfer of €200,000 (not including VAT) from abroad must be provided.(e.g. transfer of the amount from the bank).

8.   The Contract of Sale must be deposited to the Land Registry Department.

 

b) Bank deposits

A bank deposit of €30,000 must be blocked for at least 3 years in a Cyprus Bank. It must be proven that €30,000 were transferred to Cyprus from abroad.

 

c)  Income of the applicant and his spouse

1.   Income must be derived from abroad and not from Cyprus.

2.   The applicant should prove at least €30,000 of his/her income plus €5,000 for each dependent family member.

3.   Income should derived from legal sources as salary, rent, pension, interests, dividends, etc.

 

d) Obligation of not engaging in any professional activities in Cyprus 

Dividend income derived from a Cyprus Company should not be considered as a violation of applicant requirement of not engaging in any professional activity in Cyprus.

 

 

e) Legalisation and translation of the documents

• All official documents must be translated into English or Greek language by certified translator.

• All official documents must be duly legalized by apostil.

If the Country, which issued the official document is not a party on The Hague Convention of 5 October 1961, abolishing the requirement of legalization for foreign public documents, then the document must be legalised by the Ministry of Foreigner Affairs and the in the Cyprus Embassy of that Country.

 

Successfull application should:

Provided that:

1. The applicant should meet all requirements.

2. The applicant should have clean criminal records.

 

CATEGORY F

• This permit is also granted to the spouse and minor children.

 

Requirements:

1. The applicant should not be a NON-EU national.

2. The applicant should hold on his/her own a secured annual income which should be a high enough in order to cover all the expenses of all the members of his family and thus to give him/her a decent living in Cyprus and should not be necessary for himself/herself to be involved in any business in Cyprus such as trade or profession. 

3. Applicant’s income should derived from legal sources from abroad (pensions, permanent deposits, rents, business, activities etc.).

4. The minimum annual income required is €30.000 for a single applicant but the Civil Registry and Migration Department demand additional amounts of its discretion.

5. This income is secured, reliable and consistent on a long run and this income will be maintained in time.

6. Bank statements showing incomings from abroad - adequate amount

7. Personal documents (Birth Certificate, Marriage Certificate, CV etc.)

 

Reasons for revocation of the permit

• When the holder of this Permit was granted permanent Residence Permit in another Country

(other than the country of his nationality).

• When he did not visit Cyprus for a period longer than 2 years continuously.

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8 Become a Cyprus Citizen

 

In cooperation with our legal associates and specialists, we can advise and assist you for becoming a Cyprus Tax Citizen. 

 

Benefits of obtaining the Cypriot Citizenship:

 

• To move freely, for either travelling or residing, to more than 135 countries including EU and Canada and/or to other countries with which the Republic of Cyprus has established bilateral treaties.

• To live, study or work without visa requirements or other restrictions within the European Union.

• Free movement of goods and services between EU member countries.

• If the Citizenship is granted by the applicant is not only for himself/herself but also for his/her spouse, minor children and dependent children (students) up to the age of 28.

• The Applicant and his/her family will receive full citizenship for his/her own life which can be passed on to future generations.

 

Our Advice and Assistance :

• Advise and assist in establishing the most appropriate scheme for your application in order to fulfill all the requirements successfully.

• Advice of all relevant legal requirements needed as per our knowledge and experience with the assistance in the preparation and submission of the application in compliance with legislation.

• Advice on the investment option that suits to your needs.

• Perform due diligence on Real Estate.

• Drafting and preparing all necessary legal documents (sale agreements, incorporation of companies etc.)

• Apply to all relevant authorities and ensure that all required criteria are met.

• Assistance in structuring the transaction in the most effective way.

• Monitoring the application process with follow up discussions and meetings with all relevant authorities.

• Keeping you informed of the status of the application.

• Assistance in obtaining EU passport and ID card for you and your family members.

 

Requirements to apply for Cyprus Citizenship:

  

Investors can apply for Cyprus Citizenship by an individual application and there is no need to be part of a collective group provided that one of the following investments is fulfilled within the period of three years before the date of the submission of the application:

 

a) Investment in Real Estate:

The term Real Estate includes immovable property, developments and infrastructure projects.

Under this investment plan, the applicant has to invest at least €2 million for the purchase and/or construction, and/or for creation of developments such as commercial projects and/or development in the tourist sector and/or for any other infrastructure projects. However, if the land is eligible for construction, a business plan needs to be presented to the relevant Authorities for approval.

The total investment can be a minimum of €2 million if one residential property is of at least €500.000 (excluding VAT). The residential property must be kept permanently.

 

b) Purchase or Incorporation of a Cyprus Company or participation in Cyprus businesses or participation in Cyprus businesses or Cyprus Companies.

The Applicant can invest at least €2 million in order to purchase, incorporate or participate in companies, that have physical presence and activities in Cyprus and employ at least five Cypriot or EU citizens who have been legally residing in Cyprus for a continuous period of at least 5 years. The minimum number of employees increases where more than one applicant invests in the same investment.

 

c) Investment in alternative investment funds (AIFs), financial assets of Cypriot businesses or organizations.

Applicant can purchase financial assets of at least €2 million from organizations of alternative investment funds (AIFs), which are registered and their activities are operated in Cyprus and they are licensed and supervised by the Cyprus Securities and Exchange Commission. Furthermore, any other investments which are approved by the Ministry of Finance may qualify for the present investment scheme. The administrator and the auditor of the Fund is obliged to report to the Ministries on annual basis with reference to the initial investment amount.

 

 

d) Combination of the above

Applicants can have a combination of any of the above criteria amounting to at least €2 million. Within this, the applicant may also purchase Cyprus government bonds of the maximum amount of €500,000.

 

General Key Points:

• The applicant must initially obtain the permanent residency in order to be approved for obtaining the Cyprus Citizenship.

• The applicant’s parents are also entitled to apply for the Cyprus citizenship by exception provided that they own a lifetime residence of at least €500,000 (excluding VAT).

• If the purchase price of the residential property exceeds the amount of €500,000, the excess amount can be calculated and included in the whole investment.

• VAT is not included in neither the amount of the direct investment nor in the amount of €500,000 of the residential property.

• It is imperative that any of the above Investments are not older than 3 years from the application submission date.

• Proof of a Clear Criminal record.

• Tax Residency is only obtained if the applicant and/or spouse and/or family spend more than 183 days in one calendar year in Cyprus.

• The application is processed and examined by the Ministry of Interior whereas the Investment Criteria are examined by the Ministry of Finance.

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9 Banking Services

In cooperation with our associates, we advise you and assist you to tailor your banking solution (i.e. Private Banking , International/Commercial Banks) based on your needs. 

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