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VAT 5% on housing in Cyprus: innovations

VAT 5% on housing in Cyprus: innovations Parliament almost unanimously approved the bill on VAT on primary housing. According to the bill, for the main (first) housing – a house or apartment, which a citizen of the country or a foreigner purchases on the island, a VAT of 5% per 130 square meters will apply. […]

Investor visa: new rules

Investor visa: new rules The new Minister of Interior, Constantinos Ioannou (former Minister of Health), said that the permanent residence investment program requires changes to fill gaps in existing rules. The minimum investment amount has remained unchanged and is 300,000 euros. Investments are possible in real estate or in a company in Cyprus that employs […]

Temporary Tax for 2023 – 1st Instalment

Temporary Tax for 2023 – 1st Instalment Effective Payment Deadline: 31 August 2023 We would like to remind you that the effective payment deadline for the 1st provisional tax instalment for the tax year 2023 is the 31st August 2023 and the submission of the expected income for the year in the Tax Portal and […]

Visitor visa in Cyprus (Pink Slip)

Visitor visa in Cyprus (Pink Slip) The temporary residence permit in Cyprus “Visitor” (so-called Pink Slip) allows citizens of countries outside the European Union to obtain a residence card and reside in Cyprus. The right to work in the presence of such a visa is not provided. A feature of this visa is that under […]

How third country nationals can be employed in Cyprus?

How third country nationals can be employed in Cyprus? Non-EU citizens can be eligible for the employment in Cyprus under the condition that they are employed at a foreign entity. The concept of a foreign entity includes companies where: Non-EU shareholders own the majority of the company’s shares (more than 50%); Foreign direct investment of […]

How to open a company in Cyprus

How to open a company in Cyprus Establishing a virtual office Establishing a virtual office is suitable for small companies. This might be the right way for you if you need to fulfill substance company requirements in Cyprus but don’t have a large budget to spend. They can be in compliance while reducing their costs. […]

Second provisional tax instalment for 2022

Second provisional tax instalment for 2022 We would like to remind you that the 31st of December 2022 is the submission deadline for a revised (where needed) provisional tax calculation for 2022 and the payment deadline for the second provisional tax instalment for 2022. Provisional tax payment obligation The following should re-consider whether they should […]

Tax incentives for highly qualified foreign specialists approved in Cyprus

Tax incentives for highly qualified foreign specialists approved in Cyprus. On July 14 the Cyprus Parliament approved important amendments to the Income Tax Law. They introduced provision of significant tax benefits to highly qualified foreign specialists. In particular, employees who were hired by Cypriot companies from January 1, 2022 will now be exempt from paying […]