7 January, 2025

The rules for issuing startup visas in Cyprus have changed

As of January 1, Cyprus has changed the rules for obtaining startup visas under a program that allows startup owners to live and work in the country.
What has changed:

  • The visa is now issued for 3 years (previously it was 2 years). It can be extended for an additional two years (previously, it could only be extended for one year).
  • The requirements for participating startups have been updated: within three years of operation, the company must either increase its revenue by at least 15% or attract investments of at least €150,000.
  • To apply for a startup visa, it is now sufficient to own 25% of the company’s shares instead of 50%.
  • It is now permitted to hire up to 50% foreign employees (previously, the quota was set at 30%).
18 December, 2024

BVI Extends the Deadline for Filing First Financial Reports

Companies that were required to submit their first (initial) annual reports through a registered agent by September 30, 2024, according to the Notice issued by the Financial Services Commission, now have an additional 9 months to meet this requirement — until June 30, 2025.

Penalties for failing to submit reports within the established deadline include fines of up to $5,000 and the removal of the company from the register.

12 November, 2024

The UAE introduced changes to VAT collection: cryptocurrency operations and investment funds are exempt

By Cabinet Decision No. 100 of 2024, changes were introduced to the UAE’s VAT collection system, as reported by the Federal Tax Authority. The amendments affect areas such as crypto-assets and investment fund management.

In particular, VAT exemptions apply to services provided by fund managers to licensed funds. These services include:

• fund operations management;

• investment management for the fund or on its behalf;

• monitoring and improving the fund’s performance.

In the field of cryptocurrencies, “the transfer and conversion of virtual assets, such as digital currencies” will be exempt from VAT.

The VAT changes regulated by Decision No. 100 also include a revision of export rules for goods and services and clearer definitions of supply-related terms. Charitable and government organizations will also receive VAT exemptions on certain donations worth up to 5 million dirhams.

The changes will come into effect on October 15.

12 November, 2024

The UAE will issue “golden” visas to another category of residents

Educators will now be eligible for long-term residency under the “golden” visa, as announced by Sheikh Hamdan bin Mohammed Al Maktoum, Deputy Prime Minister and Minister of Defense of the UAE, as well as Chairman of the Executive Council and Crown Prince of Dubai.

The new visas will be granted to teachers who have demonstrated outstanding results and made significant contributions to the development of the private education sector.

Educators from private preschools, schools, and higher education institutions in Dubai will be eligible to apply for 10-year visas.

12 November, 2024

To use the services of the Ministry of Human Resources and Emiratisation, a UAE Pass will be required

Starting from October 18, 2024, to access the services of the Ministry of Human Resources and Emiratisation (MOHRE), a UAE Pass will be required instead of a username and password. All other login methods will no longer work, and usernames and passwords will be deleted.
UAE Pass is the official digital identifier for residents and citizens of the country, providing users access to all government services.

12 November, 2024

UAE Extends Visa Amnesty

The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has announced the extension of the visa amnesty program for two months, until December 31, 2024.

The visa amnesty program allows those who are staying in the UAE illegally to legalize their status or leave the country without penalties.

According to the ICP, those who continue to violate the rules after the program’s extension will face fines and additional measures, such as deportation and inclusion on “blacklists.” Companies that employ violators risk fines ranging from 100,000 to 1 million dirhams.