News

The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the European Union. In the absence of a Withdrawal Agreement, the UK will be treated as a non-EU country as of 30 March 2019. Therefore, the provision of services and...

Committed to boosting this highly promising sector, the government of the Republic of Cyprus introduced a package of incentives encouraging international producers to choose Cyprus as their next film destination. In specific, production companies that opt to film in Cyprus will be able to choose...

Capital Intelligence Ratings, the international credit rating agency, has announced that it has upgraded the Republic of Cyprus' Long–Term Foreign Currency Sovereign Rating to 'BB' from 'BB-' and affirmed its Short–Term Foreign Currency Rating at 'B'. At the same time, the Outlook for Cyprus' ratings...

There is a significant increase in the new Cyprus company registrations in the first six months of 2018 indicating the increase of international business activity on the island and the major progress of the economic activity. The average increase of the new Cyprus company registrations for the...

In accordance with the Registrar of Companies and Official Receiver in Cyprus, the number of company registration applications increased in July 2017 numbering 1.304. The number of company registration applications in the first seven months of 2017 was 7.750, showing an increase of 1,2% in the...

The Parliament of the Republic of Cyprus has recently passed a bill that establishes a shipping ministry. The Deputy Ministry of Shipping will handle all shipping issues fast as well as improving the state services, the promotion of the Cypriot flag, and the strengthening of...

On 13th September 2016 the Cyprus Council of Ministers has approved the amendments to the Scheme for Naturalisation of Investors in Cyprus by Exception. These are in line with the strategy of the Cyprus Government to further attract Foreign Direct Investment and encourage the use...

The following Double Tax Treaties have been signed by the Cyprus government and will become effective as follows: 1. Switzerland (signed in 2014 – effective 1 January 2016) 2. Iran (signed in 2015 – effective 1 January 2016) 3. Guernsey (signed in 2014 – effective 1 January 2016) 4....

In an effort to improve global tax transparency, the Cyprus government has adopted the standard of automatic exchange of information developed by the Organization for Economic Co-Operation and Development (OECD) known as Common Reporting Standard (CRS). Starting from 1 January 2016, the Cyprus Tax Authorities require...