Y. Argyrides & Associates LLC and Perfect Circle Trust LTD meet the High Commissioner of India to the Republic of Cyprus
Seeking to strengthen and solidify Cyprus’ unique position as an attractive global business hub as well as to increase awareness and establish connections with leading world-renowned businesses, the partners of Y. Argyrides & Associates LLC and Perfect Circle Trust LTD, Yiannis Argyrides and Kyriaki Gerolemou have recently met with the High Commissioner of India to the Republic of Cyprus.
Mr. Argyrides and Mrs. Gerolemou were delighted to have personally met with Her Excellency, Ms. Madhumita Hazarika Bhagat at the High Commission of India in Cyprus, and are grateful for the productive conversation.
The meeting’s main focus was India’s relationship with Cyprus including opportunities in establishing a solid foundation for a long and fruitful cooperation. The benefits and need for professionals such as lawyers and accountants in making bilateral ties a success were also on the agenda.
Y. Argyrides & Associates LLC and Perfect Circle Trust LTD wish to thank HE Ms. Madhumita Hazarika Bhagat for her hospitality and time, and are looking forward to a long lasting collaboration both with the High Commission as well as with business professionals in India.
CYPRUS-INDIA: Unique opportunities for Business and Investments
Cyprus and India have traditionally enjoyed excellent political and economic relations, based on a deep friendship, mutual respect and close cooperation with these relations only strengthening over time.
Influenced by the mutual support and the similarities in culture and traditions of the two countries, Cypriot and Indian entrepreneurs are seeking opportunities to build good, strong and lasting business relationships.
Why Indian entrepreneurs consider Cyprus as the best place to relocate or establish their businesses
SIMILARITIES IN THE LEGAL SYSTEMS
The Indian and Cyprus legal system administers the common law system. They have in fact, inherited the legacy of the legal system established by the colonial powers. Α bright example is that, the Cyprus Contract Law Cap 149 is very similar and to some extent identical to Indian Contract Law. As a result, there are many examples in Cyprus case law where the interpretation of Cyprus Contract Law Cap 149 is based on Indian sources.
BILATERAL INSTITUTIONAL ARRANGEMENTS
At this age and time, India and Cyprus are keen on promoting and upgrading their bilateral relations, increasingly focusing on economic, scientific, technical and tourist cooperation.
Main bilateral institutional arrangements signed between the two countries:
- i. In March 2001, the two countries signed a protocol institutionalizing Foreign Office consultations (FOC) on an annual basis.
- ii. India and Cyprus signed an Agreement on Economic, Trade, Scientific and Industrial Co-operation in April 1989, following which the Joint Economic Committee (JEC) was established.
- iii. In order to facilitate cooperation in Science & Technology, with the possibility of commercial application in this field, a MoU providing for joint research and development projects and joint ventures in S&T was signed in October 2002.
- iv. The MoU on IT and Services was signed in October 2002. The Cypriot side has a common JWG to implement the MoU on S&T and the MoU on IT.
- v. In September 2005, Cyprus-India Business Association (CIBA), was established under the auspices of the Cyprus Chamber of Commerce. Y. Argyrides & Associates LLC is a member of CIBA and soon to be a Board Member.
ECONOMIC RELATIONS BETWEEN THE TWO COUNTRIES
Since the 1960s, the importance of economic development and economic relations between the two countries, has drawn much attention worldwide.
Cyprus and India have achieved many economic developments. As per the DIPP figures, Cyprus is the 8th top investor in India.
CYPRUS-INDIA TREATY FOR THE AVOIDANCE OF DOUBLE TAXATION
A double tax treaty was signed by Cyprus and India on 18 November 2016 and has been revised on 21/04/2017.
Capital Gains Tax
The agreement provides for source-based taxation for gains derived from the alienation of shares. Investments made before 1.4.2017 are “grandfathered” with the view that taxation of disposal of such shares at any future date remains with the contracting state of residence of the seller.
Withholding tax rates
Under the new treaty, the following withholding tax rates apply:
- i. Dividends: 10%
- ii. Interest: 10%
- iii. Royalties: 10%
The above rates are relevant in the case of dividends paid from India. Cyprus does not impose withholding taxes except on Cyprus sourced royalty payments.
Cyprus fund industry is rapidly evolving, turning Cyprus into the new investment fund center in Europe. The Cyprus‐India treaty allows and promotes Indian investors to establish, in the Republic of Cyprus, tax efficient fund structures, under a highly regulated environment in line with European Directives and be benefit from Cyprus tax neutrality, speed and flexibility of the Cyprus fund sector.
India maintains a High Commission in Nicosia. Cyprus maintains a High Commission in New Delhi, which is jointly accredited to Bangladesh, Malaysia, Myanmar, Maldives, Nepal, Sri Lanka, Thailand and Vietnam.
Why Y. Argyrides & Associates LLC and Perfect Circle Trust LTD are the logical choice
Both Y. Argyrides & Associates LLC and Perfect Circle Trust LTD feature an established track of record in assisting in the establishment, development and growth of multi-national businesses here in Cyprus.
Strategically located only a short distance away from the island’s international airport, both offer unique accessibility to global clients.
Offering a client-centered approach, these boutique law firms are renowned for their personal and business oriented touch. The firms are well connected and well established in Cyprus and abroad, and offer a unique blend of high quality, specialized services in the Corporate and Banking sectors.
Looking forward to establishing your business in the Republic of Cyprus?
Our experienced team is here to provide you with conclusive services in all aspects of your business. We would be glad to disclose more information as well as offer our assistance. Feel free to get in touch with us by sending us an email at [email protected].