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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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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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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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New incentives for relocation & work permits
Cyprus – New incentives for relocation & work permits The Cyprus government has announced new incentives to attract companies in the country, placing an emphasis on high-tech, research and innovation companies. The implementation of the strategy is expected to start from January 2022. In summary, the new measures include the following: Establishment of a Business...
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The CySEC’s policy statement set out detailed requirements for crypto firms seeking registration in the regulator’s CASP register. This register is publicly accessible and include information such as the crypto firm’s name, the legal form, its address and services. The new policy also introduces a definition for crypto assets that slightly extends beyond its traditional...
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Enforcement of Social Insurance Regulations as from 13 September 2021
The Ministry of Labour, Welfare and Social Insurance has recently announced amendments in relation to the Social Insurance Regulations, that went into force on 13 September 2021. The main amendments are the following: The application for registration of an employer should be submitted no later than one (1) day before the date that the applicant...
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Legislation Regulating the Settlement of Overdue Tax Debts
Legislation Regulating the Settlement of Overdue Tax Debts Details on the Amending Law Regulating the Settlement of Overdue Tax Debts have been provided, in a Decree published in the Official Gazette published dated 23 July 2021. Online application The application for inclusion in the Scheme should be submitted through online application on Ariadni Government Portal,...
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