# Mercury Consulting — Full Content > Mercury Consulting is a provider of corporate, trust, immigration and related services to the international business community. Its roots date back to 1994. Operating through offices in the key locations of Cyprus and Singapore (with a branch office in Athens, Greece), it serves a diversified clientele spanning the four corners of the world, with clients in 68 countries ranging from individual entrepreneurs and investors to global business groups. Contact details: - Cyprus: +357 2284 6000 — 360 Business Centre, 3rd Floor, 6 Aphrodite Street, CY-1060 Nicosia, Cyprus - Singapore: +65 6330 6380 — 8 Temasek Boulevard, #17-02A Suntec Tower Three, Singapore 038988 - Athens branch office: Athens Towers, 21st Floor, 2 Mesogion Avenue, GR-11527 Athens, Greece - LinkedIn: https://www.linkedin.com/company/mercury-consulting-international/ --- # Home URL: https://www.mercuryconsulting.biz/ ## Leaders in Global Business Solutions Delivering corporate, trust and immigration services to the international business community since 1994. - Established for 31 years. - Clients in 68 countries. ## A Comprehensive Range of Services Mercury Consulting is a provider of corporate, trust, immigration and related services. Our roots date back to 1994. Operating through our offices in the key locations of Cyprus and Singapore, we serve a diversified clientele, spanning the four corners of the world. Our clients range from individual entrepreneurs and investors to global business groups. Our services are directed at clients engaged in international business or investment ventures. If you are searching for a reliable partner to guide you on your next overseas venture, then you should speak to us. We can make the journey more exciting! ## Linking East and West Mercury's dual presence in Asia and Europe allows us to act as a gateway between East and West, offering our clients endless expansion possibilities. - Corporate: Advising on how to set up and manage a company overseas. - Trust: Helping you set up a trust for family planning or asset protection purposes. - Immigration: Arranging second passports or residence permits overseas. - Licensing: Assisting your business with financial and other types of licences. - Business networking: Introducing you to new business partners on a global scale. - Accounting: Providing a full range of accounting, tax and audit services. ## An Experienced Team of Professionals Our staff comprises a select team of multilingual individuals with professional qualifications and international employment experience, who are committed to providing a dedicated and competent service. Client testimonials: - "Their wealth of knowledge and expertise in international business has helped our technology company expand its operations into seven new markets." — William Shaw, Director, Dart Corporation - "Not only did they assist us in setting up our international food trading company, they also introduced us to new suppliers!" — Triet Nguyen, Director, Pacific International Trading --- # About URL: https://www.mercuryconsulting.biz/about/ ## A Reliable Partner in Your Global Business Ventures At Mercury, we aim to be our clients' preferred business advisor. We strive to achieve this by delivering the best possible service, while meeting and even exceeding our clients' expectations. Our service is based on the extensive knowledge and expertise we have accumulated over the years and which we impart on our clients, assisting them in their international business endeavours. We believe in building long-lasting relationships, enabling both our clients and ourselves to grow and achieve our mutual business objectives. Our staff comprise a select team of multilingual consultants with professional qualifications and extensive expertise in matters of international business, estate planning, immigration, finance, accounting and tax. The highest standards of professional conduct are upheld, as our staff are regulated by a number of professional bodies. As such, we undergo continuous training and development, so as to further our knowledge and remain informed on all matters relating to each consultant's respective areas of expertise. Our clients' privacy and confidentiality are of paramount importance. Extensive procedures have been adopted ensuring that sensitive information is securely handled at all times. Mercury can be the key to your success, the key to your future. We unlock your potential and open doors which might otherwise have been closed to you. We take pride in thinking outside the box and delivering innovative solutions to what may appear to be complex situations. Mercury operates with respect to the environment and the fragile world in which we live. A part of our profit is donated to environmental and wildlife conservation initiatives each year. Client testimonial: - "Mercury were instrumental in securing a $70 million finance facility for our company, allowing us to acquire a hotel operation in Spain." — Niklas Reichl, Director, Lomond Ventures --- # Team URL: https://www.mercuryconsulting.biz/team/ ## Our Management Team The management team comprises Nick Larcos, Sevag Devledian, Evi Amvrosiou and Susan Haw. ### Nick Larcos — Co-Founder and Director URL: https://www.mercuryconsulting.biz/team/nick-larcos/ Nick is a Chartered Accountant and one of our co-founders and directors. After studying Accounting and Finance at Macquarie University, he gained his professional experience with Price Waterhouse in Australia and with Coopers & Lybrand in Cyprus. He has been involved in international business consulting for over 30 years, specialising in corporate services, trusts and immigration. Nick is a member of Chartered Accountants Australia and New Zealand, the Institute of Certified Public Accountants of Cyprus, the Society of Trust and Estate Practitioners and the International Tax Planning Association. ### Sevag Devledian — Senior Director URL: https://www.mercuryconsulting.biz/team/sevag-devledian/ Sevag is one of our senior directors. He holds a Bachelor's degree in Business Administration from Coventry University. He started his professional career with Reuters in Cyprus, before making the transition to the corporate services industry in 2006. Sevag's particular areas of expertise are international banking, ecommerce and corporate structuring. ### Evi Amvrosiou — Director (Cyprus) URL: https://www.mercuryconsulting.biz/team/evi-amvrosiou/ Evi is a director at our Cyprus office. She studied Economic Sciences at Piraeus University in Greece and then pursued her qualification as a Certified Accountant through the University of Nicosia. Evi's areas of focus are accounting and compliance. She is a member of the Association of Chartered Certified Accountants (ACCA) and of the Institute of Certified Public Accountants of Cyprus (ICPAC). ### Susan Haw — Head of Tax & Audit, Mercury Assurance PAC (Singapore) URL: https://www.mercuryconsulting.biz/team/susan-haw/ Susan is a public accountant registered with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. She is a member of the Institute of Singapore Chartered Accountants (ISCA) and Singapore Chartered Tax Professionals (SCTP). Susan has served clients in audit, corporate and personal tax, accounting and corporate secretarial services, working with small and medium-sized, local and multinational companies across many industries. She heads Mercury Assurance PAC, the group's tax and audit practice in Singapore. --- # Services URL: https://www.mercuryconsulting.biz/services/ A comprehensive range of services designed for the global business community: - Corporate — https://www.mercuryconsulting.biz/services/corporate/ - Trust — https://www.mercuryconsulting.biz/services/trust/ - Immigration — https://www.mercuryconsulting.biz/services/immigration/ - Accounting — https://www.mercuryconsulting.biz/services/accounting/ - Finance — https://www.mercuryconsulting.biz/services/finance/ - Business Networking — https://www.mercuryconsulting.biz/services/business/ - Licensing — https://www.mercuryconsulting.biz/services/licencing/ --- # Corporate Services URL: https://www.mercuryconsulting.biz/services/corporate/ Our Corporate Services team caters for our clients' corporate needs. Once your requirements have been discussed and the most suitable corporate structure has been identified, we will proceed to incorporate your company in Cyprus, Singapore or any other jurisdiction. It is often the case that the most effective structure, taking into account the ease of doing business, banking requirements and tax considerations, will not consist of a single company but may comprise a group of companies based in various jurisdictions. In many cases, shelf companies are available for immediate use, such as situations where there is an urgent need to sign an agreement for a new venture. In most jurisdictions, the details of a company's shareholders and directors are publicly available. In certain cases, a company's financial statements may also be accessed by any member of the public. Where our clients value their privacy, Mercury can provide nominee shareholders and professional directors, so that our clients' names do not appear on any public record. After your corporate structure has been set up and bank accounts have been opened, you are ready to start operating. At this stage, you will be concerned with the important issues in running your business, such as closing deals, expanding your operations in new markets, introducing new products and services and making investments. In running a business, there will be a number of "back office" functions which need to be attended to, such as maintaining statutory and financial records, paying creditors, submitting VAT returns, producing management reports and annual financial statements, dealing with tax and other regulatory bodies and addressing compliance issues. Mercury is here to assist in all these areas. The choice is yours as to the extent to which you would like to handle these functions in-house or whether to outsource the company's back office workload to Mercury. --- # Cyprus Company Formation URL: https://www.mercuryconsulting.biz/services/corporate/cyprus-company-formation/ These are some basic facts to consider before proceeding with a Cyprus company formation. Cyprus is the third largest island in the Mediterranean. It has a population of approximately 900,000 of mainly Greek origin, with a smaller Turkish community and some other minorities. The capital is Nicosia and local time is 1 hour ahead of Central European Time. Official languages are Greek and Turkish but Greek and English are the most common. Cyprus has been a member of the European Union since 1 May 2004 and adopted the Euro as its currency on 1 January 2008. The legal system is based on English Common Law. ## Cyprus Limited Liability Company Regulation: The governing legislation for Cyprus company formation is the Companies Law of 1951. This is enforced by the Registrar of Companies and Official Receiver. Company activities: Cyprus company formation is possible for any legal activity which does not require specific licensing, such as banking, insurance, financial activities or collective investment schemes. Depending on the company's nature of business, it may require a licence to operate from the Central Bank of Cyprus, the Cyprus Securities and Exchange Commission (CySEC) or other regulatory bodies. Timeframe: You should allow 2 weeks for the Cyprus company formation. Alternatively, if you urgently need a company, we can provide a shelf company, which will be available for immediate use. Redomiciliation: A Cyprus company may continue as a company registered in another jurisdiction if its articles of association allow this. Similarly, a foreign company may register and continue in Cyprus if its own governing legislation permits this. Information available to the public: At the time of the Cyprus company formation, the Registrar of Companies collects certain information, which then becomes available to the public. This includes the company's memorandum and articles of association, along with details of its issued capital, shareholders, directors, secretary and registered office address. The company must file a copy of its financial statements each year and information relating to any mortgages and charges. The Registrar also keeps a record of the company's beneficial owners; however, this information is confidential and not available to the public, accessible only by persons permitted by the Prevention and Suppression of Money Laundering and Terrorist Financing Law. Company name: The company may choose a name in any language, provided it is expressed in Roman or Greek characters. It must indicate its limited liability status by using the word "Limited" or its abbreviation "Ltd" or the Greek equivalents "Λίμιτεδ" and "Λτδ". Share capital: It is usual practice to denominate the share capital in Euros (€) but this can also be any other currency. At least one share must be issued. The legislation does not allow bearer shares. Shareholders: The minimum number of shareholders is one. This can be a natural person or a body corporate. Nominee shareholders may be used if privacy is required. Directors: At least one director must be appointed, who may be either a natural person or another company, resident anywhere in the world. If the company intends to claim double tax treaty benefits, then it will need to be managed and controlled in Cyprus, so it helps if its directors are resident in Cyprus. The same person may be a sole director and sole shareholder provided another party acts as secretary. Shareholder and director meetings: May be held anywhere in the world, in person or electronically. An annual general meeting (AGM) of the shareholders must be held in each calendar year, with successive meetings not more than 15 months apart. The first AGM must take place within 18 months of incorporation. Registered office: It is a legal requirement for the company to maintain a registered office in Cyprus, where it keeps its statutory registers and records, as well as its official seal, and receives official notices and correspondence. Company secretary: The company is required to appoint a secretary, who can be a natural person or a company, preferably based in Cyprus. The company secretary is responsible for carrying out most of the company's statutory obligations. The same person may act as sole director and secretary provided a second party acts as shareholder. Financial statements: All Cyprus companies are required to prepare annual financial statements, which must be audited by a Cyprus-resident auditor. Starting with the year ended on 31 December 2022, smaller companies may elect to have their financial statements reviewed by an auditor instead of undergoing a full audit. To qualify for a review, a company's revenue may not exceed €200,000 and its assets may not exceed €500,000, both conditions to be met for two consecutive years. Annual filing requirements: The company must file an annual return, accompanied by its financial statements, with the Registrar of Companies. Late submission carries a fine of up to €500. An annual tax return must also be submitted to the Commissioner of Taxation. Taxation: The standard corporate tax rate is 12.5% levied on the company's worldwide income. Companies which conduct research and development activities, resulting in income from intellectual property, can qualify for an exemption from corporate income tax of up to 80% of their profit, resulting in an effective tax rate of only 2.5%. Qualifying assets include patents, copyrighted software programs and other intangible assets but not trademarks or copyrights. For an investment holding company, dividend income and any profit on the sale of shares are exempt of tax. There is no capital gains tax unless the gains arise from the sale of real estate property located in Cyprus. Dividends paid to non-resident shareholders are not currently subject to withholding tax. Double tax treaties: Cyprus tax resident companies can benefit from over 30 double tax treaties, notably with a number of countries in Central and Eastern Europe, the Middle East, Russia, India, South Africa and numerous others. Other considerations: Depending on the nature of its business activities, a Cyprus company may be required to register for VAT or allowed to do so voluntarily. The maximum rate of VAT is 19%. Alternative options: Consider Singapore or Hong Kong as possible alternatives to setting up a company in Cyprus. (Note: Cyprus has since enacted a 2026 tax reform raising the corporate tax rate to 15% — see the Blog section.) --- # Singapore Company Registration URL: https://www.mercuryconsulting.biz/services/corporate/singapore-company-registration/ These are some basic facts to consider before proceeding with a Singapore company registration. Singapore is the world's only island city-state, located in Southeast Asia, at the southernmost tip of the Malaysia peninsula. It was a British colony until 1963 and became an independent republic in 1965. Singapore has a population of 6.1 million, whose background is mainly Chinese and Malay. Official languages are English, Malay, Mandarin and Tamil, and the legal system uses English Common Law as its basis. The Singapore dollar is one of the most stable currencies in the world. Singapore is a major global hub for commerce, finance and transport. ## Singapore Limited Liability Company Regulation: The Companies Act (Cap 50) is the governing legislation and the Accounting and Corporate Regulatory Authority (ACRA) is the government body responsible for enforcing it. Private, small and exempt private companies: A private company has a maximum of 50 shareholders and restrictions on share transfers. A small company is private, has no more than 50 shareholders and satisfies two of: total staff up to 50; turnover up to S$10 million; total assets up to S$10 million (over the two preceding financial years). An exempt private company has no more than 20 shareholders, all individuals, with share-transfer restrictions. Company activities: Any lawful business activity; certain activities may require licensing. Timeframe: It is possible to complete a Singapore company registration in just a few minutes. Redomiciliation: A foreign company may register and continue as a Singapore company, provided its current jurisdiction also allows this and it satisfies two of: revenue over S$10 million; total assets over S$10 million; at least 50 employees. A Singapore company cannot continue in another jurisdiction. Information held on public record: ACRA maintains details of shareholders, directors, secretary, registered office address and registered mortgages and charges, available to the public. Directors may elect to show an alternate address. Companies not qualifying as solvent exempt private companies must file financial statements. Beneficial ownership disclosure: Companies must file information about registrable controllers with ACRA; this is not public. A registrable controller meets any one of: interest in more than 25% of shares; more than 25% of voting power; right to appoint/remove a majority of directors; significant influence or control. Company name: Must be in English, in Roman characters, not identical to an existing name nor "undesirable". Must end in "Limited", "Ltd", "Sendirian" or "Sdn"; a private company must also include "Private", "Pte", "Berhad" or "Bhd". Share capital: Usually denominated in Singapore dollars but can be any currency. At least one share must be issued. Bearer shares not allowed. Shareholders: Minimum one; may be natural persons or companies, resident anywhere. Nominee shareholders permitted. Directors: At least one director, who must be a resident or citizen of Singapore. Additional directors may reside abroad. Corporate directors not allowed. The same person may act as sole shareholder and sole director. Shareholder and director meetings: May be held anywhere, in person or virtually, or by written resolution. An AGM must be held within six months of the company's financial year end. Registered office: Must be maintained in Singapore. Company secretary: Must be appointed within six months; must be an individual resident or citizen of Singapore who is suitably qualified. A sole director cannot also act as secretary. Financial statements: Prepared annually in accordance with International Financial Reporting Standards. Every company which is not a small company must be audited. Annual filing requirements: Annual return to ACRA within one month after the AGM; financial statements attached unless a solvent exempt private company. Annual tax return to the Inland Revenue Authority of Singapore (IRAS). Corporate tax: Singapore has a territorial taxation system — a company only pays tax on income generated in or remitted to Singapore. The current rate of corporate tax is 17%, with partial exemptions. During the first three fiscal years, 75% of the first S$100,000 of taxable income plus 50% of the next S$100,000 is exempt; from the fourth year, 75% of the first S$10,000 plus 50% of the next S$190,000. To qualify, the company may not have more than 20 shareholders, at least one a natural person holding a minimum 10% of shares; not available to investment holding or property development companies. Fiscal year: 1 January to 31 December. Taxation of dividends: No tax on dividends received from another Singapore company. Overseas dividend income is not taxable unless received in a Singapore bank account, and even then may qualify for exemption if the foreign payer has paid tax and the highest corporate tax rate of that jurisdiction is at least 15%. Double tax treaties: Singapore has concluded close to 100 double tax treaties. Goods and services tax (GST): If turnover exceeds S$1 million, the company will normally be required to register for GST. The current rate of GST is 9% (rising to 10% on 1 January 2025). Alternative options: Consider Hong Kong or Cyprus as alternatives. --- # Hong Kong Companies URL: https://www.mercuryconsulting.biz/services/corporate/hong-kong-companies/ Hong Kong is an autonomous territory located on the southern coast of China; its proper name is Hong Kong Special Administrative Region of the People's Republic of China. After 151 years of British rule, the territory was handed back to China in 1997. It covers 2,754 sq km with a population of 7.2 million. Official languages are English and Chinese; the legal system is based on English Common Law. The Hong Kong dollar is one of the world's most traded currencies and the economy is ranked the freest in the world. ## Hong Kong Limited Liability Company Governing legislation: The Companies Ordinance, Cap 662, as amended. Company activities: Any legal business activity is permissible; banking and insurance require specific licensing. The company may not solicit funds from or sell its shares to the public. Timeframe: Companies Registry normally takes around one week. Shelf companies are available. Redomiciliation: Not allowed — neither outbound nor inbound. Information held on public record: The Companies Registry holds the memorandum and articles and records of directors, secretary, registered office address, registered mortgages and charges — accessible by the public. Directors may submit a correspondence address (a street address, not a PO box) so only that is public while their residential address remains confidential. Shareholder information is held but not made public. Company name: May be in English, Chinese or both. Must end in "Limited" or "PLC" or the Chinese equivalents. Names implying connection with government, or containing words such as "Department", "Government", "Commission", "Bureau", "Federation", "Council" or "Authority", will be rejected. Share capital: May be denominated in any currency; minimum one share issued upon incorporation. Bearer shares not allowed. Shareholders: At least one, a natural person or company. Nominee shareholders possible. Directors: At least one, a natural person or body corporate, resident in any country. Shareholder and director meetings: May be held anywhere, physically or electronically. An AGM must be held every calendar year unless the company elects not to; the first within 18 months of incorporation, subsequent ones within 9 months of the financial year end. One-shareholder companies need not hold an AGM. Registered office: Must be maintained in Hong Kong, where statutory records are kept (registers of members, directors and charges, and minutes). Company secretary: A suitably qualified secretary located in Hong Kong, a natural person or company. The same person cannot act as sole director and secretary. Financial statements: Prepared annually and audited by a local auditor. Annual filing requirements: An annual return to the Companies Registry. A tax return is filed with the Inland Revenue with audited financial statements. An annual business registration fee is payable (set at HK$2,150 for 2023/2024). Taxation: Profits Tax on net profit under a two-tier system — the first HK$2 million of taxable profit at 8.25% and profits above HK$2 million at 16.5%; where the same person/company controls more than 50% of multiple companies, only one is entitled to the reduced rate. Hong Kong has a territorial taxation system, so income generated entirely outside Hong Kong is not subject to tax there. From 1 January 2023, the exemption may not apply to foreign passive income received in Hong Kong by a member of a multinational enterprise group. Dividends and interest paid to non-residents are not subject to withholding tax; royalties to non-residents are subject to 2.75%–16.5% withholding (subject to treaty relief). Salaries Tax applies to employment income (with a 60-day exemption rule). No VAT. Fiscal year: 1 April to 31 March. Double tax treaties: Hong Kong has signed several, with conditions applying before eligibility. Alternative options: Consider Singapore or Cyprus. --- # BVI Companies URL: https://www.mercuryconsulting.biz/services/corporate/bvi-companies/ The BVI (British Virgin Islands) is a British Overseas Territory in the Caribbean, consisting of a group of 4 main islands and approximately 60 smaller ones. The main island is Tortola and the capital is Road Town. The population is approximately 30,000 of mainly African background. The official language is English and it uses the US dollar as its currency. The legal system is based on English Common Law. ## BVI Business Company Governing legislation: The BVI Business Companies Act of 2004, as amended. Timeframe: Incorporation is normally completed within one day; ready-made shelf companies are available. Company activities: Any legal activity, including holding property within the BVI. The Registrar of Companies must be informed at incorporation if the company intends to carry on business with BVI residents. Certain activities require specific licensing. Redomiciliation: A BVI company may continue in another jurisdiction (and vice versa) where the relevant legislation allows. Information held on public record: The Registrar holds the memorandum and articles, registered agent and registered office address (public). A copy of the register of directors must be filed within 14 days of the first director's appointment and within 21 days of any change. From January 2023, directors' names are publicly available; address and date of birth are accessible only by competent regulatory authorities or court order. Share capital: May be denominated in any currency; shares may have any par value or no par value. Minimum one share issued at the time of appointing the first director. Bearer shares not allowed. Shareholders: Minimum one, no maximum; natural persons or companies, resident anywhere. Nominee shareholders commonly used. Directors: At least one director within 6 months of incorporation; natural persons over 18 (resident anywhere) or a company. Professional directors possible. The same person may act as sole director and shareholder. Shareholder and director meetings: May be held anywhere, by telephone or electronic means. No AGM required. Registered office: Every BVI company must have a registered office in the BVI (usually the registered agent's address). Certain records must be kept there; failing to keep a register of charges carries a US$5,000 fine, and failing to inform the registered agent of records' location is an offence carrying a US$10,000 fine. Records are not accessible by the public. Company secretary: Not obliged but recommended; may be a natural person (resident anywhere) or company. The same person may act as sole shareholder, director and secretary. Financial statements: Proper accounting records must be maintained (generally for five years) but there is no obligation to audit or file financial statements. Annual filing requirements: From 2023, BVI companies must file an annual return with their registered agent containing certain financial information, due within 9 months of the end of the calendar/financial year. It is not submitted to the Registrar and is not public. Taxation: BVI business companies are not subject to any form of tax within the BVI. Double tax treaties: Not eligible for any treaty benefits. Economic substance: From 1 January 2019, BVI companies engaged in "relevant activities" and not taxed elsewhere must maintain a physical presence and adequate local expenditure. Relevant activities: banking, insurance, fund management, finance and leasing, headquarters business, shipping, pure equity holding, intellectual property, and distribution and service centre activities. Companies not involved in these fall outside the scope. Company closure: A company is struck off for failing to pay its annual licence fee; following 2023 amendments it is dissolved immediately on publication of the striking-off notice in the Gazette. Reinstatement is possible within 5 years. A company may also be dissolved through voluntary liquidation. Alternative options: Consider Nevis. --- # Nevis Companies URL: https://www.mercuryconsulting.biz/services/corporate/nevis-companies/ Nevis is one of two islands in the Caribbean which, with St Christopher (commonly known as St Kitts), form the Federation of St Kitts and Nevis. They cover 260 sq km with a population of 60,000. The capital is Basseterre (in St Kitts); the main town in Nevis is Charlestown. English is the official language and the local currency is the East Caribbean dollar. The legal system is based on English Common Law. St Kitts and Nevis is a member of CARICOM, the ACS and the OECS. ## Nevis International Business Company (IBC) Governing legislation: The Nevis Business Corporation Ordinance Cap 7.01(N). Company activities: A Nevis IBC may not carry on banking, insurance or foreign exchange trading. Restrictions apply to certain other fields. Timeframe: Registration normally completed within one day; shelf companies available. Redomiciliation: A Nevis IBC may continue in another jurisdiction, and a foreign company may continue as a Nevis IBC, where permitted. Information held on public record: The Registrar of Corporations maintains the articles, registered agent and registered office address (public). Bylaws need not be filed. Any other information submitted voluntarily becomes public. Company name: Any language but expressed in Roman characters, with no restricted/prohibited words. Any internationally accepted limited liability designation may be used (e.g. Limited, Ltd, Corporation, Corp, Co, Incorporated, Inc, Société Anonyme, Sociedad Anonima, SA, GmbH). Share capital: May be denominated in any currency; at least one share issued. Bearer shares not permitted. Shareholders: At least one, a natural person or company. Nominee shareholders may be used. Directors: At least one, a natural person or company, resident anywhere. Professional directors possible. The same person may act as sole director and shareholder. Shareholder and director meetings: May be held anywhere; director meetings may be held by telephone conference (but not shareholder meetings). An AGM is required. Registered office: Must be maintained in Nevis. Company secretary: Not mandatory but recommended; a natural person or company, resident anywhere. The same person may act as sole shareholder, director and secretary. Financial statements: Not obliged to prepare them, but proper accounting records must be kept for a minimum of 5 years. Annual filing requirements: A simplified tax return each year. Provided no management takes place in Nevis and no income is generated there, no financial information is included and no tax is payable. Double tax treaties: Nevis has signed treaties with Denmark, Norway, Sweden, Switzerland and the UK, but these do not apply to Nevis IBCs — only Nevis tax resident companies have access. Alternative options: Consider the BVI. --- # Trust Services URL: https://www.mercuryconsulting.biz/services/trust/ A trust is a relationship which arises where assets are transferred from one person, known as the settlor, to another person, known as the trustee, who is obliged to administer these assets for the benefit of a class of persons, known as the beneficiaries. A trust is able to own immovable property, as well as movable assets, such as cash, shares, investments, an art collection and intellectual property. The terms under which the trustee may administer the assets are governed by the trust deed and by applicable law. Depending on the preference of the settlor, a protector may be appointed to oversee the actions of the trustee. The main uses of trusts are for asset protection and estate planning purposes. Assets transferred into a trust will be protected from the risk of litigation, as they no longer form part of the estate of the person being sued — of particular importance to individuals whose businesses give rise to personal litigation risk, such as doctors, lawyers or directors of public companies. When used as an estate planning tool, trusts allow for the preservation of family wealth and the controlled transition of assets from one generation to the next. By creating a trust, the settlor can control the distribution of his/her estate upon death, thus avoiding forced heirship rules, probate and inheritance taxes, and protecting assets from spendthrift beneficiaries or from falling into the hands of a divorced spouse. Other reasons for creating a trust include benefiting a charitable cause, providing pensions for retired employees, or allowing property to be held for a minor. A trust can be discretionary or fixed. Under a discretionary trust, the trustee has discretion to deal with the trust assets as it thinks appropriate for the benefit of the beneficiaries, and is not obliged to follow directions of the settlor or beneficiaries; consequently the trust assets fall outside the reach of creditors in a beneficiary's bankruptcy and beneficiaries cannot be taxed on income or assets until a distribution is made. The settlor may issue a "letter of wishes" for the trustee's guidance. With a fixed trust, the trust deed stipulates how assets are to be distributed, providing no discretion to the trustee, and therefore does not provide the asset and tax protection of a discretionary trust. For this reason, most trusts created are discretionary. An "accumulation and maintenance trust" accumulates assets and income for the benefit of a child, distributed once the child reaches a certain age or upon a certain event (such as marriage or the birth of a first child). Mercury has substantial experience in the establishment and administration of trusts. We provide trustee services and can also help you set up a private trustee company to act as the trustee of your own family trust. --- # Cyprus Trusts (Cyprus International Trust) URL: https://www.mercuryconsulting.biz/services/trust/cyprus-trusts/ Cyprus is the third largest island in the Mediterranean, with a population of approximately 900,000. The capital is Nicosia. Official languages are Greek and Turkish but Greek and English are more widely spoken. Cyprus has been an EU member since 1 May 2004 and adopted the Euro on 1 January 2008. The legal system is based on English Common Law. ## Cyprus International Trust Governing legislation: The Trustees Law of 1955 in conjunction with the International Trusts Law of 1992, as amended. In the event of conflict, the International Trusts Law prevails. Trust conditions: To qualify as a Cyprus international trust, three conditions must be met: (1) the settlor must not have been resident in Cyprus at any time during the calendar year prior to creation; (2) at least one trustee must be a resident of Cyprus for the entire duration; (3) none of the beneficiaries may have been resident in Cyprus during the calendar year prior to creation. A natural person is resident if spending more than 183 days in a calendar year; a company is tax resident if incorporated in Cyprus or managed and controlled there. Both settlor and beneficiaries may become Cyprus residents after creation without affecting validity. Maximum trust duration: May continue in perpetuity (the rule against perpetuities does not apply). Maximum accumulation period: Income may be accumulated for a maximum of 100 years. Revocability: Considered irrevocable unless the trust deed specifically provides otherwise. Powers of the trustees: Determined in the trust deed, additional to those under the International Trusts Law. Protector: A protector may be appointed, with powers defined in the trust deed — including advising trustees, consenting to or vetoing decisions, amending terms, appointing/removing parties, changing the applicable law, and exercising powers of a director of companies owned by the trust. Registration requirements: Details of the trust and parties are submitted to the Cyprus Securities and Exchange Commission (CySEC); not accessible to the public, only competent authorities or by court order. Taxation: A Cyprus international trust is exempt of income tax, capital gains tax, estate taxes and all other forms of tax in Cyprus. Distributions to non-resident beneficiaries are not subject to any form of tax in Cyprus. Financial statements: May be distributed to certain beneficiaries and/or the settlor, and may be audited at the settlor's request, but are not filed with any statutory authority. Owning immovable property: The trust may own immovable property in Cyprus, subject to the Immovable Property Law. Enforcement of foreign judgements: The Cyprus courts will not recognise certain foreign judgements relating to Cyprus international trusts, provided the trust deed states Cyprus law as the applicable law. Foreign inheritance laws: Validity is not affected by any foreign inheritance or succession laws. Asset protection considerations: Validity is not affected by the settlor's subsequent bankruptcy or liquidation, provided the disposition was not intended to defraud creditors. Any action against the trustee must take place within two years of the date of transfer of the assets. Change of applicable law: It is possible to change the applicable law to a foreign law (if allowed by the trust deed and recognised by the new jurisdiction), and vice versa. --- # Immigration Services URL: https://www.mercuryconsulting.biz/services/immigration/ A second passport can be a very powerful personal planning tool. A number of countries allow foreigners to obtain citizenship on the basis of a minimum amount of investment, in most cases while retaining their original citizenship. Dual nationality can be a significant advantage, allowing an individual to live, work and own property in both countries, providing safety for citizens of politically unstable countries, and allowing visa-free travel. Mercury is able to provide advice and facilitate citizenship applications in the following jurisdictions: Dominica, Grenada, Malta, St Kitts and Nevis, and Vanuatu. The citizenship programs are typically available to the applicant, their spouse and any children up to the age of 25. In addition, Mercury can assist with residence permits in: Cyprus, Greece, Malta, Portugal, Singapore, and the United Arab Emirates. --- # Greece Golden Visa URL: https://www.mercuryconsulting.biz/greece-golden-visa/ Key figures: Minimum investment €250,000; application processing time ~3 months; minimum annual stay requirement 0 days; can apply for citizenship after 7 years. About Greece: A country in Southeast Europe with a population of 10.5 million; the capital is Athens; the official language is Greek; an EU member using the Euro. Greece offers a cosmopolitan lifestyle, Mediterranean climate, excellent educational and healthcare facilities and a reasonable cost of living. Who can get a Greece golden visa: Non-EU nationals; clean criminal record (in Greece and the applicant's current country of residence); completion of the required minimum investment (typically a property purchase of at least €250,000); the application can include the main applicant, their spouse, all children under 21 and the parents of both the applicant and their spouse. Benefits: The right to live anywhere in Greece; free access to public education and healthcare; free movement throughout Europe's Schengen Area; no obligation to live in Greece; no personal tax obligations if staying less than 183 days per year; the investment property may be rented out; any profit on the sale of the property is exempt of tax; citizenship eligibility after 7 years. Investment options: - Real estate (most common): As of 1 September 2024, the minimum real estate investment is €400,000; for the entire region of Attika (including Athens and Piraeus), Thessaloniki, Mykonos, Santorini and all islands with a population exceeding 3,100, the minimum is €800,000. The investment must relate to a single property of a minimum surface area of 120 sqm. Two exceptions with a €250,000 minimum: a property converted from commercial to residential use (conversion completed before application), or restoration of a listed building of cultural/historical importance (restoration completed within 5 years of residence). The property may be rented out but not on the short-term market (e.g. Airbnb). - Investment fund: €350,000 in a mutual fund investing exclusively in Greek listed company shares or bonds, or €350,000 in an alternative investment fund investing exclusively in Greece. - Fixed term deposit: €500,000 with a Greek financial institution, blocked for 5 years. - Government bonds: €500,000 in Greek government bonds. - Other options: €500,000 in approved venture capital firms, mutual funds, alternative investment funds or real estate investment companies; or €800,000 in Greek listed company shares or bonds. Tax considerations: Personal tax rates — first €10K exempt, next €30K taxed at 22%–36%, income over €40K at 44%. Non-dom regime — an annual lump tax of €100,000 regardless of foreign income for up to 15 years. Foreign pension taxed at 7% for non-domiciled foreigners. Inheritance tax — first €100K exempt, 1% up to €200K, 5% up to €300K, 10% above €300K (only on property within Greece). Procedures: (1) Complete your investment (a notary draws up the property contract; all investments can be carried out remotely; compliance checks verify the source of funds; register with the Greek tax authorities for a tax identification number; funds must originate from outside Greece). (2) Submit your application (documents in English or Greek; health insurance arranged for all applicants; a temporary residence permit is issued on submission). (3) Meet with immigration authorities (~3 months; photos and fingerprints taken, including children under 18; passports presented). (4) Visa issued (Greek identity card received; visa valid for five years, renewable indefinitely while the investment is held). FAQ highlights: The minimum investment is €250,000 for a residential property converted from commercial use; €400,000 for purpose-built residential; €800,000 in the Attika region, Thessaloniki or islands over 3,100 population; €350,000 for non-property investments. The visa covers the main applicant, spouse, children under 21, and the parents of both. Processing in as little as three months. It is not an employment visa, though you may set up and direct a Greek company under certain conditions. Citizenship and a Greek passport may be applied for after living in Greece for 7 years. --- # Cyprus Golden Visa URL: https://www.mercuryconsulting.biz/cyprus-golden-visa/ Key figures: Minimum investment €300,000; application processing time ~2 months; minimum stay 1 day every 2 years; can apply for citizenship after 8 years. About Cyprus: The third largest island in the Mediterranean and an EU member state (expected to join the Schengen Area in 2025), with a population of approximately 900,000, using the Euro. The capital is Nicosia; the main coastal towns are Limassol, Paphos and Larnaca. Official languages are Greek and Turkish but Greek and English are mostly spoken. The economy is mainly based on tourism and financial services. Cyprus offers excellent healthcare, high education standards and a reasonable cost of living, with 320 days of sunshine per year. Who can get a Cyprus golden visa: Non-EU nationals; clean criminal record (Cyprus, country of origin and current country of residence); the application can include the main applicant, spouse and any children under 18 (unmarried children aged 18–25 studying full time in Cyprus can be included through a student visa); a minimum investment of €300,000; minimum annual income — the main applicant needs overseas income of at least €50,000 per year, increasing by €15,000 if the spouse is included and €10,000 per dependent child. Benefits: The right to live permanently in Cyprus; free access to public education and healthcare; Cyprus to join the Schengen Area in 2025; visit only once every 2 years; visa issued for 10 years and renewable indefinitely; no personal tax obligations if staying less than 183 days per year; generous tax incentives for non-domiciled residents; the investment property may be rented out; citizenship eligibility after 8 years (may be reduced to 4). Investment options: - Real estate: Purchase of one or two newly-built houses or apartments with a minimum total value of €300,000 (for personal use or investment); may be rented out, including short-term (e.g. Airbnb). Alternatively, €300,000 in commercial property or hotels (no requirement to be a new development). VAT applies at 19% on new developments bought for investment, reduced to 5% if bought for personal use. If investing more than €300,000, at least €300,000 plus VAT must originate from the applicant's personal account outside Cyprus. - Company shares: A minimum of €300,000 in the share capital of a Cyprus-registered company, which must maintain a physical presence in Cyprus and employ at least 5 staff. - Investment fund: At least €300,000 in a fund regulated by CySEC and a member of the Cyprus Investment Funds Association (AIF, RAIF or AIFLNP). Tax considerations: Personal tax rates — first €19,500 exempt, next €40,500 taxed at 20%–30%, income over €60K at 35%; dividend income exempt. Non-dom regime — non-domiciled foreigners becoming tax-resident are exempt of tax on dividends, interest, profits on the sale of shares and foreign capital gains for 17 years. Foreign pension taxed at 5%. No inheritance tax, gift tax or wealth tax. Procedures: (1) Complete your investment (a contract is deposited with the Land Registry; €300,000 plus VAT must be paid before application from a personal bank account outside Cyprus; all investments can be carried out remotely; compliance checks; register with the Cyprus tax authorities). (2) Submit your application (documents in English or Greek). (3) Meet with immigration authorities (~2 months; photos and fingerprints taken; passports presented). (4) Visa issued (a Cyprus identity card with a 10-year validity issued on the spot; permanent residence permit, confirmed yearly; health insurance certificate annually if not covered by the General Health System; fresh clean criminal records every three years). FAQ highlights: The visa covers the main applicant, spouse, children under 18, and unmarried children 18–25 in full-time education in Cyprus. Minimum investment €300,000 (residential or commercial property, shares in a Cyprus company employing at least 5 staff, or an approved fund). VAT is 19% on newly-completed properties, reduced to 5% for personal-use residential property (limited to the first 130 sqm, up to €350,000 value, total transaction not exceeding €475,000); top-up VAT applies if a personal-use property is later rented out. Processing ~2 months. Limited employment possibilities (applicant and spouse may work as directors in a company in which they invest). Tax residence by 183 days, or by the 60-day rule under conditions. Acquiring permanent residence in another jurisdiction causes loss of Cyprus permanent residence. Citizenship may be applied for after cumulatively residing 8 of the last 10 years (including the most recent 12 months), with a place of residence and a basic Greek language test (A2); reduced to 5 years for highly-skilled applicants, and to 4 years with a B1 Greek certificate. Military service is compulsory for Cypriot men, with exemptions for those without Cypriot ancestry under certain conditions. --- # Portugal Golden Visa URL: https://www.mercuryconsulting.biz/portugal-golden-visa/ Key figures: Minimum investment €250,000; application processing time ~12 months; minimum annual stay requirement 7 days; can apply for citizenship after 5 years. About Portugal: A country of 10.6 million people at the western tip of the European continent, with the North Atlantic Ocean to its west and south and Spain to the north and east. The Azores and Madeira are autonomous regions. Lisbon is the capital and Porto the second-largest city; the official language is Portuguese, with English widely spoken. Portugal is a member of the EU and the Schengen Area; its passport ranks 4th strongest in the world, allowing visa-free travel to 188 countries. Conditions: Non-EU nationals (and not Swiss); clean criminal record (in Portugal/the Schengen Area and the current country of residence); a donation of €250,000 or an investment of at least €500,000; family reunification for the spouse (including civil and same-gender partners), children up to 25 and the parents of both the main applicant and their spouse/partner. Benefits: The right to live and work anywhere in Portugal; unrestricted rights to own property; free access to public education and healthcare; free movement throughout the Schengen Area; must only spend 7 days per year in Portugal; no personal tax obligations if staying less than 183 days per year; a wide selection of investment options; non-residents not taxed on their investment income; citizenship eligibility after 5 years. Investment options: - Cultural donation: A donation of €250,000 or more in support of artistic production or the recovery/maintenance of national cultural heritage (non-refundable). Reduced to €200,000 in low-density/low-GDP areas. - Scientific research donation: €500,000 towards scientific or technological research by Portuguese institutions; reduced to €400,000 in sparsely populated areas. - Investment funds (most common): Buying units in qualifying collective investment schemes (investment funds and private equity funds) which keep at least 60% of investments in Portuguese-registered companies, do not invest in real estate, and have a maturity of at least 5 years. Minimum €500,000 (a single fund or a portfolio). - Job creation: Creation of at least 10 new jobs; or €500,000 to incorporate a new company creating 5 permanent jobs for at least 3 years; or €500,000 in an existing company employing at least 10 (of which at least 5 permanent) for at least 3 years. Tax considerations: Personal tax rates — first €8K taxed at 13%, next €75.7K at 16.5%–45%, income over €83.7K at 48%. The Non-Habitual Resident (NHR) regime has been abolished for new applicants from 1 January 2024. From 1 January 2024, foreign pensions are taxed at the standard progressive rates. Inheritance tax — spouses, children, grandchildren, parents and grandparents are not subject to Portuguese inheritance tax. Procedures: (1) Complete your investment (obtain a Portuguese taxpayer number and open a local bank account; funds come from overseas; some funds allow direct investment from an overseas account). (2) Submit your application (documents translated if necessary; documents legalised by Apostille or certified by a Portuguese embassy/consulate; submitted to the Agency for Integration, Migration and Asylum, AIMA, which introduced an online platform from 2025). (3) Meet with immigration authorities (~12 months; AIMA issues a pre-approval and collects biometric data). (4) Visa issued (residence cards received; visa valid two years then renewed for a further three years; citizenship eligibility after 5 years from the original application, provided at least 14 days spent in Portugal during each 2-year period). FAQ highlights: The minimum qualifying investment is a donation of €200,000 (in low-density areas) towards cultural heritage; the most popular option is €500,000 in qualifying funds. The visa allows family reunification (spouse including civil/same-gender, children under 18 including adopted, parents of both; children 18–25 if single, studying and financially dependent). Processing expected at ~12 months following the 2025 digital platform. The visa allows living, studying and working in Portugal including setting up a business. Free Schengen movement up to 90 days in any 180. Citizenship after 5 years with A2-level Portuguese; a child born in Portugal while holding a golden visa automatically acquires Portuguese citizenship. --- # Grenada Passport (Citizenship by Investment) URL: https://www.mercuryconsulting.biz/services/immigration/grenada-passport/ Grenada comprises a complex of islands in the Grenadines, in the Caribbean. The main islands are Grenada, Carriacou and Petite Martinique. Total area 350 sq km; population 120,000; capital St George's; official language English; local currency the East Caribbean dollar. Grenada is known as the "Island of Spice" (nutmeg and mace); the economy is mainly dependent on tourism. The economic citizenship program: The Grenada Citizenship by Investment Program was introduced in 2013. Major benefits: Travel to over 140 countries (including the European Schengen Area, China, Hong Kong, Singapore and the UK) without a visa or with a visa on arrival; can apply for a US non-immigrant (E-2) investor visa after 3 years; the application may include the applicant's spouse, any children up to 29, any unmarried siblings over 18, parents and grandparents; no minimum stay; citizenship can be passed to new spouses and future generations; dual citizenship permitted; Commonwealth privileges. Application requirements: The main applicant must be over 18 with a clean criminal record. Two investment options: - Option 1 — NTF contribution (non-refundable, to the National Transformation Fund): US$150,000 for a single applicant; US$200,000 for a family of four; US$25,000 for each additional family member other than siblings and parents aged 54 or younger; US$50,000 for each parent aged 54 or younger; US$75,000 for each unmarried sibling over 18. - Option 2 — Real estate purchase: A minimum of US$200,000 in an approved development project, plus a non-refundable contribution of US$50,000. The real estate must be held for a minimum of 5 years. Application process: Mercury conducts an initial due diligence and compliance review, then prepares and submits the application. Citizenship is normally granted within 3 months; the passport is issued within a couple of weeks and couriered (no need to collect in person). The real estate route may take a little longer. --- # Dominica Passport (Citizenship by Investment) URL: https://www.mercuryconsulting.biz/services/immigration/dominica-passport/ The Commonwealth of Dominica is an island country in the Caribbean, population 75,000, surface area 750 sq km, capital Roseau, official language English, local currency the East Caribbean dollar. The traditional source of income was agriculture (bananas); in recent years tourism has become the main pillar. The economic citizenship program: The Dominican Citizenship by Investment Program was introduced in 1993, one of the most successful programs available. Major benefits: Travel to over 140 countries (including the European Schengen Area, China, Hong Kong and Singapore) without a visa or with a visa on arrival; the application may include the applicant's spouse, any unmarried children up to 30, and parents and grandparents aged 65 and over; no minimum stay; citizenship can be passed to future generations; dual citizenship permitted; Commonwealth privileges. Application requirements: The main applicant must be over 18 with a clean criminal record. (Note: an applicant ever refused a visa by a country with which Dominica has a visa-free agreement must re-apply and be granted a visa first.) Two investment options: - Option 1 — EDF contribution (non-refundable, to the Economic Development Fund): US$100,000 for a single applicant; US$150,000 for the main applicant plus spouse; US$175,000 for the main applicant plus up to three dependants; US$25,000 for each additional dependant under 18; US$50,000 for each additional dependant over 18. - Option 2 — Real estate purchase: A minimum of US$200,000 in an approved real estate development, held for at least 5 years. Application process: Mercury prepares and submits the application; no need to travel to Dominica. Usual processing time 3 months, after which the citizenship certificate and passport are received. --- # St Kitts and Nevis Passport (Citizenship by Investment) URL: https://www.mercuryconsulting.biz/services/immigration/st-kitts-and-nevis-passport/ The Federation of St Kitts and Nevis is made up of two Caribbean islands — St Christopher (St Kitts) and Nevis — covering 260 sq km with a population of 47,000. The capital is Basseterre (in St Kitts); the main town in Nevis is Charlestown. English is the official language; local currency the East Caribbean dollar; legal system based on English Common Law. The economic citizenship program: The St Kitts and Nevis Citizenship by Investment Program was introduced in 1984, one of the most respected and successful programs in the world. Major benefits: Travel to over 150 countries (including the European Schengen Area, Hong Kong, Singapore and the UK) without a visa or with a visa on arrival; the application may include the applicant's spouse (opposite sex only), any children below 18 and parents or parents-in-law aged 55 and over who are dependent on the main applicant; children aged 18–25 who are full-time students supported by the main applicant may also be included; citizenship can be passed to future generations; dual citizenship permitted; Commonwealth privileges. Residency requirements: Applicants must spend between 5 and 7 days in St Kitts and Nevis in the first 2 years after obtaining citizenship and then a minimum of 30 days within the first 5 years. Application requirements: The main applicant must be over 18 with a clean criminal record; police clearance certificates required for all applicants aged 16 or older. Three investment options: - Option 1 — SISC contribution (non-refundable, to the Sustainable Island State Contribution fund): US$250,000 in total for the main applicant plus up to 3 dependants; US$25,000 for each additional dependant under 18; US$50,000 for each additional dependant over 18. - Option 2 — Approved Public Benefit Project: A minimum contribution of US$250,000 to a public benefit unit within an Approved Public Benefit Project. - Option 3 — Real estate purchase: Through an approved development — minimum US$325,000 for a condominium and US$600,000 for a single-family home; held for a minimum of 7 years. Application process: Mercury conducts an initial due diligence and compliance review, then prepares and submits the application to the St Kitts and Nevis Citizenship by Investment Unit (CIU). The CIU appoints an independent firm for detailed due diligence and interviews. Once conditions are met, a Certificate of Registration is issued, personally collected by the main applicant (in St Kitts and Nevis or at a specified embassy/consulate). The process is typically completed within 4 to 6 months, with no requirement to visit. --- # Accounting Services URL: https://www.mercuryconsulting.biz/services/accounting/ Our Accounting Services team consists of Chartered and Certified Accountants, who cater for our clients' accounting, tax and audit requirements. Our accountants are able to maintain your company's accounting records, allowing for the preparation of annual financial statements. You may also wish to receive monthly or quarterly management accounts. If the company is registered for VAT or GST, it will be required to submit monthly or quarterly returns. It will also normally be necessary to submit a tax return every year and the company's financial statements may need to be audited. These are all services handled by our Accounting Services team. Furthermore, our accountants have extensive experience in handling claims for double tax treaty relief where our clients' companies are eligible. Tax and audit services are provided through our group's regulated assurance firms, located in Cyprus and Singapore. --- # Financial Consulting Services URL: https://www.mercuryconsulting.biz/services/finance/ Over the years, Mercury has developed strong ties with leading financial institutions, venture capital firms and family offices throughout the world. This allows us to broker finance deals for our clients, ranging from US$5 million to US$500 million or more for business expansion or acquisition purposes. It also provides our clients with the opportunity to participate in new ventures at an early stage, thus maximising the potential for a superior return on investment. Through our association with an independent financial consulting firm, our clients are able to receive advice and gain access to a range of financial products offered by international fund management groups. The objective is to design a tailor-made portfolio to suit each client's specific needs and circumstances. The portfolio can be held through an insurance wrapper bond, leading to added security and potentially tax minimisation. We can arrange key man insurance for corporate clients where the death or critical illness of a key member of staff could affect the company's overall performance. We can also arrange life assurance to suit the requirements of high net worth individuals through Lloyds underwriters in London. For clients interested in investing in real estate, Mercury can assist with both the selection of suitable properties and obtaining mortgage finance. --- # Business Networking & Consulting URL: https://www.mercuryconsulting.biz/services/business/ Mercury's dual presence in Asia and Europe allows us to act as a gateway between East and West, offering our clients endless expansion possibilities. Through our trusted and long-standing relationships with investors, as well as owners and key decision-makers across a vast diversity of businesses, Mercury has been instrumental in the establishment of joint ventures and investments between our clients in various parts of the world. We have successfully facilitated numerous trade transactions, as well as business mergers and acquisitions between our clients over the years. These have ranged from locating a potential partner for the distribution of goods or services in a new region, to bringing together a consortium of European investors to fund a major real estate development in India. Regardless of the size of our clients' operations, there are always benefits to be gained by exploring the ways in which we can assist businesses to expand in other regions. --- # Business Licensing Services URL: https://www.mercuryconsulting.biz/services/licencing/ Mercury has substantial expertise in assisting its clients with their specialised licencing needs. Any company providing financial services to the general public or handling the funds of third parties will normally require a financial services licence. Whether you intend to act as an investment consultant or operate a collective investment scheme, an online foreign exchange brokerage or an electronic money institution, you will need to hold an appropriate licence. The operation of a cryptocurrency exchange also requires a licence. Depending on the nature of your online business, you may need to hold a licence from the country in which your servers are located, allowing you to carry on your business from within that jurisdiction. Using the resources of our offices in Singapore and Cyprus, as well as our extensive network of partner firms in all major financial centres, Mercury is well placed to advise on your licencing needs and to assist you throughout the application process and beyond. --- # Contact URL: https://www.mercuryconsulting.biz/contact/ Let's reach your true potential. Contact us! - Cyprus: +357 2284 6000 — 360 Business Centre, 3rd Floor, 6 Aphrodite Street, CY-1060 Nicosia - Singapore: +65 6330 6380 — 8 Temasek Boulevard, #17-02A Suntec Tower Three, Singapore 038988 You may submit your enquiry via the website form. Mercury will respond within one working day. --- # Join Us URL: https://www.mercuryconsulting.biz/join-us/ Mercury is always looking to expand its network of associates and partners around the world. Most of our clients are referred to us either by existing clients or through professional advisors, such as lawyers, accountants, financial consultants or fellow trust and corporate service practitioners. If you are a professional advisor or a member of an association or group of individuals who may have an interest in our services, feel free to reach out to us. We have great flexibility in the ways in which we may co-operate with our partners and can customise the terms of our relationship to each partner's circumstances. --- # Blog URL: https://www.mercuryconsulting.biz/blog/ ## Cyprus Tax Reform 2026: Key Changes for Businesses and Individuals URL: https://www.mercuryconsulting.biz/blog/cyprus-tax-reform-2026/ Published 21 May 2026. In 2025, the Cyprus government conducted an extensive review of the country's tax framework. These reforms came into effect on 1 January 2026, aimed at aligning Cyprus with international tax standards while maintaining competitiveness. Key measures introduced: - The corporate tax rate has been raised from 12.5% to 15%. - Deemed dividend distribution no longer applies for profits earned from 1 January 2026 onwards. - Tax losses may now be carried forward for 7 years instead of 5. - The 120% super-deduction for qualifying R&D expenditure related to IP assets is extended to 2030. - The maximum allowance for entertainment expenses has been increased to €30,000. - Special Defence Contribution (SDC) on dividends has been reduced from 17% to 5% on actual dividend distributions of profits earned from 1 January 2026 onwards. - The 3% SDC on rental income has been abolished. - Gains from the disposal of cryptocurrencies are now subject to tax at 8%. - Stock options granted under an approved employer plan are taxed at 8%. - Ex-gratia termination payments are exempt up to €200,000 and taxed at 20% thereafter. - Stamp duty has been abolished. The reform focuses on three pillars: international alignment (OECD and EU initiatives), a fairer distribution of the tax burden, and incentives to promote investment, innovation and entrepreneurship. The increase to 15% aligns Cyprus with the OECD's global minimum tax framework, while it still has one of the lowest corporate tax rates in the EU. Capital gains exemptions, participation exemptions on dividends and IP incentives remain unchanged. The elimination of deemed dividend distribution benefits investment holding companies and fast-growing businesses. The extended loss carry-forward benefits capital-intensive industries, startups and R&D-based businesses. The SDC reduction on dividends (to 5% for tax-resident and domiciled persons) improves post-tax dividend income; dividends to low-tax jurisdictions attract 5% SDC and to EU blacklisted jurisdictions 17% SDC. The abolition of SDC on rental income increases net rental yields. The new 8% flat tax on crypto gains allows offsetting gains and losses within the same year. Stock option benefits and termination gratuities receive preferential treatment. ## Benefits of the Cyprus Golden Visa for Investors and Families URL: https://www.mercuryconsulting.biz/blog/benefits-of-the-cyprus-golden-visa-for-investors-and-families/ Published 9 February 2026. The Cyprus golden visa program provides a pathway to improve one's lifestyle, investment security and family safety, combining flexibility with long-term investment security, tax privileges and fast-track processing. Top benefits: 1. A simple and quick residency approval process — residency confirmation in two or three months, among the quickest routes in Europe. 2. Access to excellent healthcare and education — state-of-the-art hospitals, international schools and English-teaching universities. 3. Bringing loved ones under the same application — spouse and dependent children qualify, potentially up to age 25. 4. Attractive tax benefits — among the lowest personal and corporate tax rates in the EU, no wealth or inheritance taxes, numerous double tax treaties. 5. Easy travel across the EU/Schengen zone once Cyprus joins Schengen — Cyprus expects to complete the required technical reforms by June 2026, after which golden visa holders can travel freely up to 90 days in any 180. 6. Safety, security and a family-friendly environment — a low crime rate and a strong culture of community. 7. A clear path toward citizenship — eligibility to apply after 8 years of residing on the island. Cyprus stands out for a quick process, predictable approvals and a well-organised program (property, business or investment funds), plus its position between Europe, Asia and the Middle East. ## Step-by-Step Application Process for the Cyprus Golden Visa URL: https://www.mercuryconsulting.biz/blog/cyprus-golden-visa-application-process/ Published 18 November 2025. The Cyprus golden visa offers a quick and efficient pathway to European residency via investment in real estate, business or an investment fund. Seven-step process: 1. Decide on the best investment option (real estate, share capital of a Cyprus business, or local investment funds). Most applicants opt for real estate. 2. Complete your investment and secure the paperwork (property purchase contract, share certificates or fund subscription certificates, and bank advice slips showing funds originated from abroad). 3. Gather the documents (passport copies, proof of investment, clean criminal record certificate, medical insurance, and proof of minimum annual income; translated into Greek or English and legalised). 4. Submit your application to the Civil Registry and Migration Department of Cyprus, paying the application fees. 5. Temporary residence permit — apply if you wish to remain in Cyprus while your application is processed. 6. Biometric appointment — photo, fingerprints and signature collected. 7. Receive your official Cyprus golden visa residence card — serves as a local identity card. When Cyprus joins the Schengen Zone (expected early 2026), the card will allow free Schengen travel (90 days in any 180). It entitles holders to free public healthcare and education, but is a permanent residence permit, not an employment permit. Timelines: Typically two to three months from submission to approval; temporary residence permit applications are processed within a few weeks. ## Cyprus Introduces Defensive Tax Measures for Low-Tax and EU Blacklisted Jurisdictions URL: https://www.mercuryconsulting.biz/blog/cyprus-defensive-tax-measures/ Published 23/24 June 2025. Cyprus has introduced defensive tax measures on outbound payments of dividends, interest and royalties to related parties located in low-tax and EU blacklisted jurisdictions. The rules apply to payments by Cyprus tax-resident companies to related parties which directly or indirectly control at least 50% of the Cyprus company's share capital, voting rights or profit entitlement, where the related party is located in an EU blacklisted jurisdiction (and not tax-resident elsewhere off the list) or in a low-tax jurisdiction (and not tax-resident elsewhere not low-tax). An EU blacklisted jurisdiction is one appearing on the EU black list during the respective and preceding calendar year. A low-tax jurisdiction is one whose corporate tax rate is less than half the Cyprus rate (then 12.5%). - Dividends: Payments to qualifying related parties in EU blacklisted or low-tax jurisdictions are subject to 17% SDC. - Interest: Payments to qualifying related parties in EU blacklisted jurisdictions are subject to 17% withholding tax; payments to low-tax jurisdictions are not tax-deductible at the Cyprus company level. Neither rule applies if the recipient is listed on a recognised stock exchange. Interest paid by Cyprus tax-resident individuals is excluded. - Royalties: Payments to qualifying related parties in EU blacklisted jurisdictions are subject to 10% withholding tax; payments to low-tax jurisdictions are not tax-deductible. Royalties paid by Cyprus tax-resident individuals are excluded. - Exemption: Payments to companies part of a multinational enterprise group subject to the minimum 15% corporate tax under Pillar 2 / Global Minimum Tax Rules are not subject to the new rules. - Effective dates: For EU blacklisted jurisdictions, 16 April 2025; for low-tax jurisdictions, 1 January 2026. - Reporting: Any company paying affected dividends, interest or royalties must notify the Tax Commissioner and certify that the recipient meets substance requirements. These changes have major implications for international structuring, financing and IP planning involving Cyprus. ## The Ultimate Guide to the Greece Golden Visa Program URL: https://www.mercuryconsulting.biz/blog/guide-to-greece-golden-visa/ Published 19 May 2025. Greece is located in southeastern Europe with a population of 10.5 million; its capital is Athens; it uses the Euro and Greek is the official language. The Greece golden visa program, launched in 2013, is one of the most popular residency-by-investment schemes for European countries, offering residency in Greece, access to the Schengen Area, and a path to Greek citizenship. Eligibility: Non-EU nationality; a qualifying investment in Greece (typically a property purchase of at least €250,000); a clean criminal record; family members may include spouse, children under 21, parents and parents-in-law. Benefits: Permanent residency in Greece (no minimum stay required; not an employment permit); visa-free travel to 28 other European Schengen countries (up to 90 days in any 180); access to first-rate healthcare and education; potential for citizenship after 7 years (requires spending 183 days per year, a basic Greek language test, and intention to live in Greece); attractive financial benefits (no personal tax if staying under 183 days per year; rental income taxable; no tax on profit when selling the property). Investment options: 1. Real estate (most popular) — four categories: Attika/Thessaloniki/islands over 3,100 population €800,000 (min 120 sqm); all other areas €400,000 (min 120 sqm); properties repurposed from commercial to residential use €250,000 (no location/size conditions); restoration of listed buildings of cultural/historical significance €250,000. 2. Fixed term deposit — minimum €500,000 for at least 5 years with a Greek bank. 3. Government bonds — minimum €500,000 in Greek government bonds, held for at least 5 years. 4. Mutual and alternative investment funds — minimum €350,000 (mutual fund in Greek listed shares/bonds, or an alternative investment fund investing exclusively in Greece). 5. Investment in Greek listed companies — minimum €800,000 in shares or bonds on the Athens Stock Exchange. Tax obligations: Overseas income taxable only if spending more than 183 days per year in Greece; rental income on a Greek property always taxable. Income tax — first €10,000 exempt, €10,001–€40,000 at 22%–36%, over €40,000 at 44%. Non-domiciled resident regime — an annual lump sum of €100,000 on foreign income for up to 15 years. Foreign pension taxed at a flat 7%. Inheritance tax on Greek real estate — first €100,000 exempt, then 1% on the next €100,000, 5% between €200,001 and €300,000, 10% above €300,000; no inheritance tax on assets outside Greece. Application: (1) Choose your investment option and complete the investment (purchase contract executed and paid in full; compliance checks; can be completed remotely via power of attorney; obtain a Greek tax identification number). (2) Collect required documentation (passports, proof of investment, police extract, health insurance, relationship documents). (3) Submit the application to the Ministry of Migration and Asylum; a temporary residence permit is issued on submission. (4) Obtain your golden visa (~3 months; biometric appointment; Greek ID cards and golden visas issued; residence permits valid 5 years, renewable while the investment is held). Matters to consider: Investment thresholds may be updated without prior notice (most recently September 2024, when thresholds were increased and the €250,000 repurposed-property category introduced); rental restrictions (no short-term rentals such as Airbnb); residency versus citizenship (7 years of majority-time residence and additional conditions for citizenship). --- # Legal Notices URL: https://www.mercuryconsulting.biz/legal-notices/ "Mercury Consulting" is a trade name shared by a group of related companies, which are regulated and licenced to provide a range of professional services: - Mercury Advisory Pte Ltd — a Registered Filing Agent with the Accounting and Corporate Regulatory Authority of Singapore (Filing Agent Number FA20240384). - Mercury Assurance Ltd — licenced by the Institute of Certified Public Accountants of Cyprus as a Certified Public Accountant and Registered Auditor (Certificates E1437/G/2023 and E1437/A/2023). - Mercury Assurance PAC — regulated by the Accounting and Corporate Regulatory Authority of Singapore in providing accounting, tax and audit services (Entity Registration Number 202233682K). - Mercury Fiduciaries (Cyprus) Ltd — licenced by the Institute of Certified Public Accountants of Cyprus to provide trust and corporate services (Certificates E1176/F/2019 and E1176/G/2020). The group's professional lawyers and accountants are licenced to provide their services in Cyprus, Greece, Portugal and Singapore. # Other legal pages - Disclaimer: https://www.mercuryconsulting.biz/disclaimer/ - Terms of Use: https://www.mercuryconsulting.biz/terms-of-use/ - Privacy Policy: https://www.mercuryconsulting.biz/privacy-policy/ — Sets out how Mercury Consulting uses and protects personal information collected via the website (name, telephone number, email address), use of cookies, security measures, and how to control personal information. Copyright © Mercury Consulting. All content sourced from https://www.mercuryconsulting.biz/