Tag: nobel trust

job vacancies Nobel Trust Nicosia

JOIN OUR TEAM. We’re hiring!

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TAX MANAGER

We are seeking to recruit a high caliber person for the position of Tax Manager to be based in our offices in Nicosia.

Role and Responsibilities

  1. Reviewing financial statements and tax returns and advising on tax and VAT matters based on Cyprus laws
  2. Drafting tax rulings and tax memos
  3. Assisting with tax structuring and resolving practically complex tax related issues
  4. Assisting with advice on transfer pricing for international groups
  5. Knowledge of fundamental tax and legal aspects in relation to major foreign jurisdictions and application of Double Tax Treaties
  6. Preparing presentations and publications on practical tax matters
  7. Attending meetings and conducting negotiations with the tax authorities
  8. Correspondence and communication with clients in respect to the above on a daily basis
  9. Assisting with the firm’s business development with a focus on taxation and structuring

The profile of the ideal candidate

  1. At least 3 years post-qualification experience in the field of taxation with a top-tier accounting firm
  2. ACA/ACCA/LLM or equivalent qualification
  3. Good communication, organisational, supervisory, presentation and interpersonal skills
  4. Be a great team-player
  5. Strong computer skills
  6. Strong sense of commitment and responsibility
  7. Good command of Greek and English languages

Remuneration

A competitive remuneration package will be offered to the successful candidate according to his/her qualifications and experience.

Apply now

Please email your CV to the Management at Nobel Trust Ltd : [email protected]

SENIOR ACCOUNTANT

We are seeking to recruit a high caliber person for a responsible position in our Client Accounting Department to be based in our offices in Nicosia.

Role and Responsibilities

  1. Handling a portfolio of clients on a daily basis and dealing with all their accounting affairs
  2. Dealing with VAT, VIES and tax compliance matters
  3. Collecting information and preparing an audit file
  4. Co-ordinating the preparation and filing of financial statements and tax returns
  5. Liaising with the company’s auditors in completing a company’s statutory audit
  6. Review a company’s financial statements and tax returns for accuracy and compliance with IFRSs and tax laws
  7. Review a company’s business activities in the course of internal risk assessment
  8. Correspondence and communication with clients in respect to the above on a daily basis

The profile of the ideal candidate

  1. University degree and ACA or ACCA partly or fully qualified
  2. Minimum 3 years relevant experience
  3. Strong computer skills
  4. Good communication, organisational, supervisory and interpersonal skills
  5. Strong sense of commitment and responsibility
  6. Good command of the Greek and English languages

Remuneration

A competitive remuneration package will be offered to the successful candidate according to his/her qualifications and experience.

Apply now

Please email your CV to the Management at Nobel Trust Ltd : [email protected]

**All applications will be treated in strict confidence.

Cyprus: apply for your EU Blue card

From Global Talent to Cyprus Resident

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From Global Talent to Cyprus Resident: Your pathway to the EU Blue Card

As of Monday, 7 July 2025, the Migration Department under the Deputy Ministry of Migration and International Protection of the Republic of Cyprus has officially opened applications for the EU Blue Card. This marks a significant development in the country’s immigration framework, aligning Cyprus with broader European Union policies designed to attract highly qualified professionals from outside the EU.

Notably, there is no maximum quota for EU Blue Card admissions in Cyprus – as long as the employment falls within the designated eligible sectors.

What is the EU Blue Card?

The EU Blue Card is a residence and work permit that enables highly qualified non-EU nationals to live and work in Cyprus, as well as in other EU member states (excluding Denmark and Ireland). It offers streamlined pathways for skilled professionals to contribute to the EU economy and enjoy rights comparable to EU nationals.

Who is eligible?

Non-EU nationals who:

  • Reside outside the Republic
  • Reside in the Republic as holders of a valid residence permit
  • Reside in the Republic legally (with a visa)

Applicants must:

Hold higher education qualifications or possess high-level professional skills* in one of the following eligible fields:

  • Information Technology and Communications (ICT)
  • Pharmaceutical (for research purposes only)
  • Shipping (excluding ship captains and crew)

*Applicants with at least 3 years of professional experience within the last 7 years may qualify in the case of ICT Services Managers and ICT Professionals.

  • Have a valid work contract or a binding job offer for highly qualified employment for a minimum of 6 months
  • Meet the annual gross salary threshold of at least €43,632
  • Fulfil additional requirements:
    • Medical care coverage
    • Verified residential address
    • A valid travel document with a duration at least equal to the requested EU Blue Card’s validity

What are the benefits?

Holders of the EU Blue Card enjoy a range of rights and privileges, including:

  • Fast-track entry and simplified administrative procedures
  • Family reunification rights (family members can accompany the EU Blue Card holder and access the labour market, including self-employment)
  • Equal treatment with Cypriot nationals in terms of:
    • Employment and working conditions
    • Education and training
    • Social security
    • Access to goods and services
  • Mobility within the EU (eligible to move to another EU country after 12 months of residence)
  • Right to change employer (subject to approval)
  • Pathway to long-term residence (permanent residence possible after 5 years of legal stay in the EU, including time on the EU Blue Card)

How to Apply: Step-by-Step Process

  1. Employer submits the application on behalf of the applicant
  2. Application reviewed for entry permit by the Cypriot authorities (within 1 month)
  3. Entry into Cyprus (for 3 months)
  4. Registration of the applicant and submission of personal data
  5. Biometric data collection (photo, fingerprints, and signature)
  6. Examination of the EU Blue Card application (within 3 months)
  7. Approval and issuance of the EU Blue Card

Validity & Renewal

  • Valid for 3 years, provided the passport and employment contract cover this period
  • If the employment contract is under 24 months, the permit is valid for the contract duration plus 3 months (maximum 24 months)
  • If the passport expires sooner, the card will match its expiration date

The card is renewable, provided that employment conditions continue to be met.

Application Timeline

The processing time varies between 1 to 3 months, depending on the application type and completeness of documentation submitted. For the latest updates, official guidelines, application forms, and the complete list of required supporting documents, please refer to the Migration Department’s Official Website.

How Can We Help You?

Cyprus offers more than just sunshine and scenic coastlines – it’s rapidly becoming a hub for innovation, business, and digital development. Whether you’re seeking a better quality of life, exciting career opportunities, or a safe, vibrant place to raise a family, then living and working in Cyprus could be the change you’re looking for.

Our team of experts is here to guide you through every step of your relocation journey. From navigating the EU Blue Card application to settling into your new home, we provide tailored advice and end-to-end support to make your move as smooth and successful as possible. Contact us today to speak with our relocation and immigration experts and start planning your move with confidence.

Nobel at i-Con ISLAND CONFERENCE

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Nobel Trust will be participating at the i-Con Island Conference, taking place in Limassol, Cyprus on 29-30 May 2025.

Cyprus: An Emerging Tech Powerhouse in Europe

Cyprus is rapidly establishing itself as a prominent technology hub in Europe, driven by dynamic growth. The i-Con ISLAND CONFERENCE plays a pivotal role in advancing high-growth, high-risk verticals in the tech industry. i-Con continues to expand annually, reinforcing its position as a catalyst for innovation. Its strategic focus aligns with Cyprus’ broader ambition to position itself as a premier destination for technological advancement—bringing the country ever closer to becoming a true center of innovation in Europe.

Main stage panel discussion at i-Con ISLAND CONFERENCE on Friday 30th May 2025, 13:30: The key benefits of maintaining a tech company in Cyprus, a leading technology hub in Europe

photo of George Kellinicou, director, who will be on the panel discussion at i-Con 2025

Book a meeting with us here

Article titled 'Cyprus Tightens Withholding Tax Rules' May 2025

Cyprus Tightens Withholding Tax Rules

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Cyprus Tightens Withholding Tax Rules

On 10 April 2025, the House of Representatives approved amendments to the Income Tax Law and the Special Defence Contribution Law. These changes introduce withholding taxes on royalty, dividend, and interest payments made to companies that are either tax residents of countries listed on the EU blacklist or incorporated in those jurisdictions without being tax residents elsewhere.

The amendments also affect royalty and interest payments made to entities based in low-tax jurisdictions. In such cases, the related expenses will no longer be tax-deductible for Cypriot companies. Similarly, dividend payments to these low-tax jurisdictions will now be subject to withholding tax, in line with the treatment of payments to blacklisted countries.

The amendments introduce the following measures:

  • Withholding Tax on Payments to Blacklisted Jurisdictions: A 17% withholding tax on dividends and interest, and a 10% withholding tax on royalties, paid to companies that are tax residents of jurisdictions included in the EU list of non-cooperative jurisdictions. These measures are already in force.
  • Non-Deductibility of Payments to Low-Tax Jurisdictions: Interest and royalty payments made to companies in low-tax jurisdictions will not be deductible for corporate income tax purposes, effective from 1 January 2026.  
  • Withholding Tax on Dividends to Low-Tax Jurisdictions: Dividends paid to companies in low-tax jurisdictions will be subject to a 17% withholding tax, effective as of 1 January 2026.

Low-tax jurisdictions are those with a corporate tax rate less than 50% of Cyprus’s current corporate tax rate, which is 12.5%.

These amendments are intended to strengthen Cyprus’s compliance with EU directives and OECD standards, discouraging the use of low-tax and non-cooperative jurisdictions for profit shifting and tax avoidance.

In light of these developments, taxpayers are encouraged to assess the impact on their cash flows, ownership structures, and financing arrangements to mitigate any potential adverse consequences.

Cypriot companies are advised to review their structures and payment flows to determine the potential impact of these changes and ensure timely compliance.

For further advice and professional assistance, our firm is ready to support you. Please feel free to contact us to discuss how these changes may affect your business.

Fiscal success for Cyprus

Fiscal Success for Cyprus

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Fiscal Success for Cyprus: 2nd-Highest Surplus in EU and Lower Public Debt

According to Eurostat data published on April 22, Cyprus recorded a budget surplus of 4.3% of its GDP in 2024, ranking second among EU member states — tied with Ireland and just behind Denmark at 4.5%. This is a standout achievement, as 21 of the 27 EU countries reported budget deficits during the same period.

Cyprus also significantly reduced its public debt. By the end of 2024, the debt-to-GDP ratio fell to 65%, down from 73.6% in 2023 — a drop from €23.08 billion to €21.83 billion. This stands out as the eurozone average debt slightly increased to 87.4%, and the EU average reached 81%.

Cyprus’ fiscal success reflects strong economic governance and bolsters its position as a credible business destination. With continued reforms and responsible policy, the country remains on a path of resilience and sustainable growth. Looking ahead, the Cyprus Government aims to further reduce public debt and is committed to maintaining a competitive, stable, and investor-friendly environment that supports business growth, headquartering, and global relocation.

Official source: CNA

Cyprus Start up Visa

Upgrades to the Cyprus Startup Visa

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Upgrades to the Cyprus Startup Visa: A Gateway for Global Entrepreneurs & Investors

Cyprus has updated its Startup Visa Scheme, effective January 7, 2025, after Cabinet approval on December 18, 2024. The changes aim to attract global entrepreneurs, foster innovation, and drive economic growth, particularly in the technology sector.

The Scheme allows skilled entrepreneurs from non-EU countries to enter, live, and work in Cyprus to establish a new startup or relocate an existing one. The Scheme is valid until December 2026, with a cap of 150 visas.

The updated Scheme offers more flexibility and support for startups at different stages by easing financial and operational requirements. Cyprus aims to position itself as a top destination for global talent while strengthening its appeal for investment-based residency and citizenship programs.

Key Changes Include:

  • Longer Residence Permits: Now valid for three years instead of two, with the renewal extended from one year to two years.
  • Lower Ownership Requirement: Applicants now need to own at least 25% of the company’s share capital, reduced from 50%.
  • Increased Foreign Hiring: Companies can now employ up to 50% foreign staff, compared to the previous 30% limit.
  • Additional Hiring for Investors: Companies investing €150,000 or more in Cyprus can hire additional foreign employees.

Renewal Criteria:

To renew the Visa after three years, Startups should meet at least one of the below criteria:

  • Achieve a 15% increase in revenue.
  • Secure €150,000 in investments.
  • Create at least three new jobs in Cyprus.
  • Participate in local innovation support programs.
  • Launch at least one product or service.

Digital Literacy and Investment Migration at the Heart of Cyprus Startup Visa Scheme

The updated Scheme places a strong emphasis on building a tech-savvy workforce by encouraging all employees to enhance their digital skills, while driving creativity and modernization. This enhances Cyprus’ position as a hub for technology-driven entrepreneurship and sustainable growth.

At the same time, the recent changes offer entrepreneurs and investors a compelling opportunity to establish themselves in Cyprus while working towards long-term residency or even citizenship, all within a supportive and welcoming environment. Not only can they diversify their portfolios, but they also contribute to the local economy by creating jobs, implementing innovative ideas, and attracting additional foreign investment.

A Promising Future

As the Cyprus Startup Visa Scheme evolves, with 21 startups already approved, it presents exciting opportunities for global entrepreneurial talent who seek to align their business goals with residency solutions. The Scheme offers a unique pathway to establish a presence in Cyprus, with a variety of financial and qualitative incentives for both individuals and companies.

Foreign talent and investors will benefit from Cyprus’s strategic location, favorable tax policies, strong legal framework, and access to mentorship, resources, funding, and networking opportunities.

The investment migration landscape is constantly evolving, and the Scheme is adapting to meet the changing needs of global startups and talent, ensuring long-term prosperity.

Our dedicated team can assist you in navigating the complexities of the Scheme and residency requirements so you can fully enjoy the benefits Cyprus has to offer. For a tailored consultation, feel free to reach out to us here.

new tax landscape in Cyprus

The New Tax Landscape in Cyprus: Key Changes for Businesses and Individuals

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The New Tax Landscape in Cyprus:

Key Changes for Businesses and Individuals

On February 27, 2025, the Center for Economic Research of the University of Cyprus presented the proposed new tax landscape for Cypriot legal entities and individuals, following the Government’s initiative.

NEW CORPORATE TAXATION

  • Corporate tax increase from 12.5% to 15% .bringing Cyprus into line with European Union requirements.
  • Complete abolition of deemed dividend distribution.
  • Reduction of withholding tax on actual dividend distribution from 17% to 5%.

Maintaining Existing Tax Benefits

  • Taxation of worldwide income with applicable exemptions.
  • Deduction of expenses for generating taxable income.
  • Strengthened tax residency criteria for companies and enhancement of the intellectual property tax regime (IP Box).
  • Maintenance of non-dom status, with an extension through an annual fee.
  • Notional interest deduction (NID).
  • Shipping regime remains unchanged.
  • 50% discount for first employment in the Republic.

Additional Tax Incentives

  • Anti-abuse clauses including higher tax rates on concealed dividend distributions.
  • Measures for “close-structured companies” allowing for the possibility of lifting the corporate veil and taxing shareholders as natural persons conducting business.
  • Enhanced deductions for expenses related to the green transition and digital transformation and accelerated depreciation and training discounts with related losses carried forward without restrictions.

Other proposed changes

  • Stamp duty abolition. Fixed amounts, to be imposed only on agreements relating to immovable property and banking and insurance transactions.
  • Tax losses are to be carried-forward to 10 years from 5 years, subject to restrictions.
  • Employee stock options possibly to be taxed at a lower rate upon exercise (subject to conditions).
  • Ex-gratia payments to employees to be tax-exempt up to a certain amount at the level of the employee. The employer will have the right to claim the full amount as tax deductible.
  • Insurance premium tax of 1.5% to be abolished.

This tax reform aims to strengthen the local economy and enhance the competitiveness of Cypriot businesses while investing in the country’s innovation, quality, and credibility.

PROPOSED TAX SCALES FOR INDIVIDUALS

  • Up to €20,500 → 0%
  • €20,501 – €30,000 → 20%
  • €30,001 – €40,000 → 25%
  • €40,001 – €80,000 → 30%
  • Above €80,001 → 35%

It is worth noting that the maximum tax rate of 35% now applies to incomes above €80,000, compared to the current threshold of €60,000.

Tax free income increases with the following tax deductions:

For households with a total gross income of up to €80,000 and two working spouses, the proposed deductions include:

  • €1,000 for each spouse for each child up to 19 years of age (female) or 21 years of age (male).
  • €1,000 for each spouse for each student up to 23 years of age (female) or 24 years of age (male).
  • Deduction of up to €1,500 for installments of a serviced first home loan or rent, for each spouse/partner.
  • Discounts for green upgrades to households, up to €1,000 for each spouse/partner, in the year the upgrade is made (e.g. up to five years). Eligible upgrades include energy-efficient home improvements, installation of photovoltaic systems, heat pumps, and even the purchase of an electric car.
  • Single-parent families to be taxed under the most favorable category, similar to two-parent working households.

The primary objective of the tax reform is to ease the tax burden on individuals and households while supporting families and the new generation, addressing housing challenges and low birth rates, encouraging women to participate in the labour market, and promoting the green and digital transition.

The Cyprus government aims for the reform to be fully implemented in 2026. Our firm will keep you informed about all upcoming changes and can be your trusted partner in navigating and adapting to the new regulations. Contact us for more information.

Next Steps procedure for Cyprus bank deposit haircut in 2013

Next Steps in the Compensation Process for the 2013 Cyprus Bank Deposit Haircut

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Next Steps in the Compensation Process for the 2013 Cyprus Bank Deposit Haircut

On 15 January 2025, Finance Minister Mr. Makis Keravnos stated, following a meeting with President Christodoulides and representatives of the Laiki Bank Depositors Association (SYKALA), that compensation disbursements to “haircut” depositors and security holders are expected to commence in May 2025.

Examination of Applications

A total of 13,000 applications have been submitted through the relevant electronic platform. The evaluation process is already underway and is anticipated to conclude by the end of January. Once the evaluation is completed, a detailed plan will be formulated. This plan will require approval from both the Board of Directors of the Solidarity Fund and the Council of Ministers and upon receiving the necessary approvals, the repayment process will begin in May 2025.

Compensation procedure

The President of SYKALA explained that the compensation process would be gradual due to the Solidarity Fund’s limited financial resources, which prevent the immediate full reimbursement of the amounts lost. Payments are expected to be made annually, with the Government supplementing the Fund through allocations from the state budget. Approved beneficiaries, as verified by the Ministry of Finance, will be required to submit their bank account details to receive payments. Beneficiaries for compensation will initially be the haircut depositors and, in a second phase, the security holders. The total amount to be disbursed has not yet been determined. This figure will be clarified following the completion of the application evaluation process.

The commencement of compensation payments marks a significant step towards addressing the financial losses experienced by depositors and security holders due to the 2013 haircut. While the process will be gradual and dependent on available resources, the government’s commitment to fairness and transparency provides hope for those affected. The forthcoming months will be critical in finalizing evaluations, securing approvals, and ensuring the timely disbursement of funds.

Read more: Partial compensation of the 2013 haircut on Cyprus banks’ deposits (Previous article April 2024)

UBO Registry: updates - Cyprus Dec 2024

Significant updates to UBO Registry

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Significant updates to UBO Registry

On 16 December 2024, the Department of the Registrar of Companies and Intellectual Property announced key amendments to the Prevention and Combating of Money Laundering from Illegal Activities (Amendment) (No. 2) Law of 2024, N.141(I)/2024, published on 6 December 2024. The main changes are summarized as follows:

  1. Imposition of Financial Charges: Financial charges will apply exclusively to the company or legal entity that fails, neglects, or refuses to comply with its obligations to submit information on beneficial owners, as mandated by Law 188(I)/2007 and associated Directives. Directors and secretaries are exempt from direct financial penalties.
  2. Liability for Non-Compliance: Directors or managing directors who fail to ensure compliance with beneficial owner information submission requirements will be jointly and/or severally liable with the company for covering the financial penalties imposed on the company.
  3. Revised Financial Charges:
    – A fixed charge of €100 will be imposed on the first day of the violation.
    – An additional charge of €50 will accrue for each subsequent day the violation persists.
    – The maximum total charge is capped at €5,000 per company or legal entity.
  4. Additional Powers Granted to the Registrar of Companies:
    – The Registrar may issue Directives to establish administrative review procedures and/or facilitate the submission and examination of objections against financial penalties.
    – The Registrar has the authority to remove from the business entity register any company or legal entity that fails, neglects, or refuses to update beneficial owner information.
    – The Registrar can apply to the Court for an injunction compelling compliance with obligations.

Extension and Withdrawal of Financial Charges

The deadline for submitting beneficial owner information for all Companies and Legal Entities has been extended to 31 January 2025. This initiative addresses practical implementation challenges and financial burdens on Small and Medium Enterprises (SMEs) while recognizing the high compliance rate achieved. Additionally, the deadline for completing the data confirmation procedure for 2024 has been extended to 31 March 2025.

In addition, the Registrar is withdrawing the financial charges imposed since 1 April 2024 and will issue refunds to affected companies. From 1 February 2025, however, failure to submit beneficial owner information will result in administrative and other sanctions in line with the provisions of the law.
These amendments aim to strengthen compliance with beneficial ownership reporting requirements and enhance enforcement measures by ensuring transparency and accountability while promoting a more secure and trustworthy business environment.

Our dedicated compliance team is here to provide expert assistance and guidance on your reporting obligations. For more information, feel free to reach out to us at [email protected]

Official source: Cyprus Registrar of Companies