The Republic of Cyprus introduced in February 2017 a pilot scheme for the ‘Cyprus Start-up Visa’. The scheme aims to promote start-ups with strong potential for growth, innovation and research, with a view of generating new jobs and enhancing the Cyprus economy. Non-EU nationals are eligible to apply for a Cyprus start up visa (either…

The Council of Ministers has approved a decision to amend the Scheme for Naturalisation of Investors in Cyprus by Exception was amended, pursuant to section 111A (2) of the Civil Registry Laws 2002-2015.  Investors can now apply for Cyprus Citizenship by making a stand-alone application (the previous ‘collective investments’ application has been abolished), upon making…

The CySEC has issued a draft circular for consultation with Cyprus Investment Firms (‘CIFs’) and other stakeholders setting out proposed changes to the procedures to be followed by CIFs in order to fulfil their obligations with regard to safeguarding of clients’ funds. The consultation period is until 18 November 2016. CIFs are required to have…

Law 97(Ι) of 2016 was published in the Official Gazette of the Republic on 23 September 2016.  It amends the Companies Law Cap 113 by transposing the EU Accounting Directive (2013/34/EU) into domestic law.  A significant change is the abolition of the exemption from audit that was previously available to small or dormant companies.  Small…

The House of Representatives has approved changes to the Immovable Property Tax Law published in the Official Gazette of the Republic on 25 July 2016.  The changes reduce the immovable property tax burden for tax year 2016 by up to 75% and abolish the immovable property tax as from 2017.

The House of Representatives has enacted long anticipated amendments to Cyprus’ “IP Box regime”, introduced in the Income Tax Law and published in the Official Gazette of the Republic on 27 October 2016. The amendments provide for the gradual phasing out of the current IP Box regime and the introduction of a new IP regime…