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.

1. 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. 
2. 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).   

1. DIGITAL NOMAD VISA (with a max number of 100).
2. A 50% tax deduction on investments to innovative Companies both by a Cypriot Tax resident physical person or Company.
3. A 120% capital allowance on expenses that relate to R&D.
4. Citizenships.