On 9 June 2022, the House of Representatives has approved amendments to the Cyprus Companies Law Cap 113 regarding the financial reporting obligations of Cyprus companies.

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In 2021, India’s Ministry of Finance issued an order advising that Cyprus has been classified as a ‘Category I’ country, being an approved jurisdiction where funds based/regulated in Cyprus can be used for the purposes of investing into Indian securities. Cyprus is the only European Union state to be granted such status as of now.

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20% tax deduction for Research, Development and expenses on Innovation

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On the 13th May 2022, the Cyprus Securities and Exchange Commission (CySEC) announced that the online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR) will be accessible to trustees as of 17/05/2022 and all involved parties as of 17/06/2022.

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Organizations that employ personnel in Cyprus have several obligations under Cyprus employment law. The aim of the legislation is to secure the employee’s salary, safety and well-being in the workplace.

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The Cyprus Government has introduced the “Cyprus Permanent Residency Scheme” aiming to attract and encourage high net worth individuals who wish to invest in Cyprus, by establishing a set of revised criteria and terms based on which non-Cypriot entrepreneurs/investors may be granted the Cyprus Permanent Residence.

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The Republic of Cyprus is implementing the Digital Nomad Visa Scheme followed by the decision of the council of Ministers on 15 October 2021...

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Contributed by: Lucy Stepiceva

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Contributed by: George Kallinicou

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