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Doing business in Cyprus 2011

BAKER TILLY KLITOU


Preface This guide has been prepared by Baker Tilly Klitou, an independent member of Baker Tilly International. It is designed to provide information on a number of subjects important to those considering investing or doing business in Cyprus. Baker Tilly International is one of the world's top ten accountancy and business advisory networks by combined fee income, and is represented by 150 firms in 120 countries and over 25,000 people worldwide. Its members are high quality, independent accountancy and business services firms, all of whom are committed to providing the best possible service to their clients, both in their own marketplace and across the world. The Baker Tilly Klitou Group is a leading firm of auditors, accountants and business advisors in Cyprus. 14 partners and more than 200 people offer services of the highest standards to more than 3.000 businesses operating both nationally and internationally. The Group operates through offices in Nicosia, Limassol and Larnaca in Cyprus, Bucharest in Romania, Sofia in Bulgaria and Chisinau in Moldova. Through their membership with the Baker Tilly International network, they are able to draw resources and expertise to help meet the needs of their clients, solve complex business problems and face the demanding challenges of tomorrow. Doing Business in Cyprus has been designed for the information of readers. Whilst every effort has been made to ensure accuracy, information contained in this booklet may not be comprehensive and recipients should not act upon it without seeking professional advice. Facts and figures as presented are correct at the time of writing. Up-to-date advice and general assistance on Cyprus matters can be obtained from Baker Tilly Klitou; contact details can be found at the end of this guide.

March 2011

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Doing business in Cyprus Our Services Our services include:

2

1.

Audit and Assurance services § Statutory audit for companies registered in Cyprus. § Assistance in the preparation of management accounts § Assistance in the preparation of statutory financial statements § Preparation of financial statements in accordance with International Accounting Standards (IAS) and International Financial reporting Standards (IFRS)

2.

Accounting services § In-house maintenance of clients accounting records § Accounting services at the client premises § Supervision of accounting department § Preparation of financial statements for internal use by the Board of Directors § Preparation of financial statements according to the Companies' Law § Preparation of financial statements in accordance with International Accounting Standards (IAS) and International Financial reporting Standards (IFRS)

3.

Taxation services § Local tax planning for companies and individuals § International tax planning for companies and individuals § Tax compliance and advice § VAT compliance and advice. § Preparation of tax statements

4.

Internal Audit services § Evaluation of internal audit systems § Preparation of internal audit procedures manual § Internal audit outsourcing


5.

Corporate Finance and Business Advisory services § Assessments § Mergers and acquisitions § Special reviews § Independent studies and surveys § Management buy outs § Due diligence and investigations § Capital restructuring and fund raising § Business valuation § Business succession § Strategic planning § Preparation of internal controls evaluation reports § Feasibility studies

6.

International Financial Reporting Standards (IFRS) services § Training § Conversion of financial statements according to IFRS § Preparation of financial statements according to IFRS § Advisory services on IFRS

3


Doing business in Cyprus Contents

4

Preface

1

Our Services

2

Contents

4

1.

Fact Sheet

5

2. 2.1 2.2

Business Entities and Accounting Types of company structure available to foreign investors Auditing, accounting and filing requirements

6 6 7

3. 3.1 3.2 3.3 3.4

Finance and Investment Exchange control Banking and sources of finance Tariffs Foreign investment incentives/restrictions

9 9 9 9 9

4. 4.1 4.2 4.3 4.4

Employment Regulations and Social Security Entry visa and work permit requirements Hiring employees Trade Unions Social Security System

10 10 10 11 11

5. 5.1 5.2 5.3 5.4 5.5 5.6 5.7

Taxation Corporate taxation Individual taxation Special contribution for defence Capital gains tax Value Added Tax (VAT) Immovable property tax Immovable property transfer fees

12 12 13 13 13 13 14 14

Appendix – Treaties for the avoidance of Double Taxation

15

Contact Details

20


Doing business in Cyprus 1. Fact Sheet Geography Location Area Land boundaries Coastline Climate Terrain Time zone People Population Ethnic groups Religion Language Government Country name Government type Capital Administrative divisions

Political situation

Economy GDP - per capital GDP -real growthrate Labour force Unemployment Currency (code)

Eastern part of the Mediterranean Sea between Europe, Asia and Africa. 9250 sq.m Total: 150.4 Km (approximately) 648 Km Mediterranean with hot, dry summers and cool winters Central plain with mountains to north and south; scattered but significant plains along southern coast GMT +2 800.000 (July 2009) Greek Cypriot 77%, Turkish Cypriot 18%, other 5% Greek Orthodox 78%, Muslim 18%, other (includes Maronite and Armenian Apostolic) 4% Greek and Turkish, (English widely spoken) Republic of Cyprus Presidential Democracy Nicosia 6 districts; Famagusta, Kyrenia, Larnaca, Limassol, Nicosia, Paphos. Note: Administrative divisions under Turkish occupation include Kyrenia, all but a small part of Famagusta, and small parts of Nicosia. Cyprus is a presidential republic. The head of the state and of the Government is the President who is elected for five years tern. Executive power is exercised by the Government with legislative power vector in the house of representatives. In 1974 Turkey invaded Cyprus and occupies around 40% of the island since then. Cyprus became a member of the EU on 1st May 2004. $21.235 (2009) -1,7%(2009) 375.200 (2009) 4,3% (2009) Euro (â‚Ź)

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Doing business in Cyprus 2. Business Entities and Accounting 2.1

Type of company structure available to foreign investors

Sole Proprietorships - Business names Individuals that carry on a business in their own name or under a business name have to be registered under the Partnership and Business Names Law, Chapter 16. A business name registered in the Republic is not a legal entity but is registered by individuals carrying on business in a name other than their own. Branches There are two types of branches in Cyprus: § A local company's branch § A foreign company's branch In the case of a local company, no other formalities are required, other than the ones applying to the company itself. A foreign company may establish a branch in Cyprus under the provisions of the Companies Law. A branch may also be established by overseas companies provided they file the necessary documents with the Registrar of Companies. § Certified copy of the Company's Memorandum and Articles of Association and any other document designates the establishment of the company (the documents must be translated to Greek) § Details of the duties of the secretary and directors of the company. § Personal details of one at least resident individual of the Republic of Cyprus are required. This individual will be authorized to receive the official announcements relates to the branch Companies There are two categories of companies that can be established in Cyprus under the provisions of the Cyprus law: § Company limited by shares - In the case of these companies, the liability of its members is limited to the nominal (face) value of their shares. § Company limited by guarantee - In the case of these companies, the liability of its members is limited to the amount of their contribution. In the case of a public limited company any seven or more persons or in the case of a private limited company at least one person or more who cooperate for any legal purpose can set up a limited company after signing a memorandum and articles of association and after comply with the requirements of the Cyprus Companies Law. Companies limited by shares are divided into different categories:

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Public companies The main feature of public companies that differentiates them from other companies is the ability that they have to offer their shares or debentures to the public. In addition to this they are required to have a minimum number of seven shareholders. Private companies A private company must comply with the following provisions of the law: ยง The right of share transfer is restricted. No invitation to the public to subscribe for its shares or debentures is allowed ยง The company should have at least one shareholder with fifty the maximum. Regulations The Companies Law chapter 113, is based on the Companies Act 1948 of the United Kingdom. This was revised in 2003 in order to comply with the requirements set by the European Union. A company's constitution is comprised of the memorandum and the articles of association. Partnerships The substance of a partnership is a relationship between at least two individuals with a common goal - profit. The two types of partnership that exist in Cyprus are the following: General partnership The major feature of a general partnership is that all partners are jointly and severally liable with the other partners without any limit. That liability exists only for the time the partner is engaged to the partnership. Two limited liability companies are allowed to form a general partnership. Limited partnership In the case of a limited partnership, at least one partner faces unlimited liability (see above on general partnerships) while at least one other partner must exist who is liable only for the amount of his capital contribution. 2.2

Auditing, accounting and filing requirements

Cyprus has adopted International Accounting Standards (IAS)/ International Financial Reporting Standards (IFRS) since 1985. The Companies Law is the framework for the reporting requirements of companies. All companies registered in Cyprus must prepare financial statements under the provisions of IFRSs. Financial Statements must be audited by an independent auditor, who is qualified to act as such.

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Doing business in Cyprus All companies have to submit their tax returns to the Income Tax Office within twelve months after their year end. In addition all companies have to file their financial statements, translated in Greek, with the Registrar of Companies. The year end for all companies is 31 December but the Commissioner of Income Tax allows companies on application to adopt a different year end if a valid reason exists. Listed companies in the Cyprus Stock Exchange (CSE) have to formally announce their final results by 30 April of the year following the financial year ended on 31 December..

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Doing business in Cyprus 3. Finance and Investment 3.1

Exchange Control

There are no exchange controls in Cyprus on inwards and outwards investment. Foreign currencies can be bought and sold freely. There are no restrictions on the maintenance of foreign currency bank accounts in Cyprus. 3.2

Banking and Sources of Finance

In Cyprus there is banking system of high standards which offers to its customers the same facilities as European Banks. Currently eleven commercial banks operate in Cyprus. Seven of them are local and four are foreign. These banks by statute are required to submit detailed annual accounts for inspection to the Central Bank of Cyprus and are subject to the regulatory framework imposed by the Central Bank. ยง Local banks by statute must comply with the Companies Law and therefore prepare all the statutory financial statements required. ยง Foreign banks which are branches of overseas entities are not obliged by law to prepare accounts in Cyprus, but they do so only for tax purposes. 3.3

Tariffs

Anti-dumping tariffs are additional tariffs which are imposed so as to protect the European economy against the importation of goods and products which have been dumped from countries which are not members of the European Union (third countries). Anti-dumping tariffs are imposed on certain imported goods and products from particular countries or even a particular company, which are imported in the European Union at a very low price, usually below cost. As a result they harm domestic production. Import tariffs are additional tariffs imposed so as to protect the domestic production, against imports which are subsidised by third countries. Import tariffs are imposed on certain imported goods and products from particular countries or even a particular company, which are imported in the European Union at a very low price, usually below cost. As a result they harm domestic production. 3.4

Foreign Investment incentives/restrictions

Businesses are able to gain access to grants and incentives provided by the European Union and National Government Programs. Most incentives are available provided certain criteria are met. 9


Doing business in Cyprus 4. Employment Regulation and Social Security 4.1

Entry Visa and Work Permit Requirements

Applications for the issue of entry and work permits in general categories of employment are submitted to the Civil Registry and Migration Department by the intended employer, through the respective District Aliens and Immigration Branch of the Police, on condition that the foreigners are abroad. The applications should be accompanied by a work contract stamped by the Department of Labour of the Ministry of Labour and Social Insurance. The said Ministry is competent to examine whether regarding the specific profession or job there are no available or adequately qualified Cypriots and then to make a recommendation for employment of aliens. The applications are forwarded to the Civil Registry and Migration Department and after they are examined and it is established that there is nothing against the foreigners which prevents their entry into Cyprus, the relevant entry and work permits are issued. 4.2

Hiring Employees

The normal basic terms which govern employment in Cyprus are as follows: § Wages are subject to increase twice a year by means of the review of the automatic cost-of-living adjustment. Wages are reviewed at intervals according to the provisions of collective agreements. § Five-day working week 38 1/2 working hours per week § Thirteenth salary § Pay for overtime § 13-16 public holidays § Annual leave of at least 15 working days. These terms are governed by the relevant legislation § The terms of provision of medical/pharmaceutical care are laid down in collective agreements. § Shift allowance § Social Insurance contribution (6,8% of the contribution is paid by the employee, 6,8% by the employer and 4% by the Government). § Any improvement in the above terms of employment is usually the result of collective bargaining.

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4.3

Trade Unions

The successful development of employees and employers organisations, was the key factor in the success of Cyprus' voluntary labour relations system. The trade unions are recognised for their successful intervention and ability in resolving labour relation problems. The Cypriot labour force, recognising the value of syndicalism, as well as the contribution of the trade unions in protecting its interests for continuous improvement of it's standard of living and quality of life, continues to actively participate in trade unions. Trade-unionism conscience and the percentage of workers in Cyprus who are organised in unions, continues to be high, compared to other countries. More specific, approximately 75% of the labour force in Cyprus is represented by the unions. The majority of organised workers belong to one of the two bigger trade unions - the Pancyprian Federation of Labour Federation (PEO) and the Cyprus Workers' Confederation (SEK) - which represent day laborers, as well the private sector office employees. Civil servants, teachers, bank employees and other professionals or working groups, have their own unions. 4.4

Social Security System

The Cyprus Social Security System pays for a number of benefits and the retirement pension. It is funded by both employers and employees. Employers are obliged to deduct income tax and social insurance conductions from the salary of the employee and pay them to the relevant department. The rates for social Insurance Contribution are as follows: Social Insurance Contributions % Employer Employee Self-employed

6,8 6,8 12,6

The upper limit of annual income on which contributions are paid for employees is as follows: % Monthly employees

52,104

Weekly employees

52,104

Upper limits are adjusted according to inflation rates yearly. It must also be noted that there are lower limits of annual income based on which self-employed individuals pay social insurance contributions. 11


Doing business in Cyprus 5. Taxation 5.1

Corporate Taxation

Basis Companies are considered as residents of Cyprus if they are managed and controlled in Cyprus. Companies which are considered as tax residents of Cyprus are taxed on all their income accrued or derived from all sources in Cyprus and abroad. A non-Cyprus tax resident is taxed on income accrued or derived from a business activity which is carried out through a permanent establishment in Cyprus. Tax Rates % Semi-government organisations

10

Other companies

10

Exemptions Type of income

Limit

Profit from the sale of securities and other titles

The whole amount

Dividends

The whole amount

Interest not arising from the ordinary activities or closely related to the ordinary activities of the company Profits of a permanent establishment abroad

The whole amount The whole amount, under certain conditions

Losses Losses carried forward Losses are carried forward indefinitely and are set-off against future profits. Losses for the current year can be surrendered by a group company to another group company, provided that both companies are members of the same group for the whole year and are both tax residents of Cyprus. Two companies are considered to be members of the same group if: ยง One is 75% controlled by the other or ยง Each one separately is 75% controlled by the same third company.

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5.2

Individual Taxation

An individual is considered as resident of Cyprus, if he/she lives in Cyprus for one or more periods, which exceed the total of 183 days per fiscal year. All individuals that are resident in Cyprus are taxed on their worldwide income, while non-tax residents of Cyprus are only taxed on their income accrued or derived from sources in Cyprus. Tax rates for individuals for 2011 Chargeable income €

Tax rate (%)

Up to 19,500

Nil

19,501 - 28,000

20

28,001 - 36,300

25

36,301 and above

30

5.3

Special Contribution for Defence

Special contribution for defence is imposed on income earned in Cyprus by tax residents of Cyprus. Non-tax residents are exempt from special contribution for defence. 5.4

Capital Gains Tax

Capital Gains tax is imposed at the rate of 20% on gains from the disposal of immovable property situated in Cyprus including gains from the disposal of shares of companies not listed on a recognized stock exchange which own immovable property situated in Cyprus. The disposal of shares listed in recognized Stock Exchanges is exempt from Capital Gains Tax. 5.5

Value Added Tax (VAT)

Value Added Tax is imposed on the provision of goods and services in Cyprus and on the importation of goods into Cyprus. Cyprus tax legislation provides for the following three tax rates: § Zero rate 0% § Reduced rate 5% and 8% § Standard rate 15% Registration limits for VAT All companies must register for VAT when: § their turnover exceeds €15,600 during the 12 preceding months, or § their turnover is expected to exceed €15,600 in a period of 30 days Registration of companies with turnover lower than €15,600 is optional. 13


Doing business in Cyprus 5.6

Immovable Property Tax

The Immovable Property tax is charged on the immovable property held by the taxpayer as at 1 January each year. The tax is calculated on the market values of the immovable property as at 1 January 1980 and is payable on 30 September each year. Both legal entities and individuals are liable to Immovable Property Tax. Property values â‚Ź

Tax rate (%)

Up to 170,860

-

170,861 - 427,150

0.25

427,151 - 854, 300

0.35

over 854,301

0.40

5.7

Immovable Property Transfer Fees

Transfers of immovable property are subject to the following tax rates: Value per plot

14

Rate (%)

Fees â‚Ź

Up to 85,430

3

2.563

85,431 - 170,860

5

4.272

over 170,861

8


Doing business in Cyprus Appendices Treaties for the avoidance of Double Taxation Cyprus has managed throughout the years to establish a wide network of double tax treaties enabling businesses to avoid being taxed twice on income earned from dividends, interest and royalties. Double tax treaties apply both to amounts paid to or from Cyprus. Below is a summary of all double tax treaties concluded by Cyprus as of the date of this publication: Double Taxation agreements of the Republic of Cyprus Received in Cyprus Dividends % Armenia (31) Austria Belarus Belgium Bulgaria Canada China Czech Republic Denmark Egypt France Germany Greece Hungary India Ireland Italy Kuwait Kyrgyzstan (31) Lebanon Malta Mauritius Moldova Montenegro (32) Norway Poland Qatar Romania

0 10 5 (8) 10 (5) 5 (23) 15 10 0 (33) 10 (5) 15 10 (6) 10 (5) 25 (25) 5 (5) 10 (6) 0 15 10 0 5 0 (26) 0 5 (23) 10 5 (7) 10 0 10

(3)

Interest % 0 0 5 10 (20) 7 (29) 15 (11) 10 0 10 (13) 15 10 (13) 10 (12) 10 10 (12) 10 (12) 0 10 10 (12) 0 5 (20) 10 (12) 0 5 10 0 10 (12) 0 10 (12)

(4)

Royalties %

(4)

0 0 5 0 10 (24) 10 (15) 10 10 0 10 0 (30) 0 (30) 0 (16) 0 15 (19) 0 (16) 0 5 (18) 0 0 10 0 5 10 0 5 5 5 (18) 15


Doing business in Cyprus Received in Cyprus Dividends % Russia San Marino Serbia (32) Seychelles Singapore Slovakia Slovenia (32) South Africa Sweden Syria Tajikistan (31) Thailand Ukraine (31) United Kingdom United States of America Uzbekistan (31)

(3)

5 (10) 0 10 0 0 10 10 0 5 (5) 0 (5) 0 10 0 0 (28) 15 (9) 0

(31)

16

Armenia Austria Belarus Belgium Bulgaria Canada China Czech Republic Denmark Egypt France Germany Greece Hungary India Ireland Italy Kuwait Kyrgyzstan (31) Lebanon

0 10 (8) 5 10 (5) 5 (23) 15 10 0 10 (5) 15 10 (6) 10 (5) 25 0 10 (6) 0 0 10 0 5

(4)

0 0 10 0 10 (27) 10 (12) 10 0 10 (12) 10 (12) 0 10 (21) 0 10 10 (14) 0

Paid from Cyprus Dividends %

Interest %

(3)

Royalties %

(4)

0 0 10 5 10 5 (18) 10 0 0 15 (17) 0 5 (22) 0 0 (30) 0 0

(1)

Interest % 0 0 5 10 7 (29) 15 (11) 10 0 10 (13) 15 10 (13) 10 (12) 10 10 (12) 10 (12) 0 10 10 (12) 0 5 (20)

(4)

Royalties % 0 0 5 0 10 10 (15) 10 10 0 10 0 (30) 0 (30) 0 (16) 0 15 (19) 0 (16) 0 5 (18) 0 0

(2 & 4)


Paid from Cyprus Dividends % Malta Mauritius Moldova (32) Montenegro Norway Poland Qatar Romania Russia San Marino (32) Serbia Seychelles Singapore Slovakia (28) Slovenia South Africa Sweden Syria (31) Tajikistan Thailand (31) Ukraine United Kingdom United States of America (31) Uzbekistan

15 0 5(23) 10 0 10 0 10 (10) 5 0 10 0 0 10 10 0 (5) 5 (5) 0 0 10 0 0 0 0

(3)

(1)

Interest % 10 (12) 0 5 10 0 (12) 10 0 (12) 10 0 0 10 0 (27) 10 (12) 10 10 0 (12) 10 (12) 10 0 (21) 10 0 10 (14) 10 0

(4)

Royalties %

(2 & 4)

10 0 5 10 0 5 5 (18) 5 0 0 10 5 10 (18) 5 10 0 0 (17) 15 0 (22) 5 0 (30) 0 0 0

* All the treaties refer to those, which have been ratified. There are 32 treaties covering 40 countries. The numbers in the brackets refer to the explanatory notes here below. ** Under Cyprus tax law, dividends paid to non-resident companies are not subject to withholding tax. Notes 1. In accordance with the Cyprus tax legislation payments of dividends and interest to non Cyprus tax residents are exempted from withholding tax in Cyprus. Royalties granted for use outside Cyprus are also free of withholding tax in Cyprus. 2. 10% in the case of royalties granted for use within the Republic. 5% on film and TV rights. 3. 0% if dividends are distributed between associated companies of different EU member states, provided that the parent company shareholding is at least 10%. 17


Doing business in Cyprus 4.

5. 6. 7. 8.

9. 10.

11. 12. 13.

14.

15. 16. 17. 18. 19. 20.

21.

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0% if interest and royalties are paid between associated companies of different EU member states. The possibility for a transitional period for the implementation of the directive was granted to Czech Republic, Latvia, Lithuania, Poland and Slovakia. 15% if received by a company controlling less than 25% of the voting power. 15% if received by a company controlling less than 10% of the voting power. 0% if paid to a company controlling at least 50% of the voting power. This rate applies if the amount invested by the beneficial owner is over â‚Ź200.000 irrespective of the % of voting power acquired. 10% is imposed if received by a holder of at least 25% of the share capital of the paying company. Otherwise the rate is 15%. 5% if received by a company controlling at least 10% of the voting power. 10% if received by a company, which has invested less than US$ 100.000. The new double tax treaty provides for 10% rate for investments of less than â‚Ź100.000. 0% if paid to the Government or for export guarantee. 0% if paid to the Government of the other State or to a financial institution. 0% if paid to the Government of the other State or in connection with the sale on credit of any industrial, commercial or scientific equipment or any merchandise by one enterprise to another or in relation to any form of loan granted by a bank or is guaranteed from government or other governmental organization. 0% if paid to the Government of the other State, to a bank or a financial institution or in respect to debt obligations arising in connection with sale of property or the provision of services. 0% on literary, dramatic, musical or artistic work with the exception of films used for television programs. 5% on film royalties (except films shown on TV). 10% on literary, dramatic, musical, artistic work, films and TV royalties. 0% on literary, artistic or scientific work including films. 10% on payment of technical fees, management fees and consultancy fees. 0% if paid to the Government of the other State, a political subdivision or a local authority, the National Bank or any institution the capital of which is wholly owned by the State or a political subdivision or a local authority or in the form of interest income from bank deposits. 10% on interest received from financial institutions, on interest paid in connection with industrial, commercial, scientific equipment or the sale or merchandise between two companies.


22. 10% on right to use industrial, commercial or scientific equipment or for information concerning industrial, commercial or scientific experience and 15% for patents, trademarks, designs, models, plans, secret formulas or processes. 23. 10% if received by a company, which owns directly less than 25% of the share capital. 24. This rate does not apply where 25% or more of the share capital of the Cypriot resident is owned directly or indirectly by the Bulgarian resident paying the royalties and the Cyprus company pays less than the normal rate of tax. 25. The treaty provides for 25%, but the domestic rate of 0% applies since it is lower than the treaty rate. 26. The treaty provides that the tax on the gross amount of the dividends shall not exceed that chargeable on the profits out of which the dividends are paid. 27. 7% if paid to a bank or similar financial institution. 0% if paid to the government. 28. The treaty provides for 15% withholding tax but the local taxation provides for 0% withholding tax. 29. 0% if paid to or is guaranteed by the government, statutory body, the Central Bank. 30. 5% on film royalties, including films used for television programs. 31. The treaty between the Republic of Cyprus and the United Soviet Socialist Republic still applies. 32. The treaty between the Republic of Cyprus and the Socialist Federal Republic of Yugoslavia still applies. 33. 5% if the holding is less than 10%.

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Doing business in Cyprus Contact Details For further information about our firm and the services provided you may contact the local partners at one of the following offices:

Cyprus Nicosia Office: 11 Bouboulinas Street 1060 Nicosia P.O. Box 27783 2433 Nicosia - Cyprus Tel: +357 22458500 Fax: +357 22751648 Email: info@bakertillyklitou.com Website: www.bakertillyklitou.com

Limassol Office: st nd Clerimos Building, 1 & 2 Floors 163 Leontiou Street 3022 Limassol P.O. Box 57328 3314 Limassol - Cyprus Tel: +357 25591515 Fax: +357 25591545 Email: limassol@bakertillyklitou.com

Larnaca Office: Lumiel Building, Office 301 61-63 Lordou Vironos Street 6023 Larnaca P.O. Box 40923 6308 Larnaca - Cyprus Tel: +357 24663299 Fax: +357 24662910 Email: larnaca@bakertillyklitou.com

Romania

Bulgaria

Bucharest Office: 52 Splai Independentei 5th District Bucharest - Romania Tel: +40 21 3156100 Fax: +40 21 3156102 Email: info@bakertillyklitou.ro Website: www.bakertillyklitou.ro

Sofia Office: 104 Akad. Ivan E. Geshov Boulvd th Entrance A, 7 Floor Sofia 1612 - Bulgaria Tel: +359 2 9580980 Fax: +359 2 8592139 Email: info@bakertillyklitou.bg Website: www.bakertillyklitou.bg

Moldova Chisinau Office: 33 Ismail Boulvd 2nd Floor, Office 204 Chisinau - Moldova Tel: +373 22 233003 Fax: +373 22 234044 Email: info@bakertillyklitou.md Website: www.bakertillyklitou.md


This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. Do not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication. Τo the extent permitted by law, Baker Tilly Klitou and Partners Ltd, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of anyone acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

Designed by: Monica Lamprou, Demonix Design Services Printed by: Chr. Nicolaou & Sons Ltd ©2011 Baker Tilly Klitou and Partners Ltd. All rights reserved. In this document, “Baker Tilly Klitou” refers to Baker Tilly Klitou and Partners Ltd, registered in Cyprus, which is an independent member of Baker Tilly International, a worldwide network of accounting firms. “Baker Tilly” is a trademark of the UK firm, Baker Tilly UK Group LLP, used under licence.


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