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Cyprus Welcomes Tech Talent with Streamlined Citizenship
On November 30, 2023, Cyprus took a major step towards attracting and retaining highly skilled individuals in the technology sector. Amendments to the Civil Registry Law aim to modernize the naturalization process, making it easier for tech professionals and their families to become Cypriot citizens. It is important to note that the bill is pending...
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Cyprus Naturalisation
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...
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Changes to Social insurance contribution and National Minimum Wage
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...
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Cyprus audit committee recommends abolishing investment residency program
Our Managing Director Savvas Poyiadjis comments on the Cyprus residency program Read Article
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Income Tax Return Submission Deadline
Cyprus Tax Alert❗ The deadline for the electronic submission of the income tax return for the tax year 2021, for companies and self-employed persons whose turnover exceeds the amount of €70,000 and have the obligation to prepare audited accounts, is on 31st March 2023. Our team is at your disposal to assist with the submission...
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The tax Department has recently announced the commencement of the implementation of Tax For All (TFA) online platform. TFA will be developed in three stages. The first stage relates to Value Added Tax (VAT) and is expected to be released by end of March 2023. The second and third stages, which will handle direct and...
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Structure considerations and tax incentive schemes What is a Family Office? The idea A Family Office is a setup established for the purpose of serving high net worth individuals and their families, aiming to preserve and grow their wealth as well as to provide structuring and succession planning advice and strategies. A Family Office can...
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In 2012, Cyprus introduced a comprehensive legislative framework to regulate betting activities. The Betting Law 2012 updated pre-established rules and guidelines and introduced new ones. Perhaps one of the most significant changes introduced by the Gambling Law was to appoint the newly established National Betting Authority (NBA) as the supervisory authority over all gambling activities...
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The legal framework governing trusts in Cyprus is based on The Trustees Law, Cap. 193, (“The Trustees Law”), which is largely based on the English Trustee Act of 1925 and on The International Trusts Law, No. 69(I)/92, (“The International Trusts Law”), enacted in July 1992 and amended with the International Trusts (Amending) Law, No. 20(I)/2012....
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