News

Ultimate Beneficial Owner register is being implemented in Cyprus

Cyprus is implementing a register of Ultimate Beneficial Owners (UBOs) as required by the European Union’s Fourth Anti-Money Laundering Directive. The Directive requires every EU member state to implement a central register containing details of the UBOs of companies and other legal entities. The purpose is to enhance transparency in order to prevent money laundering and terrorist financing.

It is the Registrar of Companies that will keep the register and the companies have up to the 16^th of September 2021 to submit the information of the UBOs.  

The UBO register will contain name, date of birth, nationality, passport number, address, nature and percentage of beneficial ownership and when she/he became a UBO. Nordic Finance will in accordance with the above be obliged to provide the Registrar of Companies with the UBO information for all of the companies under its administration.

Cyprus is an interesting alternative for moving abroad

Many people choose to move to Portugal, Italy or Spain due to a pleasant climate and favorable tax rules. Cyprus is also an interesting alternative that not many people know about. If you settle in Cyprus and become a so-called non-domiciled, then dividend income, interest income and capital gains are tax-free.

Cyprus has around 300 days of sunshine a year and you can play golf or walk along the Mediterranean all year round.

Read more about the benefits of our brochure – Cyprus tax incentives for high net worth individuals.

Happy Midsummer!

Nordic Finance extends its license with CySec

We are delighted to announce that as from 9^th of June 2020, Nordic Finance has been granted an extended license by Cyprus Securities and Exchange Commission (CySec), which allow Nordic Finance to assist with the formation and administration of International Trusts, Funds and Partnerships as a complement to existing corporate and financial structures. The company will also be able to offer administration of clients’ funds.

Corona virus

Given the recent development of the Covid-19 we would like to ensure you that we continue to service our customers from the office. We have updated our business contingency practice and we are taking all the necessary precautions to stay safe. We have procedures in place to work from home if it should become necessary. 

Cyprus is taking all necessary precautions to limit the spread of the virus, which means that government offices like the tax office and the registrar of companies have limited their services to those that can be performed online and the post office has closed its service to the public so there is no incoming or outing mail for the time being. 

Please know that you can contact us via phone or email if you should have any inquiries.

Ancilliary Services

We can assist with the application for non-dom, residency and other immigration services in Cyprus.

Cyprus offers an attractive non-dom status (not ordinary domiciled) with extensive tax benefits for a period of 17 years.  No tax on dividends, no capital gains tax and no tax on interest income. It also offers favorable income tax.