Pursuant to the Beneficial Ownership (Amendment) Act 2022 and the Beneficial Ownership (Amendment) Regulations 2023 (together the Amendments), various legislative amendments to the Beneficial Ownership Act, 2020 (the BO Act) and the Beneficial Ownership Regulations, 2020 (the BO Regulations) have come into force with effect from 30 December 2022 and 28 April 2023 respectively. The Amendments have been implemented to meet new EU and FATF Standards.
As of 1st of January 2022, TP requirements have been enacted in the Cyprus legislation and a TP analysis is now mandatory under the Cyprus Law of transactions between related parties. Section 33(9)(a) of the income Tax Law provides that the aggregate threshold is at arm’s length with a value more than EUR 750,000 p.a. in aggregate per transaction category (i.e. financial transactions, services, goods, PI-related transactions and other)
The BVI Business Companies Act, 2004 ("The Act") requires companies to maintain records and documents related to their financial transactions. According to the latest changes to the Act effective 1 January 2023, companies must file an annual return with their registered agent every year.