Contributed by YIALLOURIDES & PARTNERS LTD, Cyprus
The Ministry of Finance has announced an action plan to enhance Head Quartering, attract foreign investment and or enhance business activity in Cyprus.
- Extension of the tax deduction period benefit for those employees that were not Cypriot residents in a prior period of 17 years before their commencement of their employment to Cyprus.
- New policy for employment from 3rd countries.
a) Can recruit from 3rd countries (subjecto to conditions).
b) Can recruit support staff from 3rd countries with a gross salary lower than €.2500 (subject to conditions).
- DIGITAL NOMAD VISA (with a max number of 100).
- A 50% tax deduction on investments to innovative Companies both by a Cypriot Tax resident physical person or Company.
- A 120% capital allowance on expenses that relate to R&D.