Newsletter July 2017

Aug 01, 2017

A new amended definition of the term “Cyprus Tax resident”

On the 14th of July 2017, the House of Representatives in Cyprus voted for an amendment to the definition included in the Income Tax Law for the term “Cyprus tax resident individual”.

As of the 1st of January 2017 the following conditions need to apply if an individual will be considered a Cyprus tax resident:

  • The individual must not have remained in any other country for more than 183 days within the relevant tax year;
  • He is not considered or declared a tax resident in another Country;
  • He must remain in Cyprus for at least 60 days in the relevant tax year;
  • He must carry a business or must hold an employment in Cyprus or must hold an office in a Cyprus tax resident person within the relevant tax year and
  • He maintains a permanent home in Cyprus either through ownership or rental.

Caribbean Citizenship programs

Our Law Firm is in a position, through its reliable agent in the Caribbean, to assist clients proceed with an application to participate in the financial citizenship program of Saint Kitts and Nevis, Grenada, Antigua and Dominica.

Some interesting factors about the Caribbean Citizenship programs are outlined below:

* There is currently no mandatory interview requirement for the Dominican Citizenship by Investment Program; however an interview may be required at the discretion of the government.
** Non-Resident Citizens that have not resided in their home countries for a minimum of at least 8+ years are considered on a case by case basis.
*** Professional fees do not include client's documentation translation and legalization with notary and apostil.

Please feel free to visit our website at for more information on the above mentioned programs.

First Legal 500 Ranking for CA Advocates

emea_top_tier_firms_2017.jpgOur law firm has successfully qualified to receive a Legal 500 ranking for the first time, under the category of Cyprus: Commercial, Corporate and M&A.

The Legal 500 rankings result from an independent review of researchers forming a special purpose committee by collecting feedback from 250,000 in-house peers and by obtaining access to law firms' deals and confidential matters, which are subsequently, independently assessed by the said researchers. The only way a law firm can get into the Legal 500 ranking tables and commentary is on merit and it is not possible for a firm to buy its way into the editorial. More relevant information can be found at

As per the editorial of the Legal 500 publication which is based on clients’ comments, "CA Advocates (Pourgoura & Aspri LLC) delivers ‘high quality and clear advice’. Alexia Aspri and Celia Pourgoura are ‘very professional’. The team ‘manages to meet extremely tight deadlines in a cost-effective way’."

More information about the firm and its services may be obtained through its website at

Offshorewealth Blog

We would like to introduce the leading corporate blog of offshore industry in Russia and CIS countries - – is a reliable source of information that helps entrepreneurs and high net worth individuals to create and successfully develop their international and online businesses, using the latest technology and protection schemes for their capital honestly earned abroad.

The blog contains a number of articles about offshore jurisdictions and other international jurisdictions with the most favorable tax regime, i.e. Nevis, Panama, Cyprus, the British Virgin Islands, Hong Kong, Singapore, Andorra, Latvia, etc.

The authors of the blog are numerous offshore industry professionals who work closely with and actively participate frequently in seminars on tax mitigation, business structuring, opportunities on acquisition of economic citizenship and other important topics.

We can carry on talking about and what it has to offer, but the best way to get acquainted with the most advanced and relevant blog of offshore industry available in the Russian language is to visit it – at Seeing once is better than hearing twice!


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