Understanding VAT Rates on Property Purchases in Cyprus
The VAT (Value Added Tax) on property purchases in Cyprus is 19% and is typically added to the purchase price. The seller is responsible for collecting the VAT from the buyer on each payment made towards the purchase price and then remitting this amount to the relevant government authority, which is the VAT Department. According […]
Termination of annual company fee
On the 21st of March the Department of the Cyprus Registrar of Companies and Intellectual Property announced that the annual levy of €350 is abolished from 2024 onwards. The annual fees for years 2011–2023 are still applicable. It has also been clarified that the companies which have already settled their annual fee for 2024 will […]
Tax incentives for expenditure on Research, Development and Innovation
On 18 May 2022, the government approved a tax deduction of 20% for legal entities and individuals investing in research, development and innovation, in a campaign to support the growth and competitiveness of Cyprus as a business and technology hub. The tax deduction would be valid for three years, starting from tax year 2022. This […]
Cyprus Securities and Exchange Commission launches “CyTBOR” platform
On the 13th May 2022, the Cyprus Securities and Exchange Commission (CySEC) announced that the online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR) will be accessible to trustees as of 17/05/2022 and all involved parties as of 17/06/2022. CyTBOR is the service through which trustees submit beneficial […]
NEW TAX ADVANTAGES TO MAKE CYPRUS YOUR HEADQUARTER BASE
On Tuesday 10th of May 2022, the Council of Ministers has approved a Bill with tax advantages in line with the Strategy for Attracting Businesses as approved on October 15th 2021, to attract foreign companies and highly skilled #humancapital, as well as to incentivize the repatriation of Cypriot professionals who are currently living and working […]
CYPRUS PERMANENT RESIDENCY SCHEME
The Cyprus Government has introduced the “Cyprus Permanent Residency Scheme” aiming to attract and encourage high net worth individuals who wish to invest in Cyprus, by establishing a set of revised criteria and terms based on which non-Cypriot entrepreneurs/investors may be granted the Cyprus Permanent Residence. ELIGIBILITY CRITERIA The applicant must meet one of the […]
ATTRACTING COMPANIES TO CYPRUS: WORK PERMITS FOR NON-EU ATIONALS
EMPLOYMENT OF NON-EU NATIONALS IN INTERNATIONAL COMPANIES IN CYPRUS General Policy A Cyprus company that is controlled by Non-EU nationals can apply for Cyprus work permits for Non-EU Nationals permitting them and their families to work and live in Cyprus. In such cases, a temporary residence and employment permit is necessary. The Council of Ministers […]
Digital Nomad Visa for Remote Workers in Cyprus
The Republic of Cyprus is implementing the Digital Nomad Visa Scheme followed by the decision of the Council of Ministers on 15 October 2021, offering initially 100 residence permits. Further to this, as per the Council of Ministers Decision dated 3rd March 2022, the Digital Nomad Visas number maximum limit has been increased to 500. […]
NEW STRATEGY FOR ATTRACTING COMPANIES IN CYPRUS
The Minister of Finance Mr. Konstantinos Petridis presented on the 15th of October 2021 the Action Strategy for attracting companies to activate or expand their activities in Cyprus. In summary the incentives announced are in relation to residency and employment, taxation, simplification and digitization of procedures, as well as promoting the country as an attractive […]
CYPRUS FUND INDUSTRY & BREXIT
Boost of the Cyprus fund industry Brexit effectively cuts off UK-based fund managers from the EU and therefore Brexit is giving a boost to the Cyprus fund industry according to Andreas Yiasemides, President of the Cyprus Investment Funds Association. “Brexit means that many funds in the UK will have to seek a base in the […]