The House of Representatives of Cyprus recently passed a new legislation to regulate and encourage certain strategic investments in Cyprus. What is a Strategic Investment The legislation introduces a mechanism for classifying an investment as ‘strategic’. In particular, an investment may be classified as strategic if: Other provisions of the legislation include the establishment of […]
Strategic Investments in Cyprus: New Legislation Read More »
Artificial Intelligence is increasingly being made available and widely used in various forms. Artificial Intelligence (AI) – enabled tools, such as Chat GPT, are expected to have a great impact across industries. To ensure a human-centric and ethical development of AI in Europe, to promote the uptake of AI and to address the risks associated
AI Act: Paving the road to EU Regulation on Artificial Intelligence Read More »
In accordance with EU regulations and in an attempt to encourage and facilitate home ownership in Cyprus, a tax break was introduced on the purchase of new residential property for first-time home buyers in Cyprus. Current Scheme Cyprus VAT Tax Law provides for the imposition of 19% VAT coefficient on the purchase of newly built
Reduced 5% VAT Coefficient: First-Time Home Buyers Read More »
As of July 2000, the rights of the employees in Cyprus in cases of transfer of undertakings, businesses or part thereof, are safeguarded and regulated by ‘the Safeguarding and Protection of Employees Rights in the Event of the Transfer of Undertakings, Businesses or Parts Thereof Law (104(I)/2000)’ (the «Law»). The Law applies to the transfer
Transfer of Undertakings or Businesses: Safeguarding Employees’ Rights Read More »
As of 02/05/2023, the criteria to obtain a Permanent Residency by Investment in Cyprus have been revised and updated. These changes are part of the Government’s wider revision of the country’s immigration policies. Minimum Investment Required The minimum investment remains unchanged at €300,000 in property or in a company based in Cyprus employing at least
New Criteria: Cyprus Permanent Residency by Investment Read More »
What is the Non-Dom Status? And why is it so popular? The Cyprus Government introduced the Non-Domiciled, or ‘Non-Dom’ status to make Cyprus more attractive to foreign investors, by granting them significant tax benefits. Individuals who become Cyprus Tax Residents (either under the 183-Day or the 60-Day Rule) and moved their tax residency to Cyprus
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