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As we step into the new year, it’s crucial to stay informed about changes that may impact our financial landscape relating to the updated social insurance contribution rates in Cyprus, effective January 1, 2024. Contribution Rates: Self-employed individuals: 16.6% Employer’s contribution: 8.8% Employee’s contribution: 8.8% Employer’s contribution to Redundancy Fund: 1.2% Employer’s contribution to Social Cohesion Fund: 2% Employer’s contribution to Human Resource Development Authority Fund: 0.5% The maximum limit of emoluments is set at €5,239 per month or €62,868 per year. These adjustments are vital for both employers and employees to ensure compliance and proper financial planning.

HIGHWORTH BUSINESS CONFERENCE INVITATION 2OTH SEPTEMBER 2022 We are happy to share with you that HIGHWORTH after establishing its Representative offices in Beirut, and creating stronger bonds with the Lebanon Market, organises a Business conference on the 20th of September 2022 at our office’s  Building Conference Area, Beirut. The upcoming Business Conference aims to enhance the connections between Cyprus and Lebanon and offer additional opportunities to Lebanese corporate and private individuals for further expanding overseas and diversifying risk. Subject to the limited availability, we would kindly ask you to send an email request of attendance, including your name and professional background.

The United Arab Emirates comprises of a Federation of seven emirates namely, Dubai, Abu Dhabi, Sharjah, Fujairah, Ras Al-Khaimah, Umm Al-Quwain, and Ajman which have their own rules and regulations There are over 40+ Freezones in the country, each one offering a variety of advantages, from 50-Years tax exemptions to dual licensing options. The Freezone is an International concept, which was launched in the UAE for foreign investors who wish to secure and obtain 100% ownership of their businesses, whilst claiming benefits such as zero taxation, granting 100% repatriation of profit, and obtaining UAE Residency visas. UAE Company Benefits: 100%

REASONS TO RELOCATE YOUR IT COMPANY TO CYPRUS Cyprus offers the best package of benefits and living conditions in Europe, perhaps globally, for relocating yourIT business and your team of employees and specialists here. ➢ 2,5% effective tax rate – lowest in Europe.➢ Safety: The security and integrity of your business are ensured by the Cyprus government’s laissez-faire policy, with minimum regulation or intervention. • Personal and family safety – Cyprus ranks 30th on the Safety Index out of 129 countries – ahead of Singapore, Luxembourg, and Norway.➢ Fantastic weather year-round. 330 days of sunshine, every year. Cyprus is blessed

The Cyprus Securities and Exchange Commission (CySEC) is an anti-money laundering and counter-terrorist financing (AML/CFT) supervisor for crypto-asset operations undertaken in or from Cyprus and provides all relevant guidance for Crypto Asset Services Providers (CASP) registration. The CASP registration covers the following crypto-business models and cases: Cryptocurrency exchanges: these are online marketplaces where the buying of crypto-assets (i.e. cryptocurrencies, altcoins, non-fungible tokens (NFT), and so on), can take place either as crypto-to-crypto or as fiat-to-crypto and vice versa transactions. Crypto Wallet businesses and anyone that provides management, administration, transmission, transfer, retention, custodianship, and safekeeping of crypto-assets or cryptographic keys or means

ISSUE AND RENEWAL OF TEMPORARY RESIDENCE AND EMPLOYMENT PERMITS FOR THIRD-COUNTRY NATIONALS – COMPANIES WITH FOREIGN INTEREST The Republic of Cyprus wishes to encourage international businesses to set up their headquarters of regional headquarters in Cyprus or to engage in substantial local businesses.Cyprus provides for special residence and works permits for non-EU staff of so-called “Companies with Foreign Interest”. How to obtain a work permit in Cyprus Ahead of the new legislation in Cyprus regarding migration permits, new much more lenient measures have been implemented. As per the new legislation, obtaining a work permit in Cyprus has now become astraightforward

The formation of a company in Cyprus is governed by the Cyprus Companies Law, Cap 113, as amended. Qualifications for Cyprus Companies Customised name preference Minimum one shareholder, foreign shareholders are accepted At least one share is subscribed with no minimum or maximum paid up share capital Shares at a premium, are available Minimum of one Director appointed Directors can be legal or physical persons Director may act as Secretary [legal or physical person] No limitation as to the nationality of the Secretary [Cyprus resident is recommended] Cyprus registered office is required Company Annual General Meeting should take place in

The Cyprus Registry holds the 11th position among international fleets with its merchant fleet ranking 3rd in the European Union. Vessel Registration Criteria of Ownership for registering under the Cyprus flag: A) More than fifty percent (50%) owned by Cypriot citizens or citizens of other E.U. Member States with an authorized representative in Cyprus, orB) The total (100%) of the shares of the ship owned by one or more corporations, which have been established and operate: In accordance with the laws of Cyprus with their registered office in Cyprus, or In accordance with the laws of any other EU Member

Trusts are widely used for the protection of assets. Cyprus introduced a competitive internationaltrusts regime back in 1992 which was further amended in 2012. Qualifications for Cyprus International Trusts (CITs)• Minimum of the trustee who must be a Cyprus tax resident for the whole duration of the trust• Settlor must not be a tax resident of Cyprus during the year preceding the year in which thetrust is formed• Beneficiaries must not be tax residents of Cyprus during the year preceding the year in whichthe trust is formed• Trust property can include all kinds of assets situated anywhere in the world