In a recent development announced through the official government gazette on December 19, 2023, the Republic of Cyprus has implemented a fresh set of regulations governing the naturalisation of third-country nationals. The key criteria are outlined below: Key Changes in the New Criteria for Naturalisation Residency in the Republic: Applicants must demonstrate legal and continuous...Read More

As of 1st January 2024, the following changes regarding employment in the Republic of Cyprus: Social insurance contribution and maximum amount of insurable earnings: In accordance with the Cyprus Social Insurance Law of 59(I)/2010, as amended, the contribution rates to the Social Insurance Fund will increase as follows, effective 1st January 2024: In the case...Read More

Exemption from the obligation to submit an income tax return On the 9th of July 2021, the official Gazette of the Republic of Cyprus has published the decision of the Council of Ministers of Cyprus, whereby a decree (No.288/2021) was issued exempting natural persons, whose total gross annual income is below €19.500, from the obligation to submit...Read More

Tax Update – Ukraine Legislative Changes During 2020, several laws of Ukraine have been amended in order to align the tax legislation with OECD’s Anti-BEPS initiative. Amongst the changes introduced, the Parliament of Ukraine amended the Tax Code of Ukraine Purposed to Improve the Administration of Taxes, Eliminate Technical and Logical Inconsistencies in the Tax...Read More

As per the announcement of 24/03/2021 of the Civil Registry and Migration Department, the Cyprus permanent residency program has been amended as follows: LEGAL FRAMEWORK Pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, third country nationals may be granted an immigration permit subject to satisfying the below quantitative and qualitative...Read More

Following previous announcements, we would like to inform you that the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188(I)/2007 (AML Law) has been amended on the 18th of February 2021 in order to be fully aligned with the EU Directive 2018/243. As per this amendment, a registry of Ultimate Beneficial Owners of...Read More

Please be informed that the deadline for the payment of SDC and GHS contributions on deemed dividends for the tax year 2018 has been extended from 31 January 2021 to 30 April 2021. Which companies are subject to SDC and GHS contributions on DDD? Any company which has not distributed at least 70% of its...Read More

Ultimate Beneficial Owner Register Following our update on 8 January 2021 regarding the introduction of the Ultimate Beneficial Owner register in Cyprus, you are informed that the data collection commencement date has been moved from 18 January to 22 February 2021. The Registrar of Companies is expected to provide more details on the way forward...Read More

Annual levy alert In line with government measures in response to COVID-19, an extension has been given on the payment of annual levy payable to the Registrar of Companies, amounting to €350 per company, from 30th June to 31st December 2020, without any additional charges. In the case where the new deadline stated above is...Read More

A new process to fast-track building permits in Cyprus is set to start on 1st October 2020, targeting to reduce the application processing time from several months to only 10 or 20 days. According to the Minister of Interior, Nicos Nouris, with the fast-track process, permits will be issued within 20 days for applications submitted...Read More