TTTTHHHHEEEE FFFFIIIINNNNAAAANNNNCCCCIIIIAAAALLLL MMMMIIIIRRRRRRRROOOORRRR TTTTHHHHIIIISSSS WWWWEEEEEEEEKKKK
tax planning in a way that could affect the inheritance plans of anyone UK domiciled, or with UK assets held with a Cyprus or UK trust. 3D Global’s Senior Consultant said that this will have an impact of 20-40% on lifetime chargeable transfers, while in the case of potentially exempt transfers (PETs) this will be tax-free, as long as the donor lives for another seven years.
Cyprus Airways told travel agents it will scrap their 7% commission on short-haul tickets and replace it with a service charge of CYP
be incurred by the public. For European flights the charge will be CYP 18-20 and for longhaul 35.
Cyta launched the Vodafone Mobile Connect service offering wireless connections based on the new 3G network to mark the 11th anniversary of the introduction of GSM services in Cyprus. The data card will cost CYP 119.
The CFA Society has added its voice to the growing number of finance professionals calling for a resolution of the tax status of investment funds so that Cyprus can take advantage of this trillion dollar industry, said its President Marios Demetriades, who added that Cyprus has yet to establish itself as an investment centre but that other competitor countries “will not wait for us.”