Migration of existing foreign Trust to Cyprus
The re-domiciliation of a Trust previously established under New Zealand law to the Republic of Cyprus has been successfully completed by our team. Highworth has meticulously executed all necessary procedures to guarantee the Trust's seamless continuation as an International Cyprus Trust, making the most of the available tax advantages. This Trust is responsible for safeguarding property and other assets worldwide worth around €50m and can make additional investments in properties and assets on a global scale, excluding sanctioned countries.
13 October 2018
13 October 2018
Mergers: re-organization option
Our team has successfully advised and completed upon the restructuring of assets under mergers: re-organization option of a group of companies which involved the transferring of assets located outside Cyprus worth of €15m between existing Cyprus entities. The re-organization option has enabled the receiver entity to further proceed with the absorption of the asset-transferring company followed by its dissolution without going into liquidation.
Re-organization arrangements should be based on proper commercial and/or economic purposes to be granted the approval to proceed and extensively benefit from the various tax exemptions available
Strike off/ Liquidations
Companies may quite frequently find themselves in a position where they are unable to overcome the business difficulties faced and this leads to potential insolvency.
Our team is successfully assisting clients which find their companies in such a pivotal situation to decide between their options to strike off or liquidate their corporate structure in place. Our expertise on this sector allows our corporate experts to work alongside with the clients to seek the most convenient and cost-effective option applicable to their corporate structure, carrying out eventually and successfully the closing process.
13 October 2018
13 October 2018
Re-domiciliation of Foreign entities in Cyprus
Highworth team has promptly and successfully accomplished the re-domiciliation of a group of companies from a non-EU jurisdiction in the Republic of Cyprus.
The Cyprus law provides for the migration of companies from abroad through transferring their seat and business activities in Cyprus. It is a requirement for the departing jurisdiction of the company to also permit for the migration and continuation of companies abroad. The companies should be primarily in good standing in the jurisdiction of incorporation/registration for the discontinuation certificate to be issued. Once the process is completed, the Registrar of companies issues the certificate of continuation of the companies in Cyprus.
Such process secures the continuation of the company in another jurisdiction and ensures the company history and legal identity continuation.
Banking and Payment Solutions
Over the past year, the Highworth team has successfully managed the opening of dozens of new bank accounts with various banks allocated in Cyprus, Europe, and other countries around the globe. These accounts were successfully established for both corporate and individual entities, comprising nationals from Europe and/or other third countries. Most accounts are accompanied with electronic access and associated plastic cards for convenient transactions.
13 October 2018
December 2023
Immigration, Migration Services
Highworth team provided legal guidance concerning the registration of Cyprus company with foreign interests, liaising with the Business Facilitation Unit of the Ministry of Energy, Commerce, and Industry. Additionally, we assist in the registration process for third country national employees of the company with the Civil Registry and Migration Department.
Real Estate
The Highworth team, acted upon our client's instructions, facilitated the transfer of ownership for third country nationals residing in the Larnaka area. The property was transferred as a gift from husband to wife, with usufruct rights granted to the existing owner. We obtained the necessary approval from the Administration Department of Larnaka Area and successfully completed the process within three months. All requisite documents were submitted to the land registry, ensuring the seamless transfer of the property.
October 2023
May 2023
Tax
Highworth has acted as a Tax advisor to a Cyprus firm in providing a tax due diligence for the company to operate in another European Country.
Real Estate
The Highworth team managed the advertising and promotion of our client's property in Limassol with the objective of achieving a successful sale. Within just three months, we accomplished our goal, selling the property at the targeted price. Additionally, we handled all procedures with the relevant public departments to ensure a smooth transfer to the new owners.
April 2023
June 2022
VAT
Highworth advised a number of clients in relation to the VAT treatment of their international trading in goods and the respective transportation services received.
FINANCIAL SERVICES, FUNDS & REGULATORY COMPLIANCE
The Highworth team facilitated the registration of a pertinent investment fund on behalf of its clients, ensuring compliance with the requirements set forth by the Capital Market Committee and obtaining the necessary license for seamless operations in Cyprus. Managing the entire application process, including the provision of all requisite documentation, we successfully completed the registration within 12 months. As a result, the fund commenced its operations smoothly and in accordance with regulatory standards.
October 2022