Announcement of new list of EU non–cooperative jurisdictions for tax purposes
As per the decision of the EU Council dated 14 February 2023 , British Virgin Islands, Costa Rica, Marshall Islands and Russia have been added to the EU list of non-cooperative jurisdictions for tax purposes, which now is composed of the following countries: • American Samoa • Anguilla • Bahamas • British Virgin Islands • Costa […]
Council of Ministers announcement with new benefits for foreign interest companies coming in Cyprus
Eligible businesses must meet the following criteria: 1. The majority of the company’s shares are owned by third-country nationals. 2. If the majority of the company’s shares are not owned by third-country nationals (i.e equal to or less than 50%) then the company is eligible if the foreign participation represents an amount of at least […]
US-based work management company “Wrike” expansion in Cyprus
Relocation to Cyprus
The Sun-Chasers Paradise There are many reasons for moving to Cyprus. Expats and locals get to enjoy the Mediterranean climate on the island. Hot summers with temperatures reaching up to 33°C, contrasted by mild winters, sound like a Mediterranean dream come true. Even better, the sea temperature can be as high as 27°C at the […]
Public access to UBO Registers ruled as illegal – Cyprus suspends public access to UBO Registers
On 22 November 2022, the Court of Justice of the European Union effectively ruled that public access to the beneficial owner registers of the EU member states (as per the relevant provisions of the 5th EU Anti-money-laundering Directive) is illegal. In light of this judgement, several EU member states have started blocking public access to […]
Amendments to Income Tax Law- Attractive benefits for relocating Companies’ operations and Individuals to Cyprus
On 14 th of July 2022, the Cyprus House of Representatives passed the following amendments to the Income Tax Law (“ITL”): 1. Amendments to articles 8(21) and 8(23) of the Law, that provide a 20% or 50% exemption from income tax for individuals that take up first employment in Cyprus. 1. Amendments to article 9A […]
Cyprus digital nomads visa scheme
Following the Cyprus government approval of the introduction of the Digital Nomad Visa Scheme in Cyprus, this specific visa program provides particular incentives for people who would like to take advantage of all the benefits of living in Cyprus while working for companies who operate outside the country. What is the “Cyprus digital nomad visa” […]
Cyprus residence for foreign individuals and families if they have EURO 40,000 annual income
Foreign nationals can work or stay in Cyprus if they have an income of 40,000 euros annually, a privately-owned house of 250,000, when they are investors or self-employed or employees under certain conditions: The above is provided in rules that the Cabinet has approved, according to which an immigration permit may be granted to foreign […]
Cyprus residence for the UBO and company Employees – Registration of a Foreign Interest Company in Cyprus
The Council of Ministers of Cyprus approved on October 15 th 2021, the “Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus”. The Strategy is a very important initiative towards attracting both international investments and talent, including a series of actions and reforms in several areas of intervention, aiming to enhance […]
Amazon brings the “Cloud” to Cyprus
The agreements were signed at the Presidential Palace The modernization of the state technological infrastructure and the acceleration of the adoption of cloud services in the public and private sector of Cyprus are the main objectives of the Memorandum of Cooperation signed on Tuesday at the Presidential Office between the Ministry of Research, Innovation and […]