Recent news
Latest items of recent news relevant to Cyprus as reported in our fortnightly newswire ‘Dernières nouvelles’.
Cyprus: 2022 Tax return deadline extended
Employees, whose gross total income for the year 2022 was greater than €19,500 (US$20,717), have been relieved for a further month from submitting their tax return and paying taxes due …
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Cyprus: Tax break scheme attracts companies to move their HQ
Since February 2022, a reduced tax rate for above average earners has attracted 1,600 companies to move their head offices to Cyprus to benefit over 14,000 of their senior employees …
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Cyprus: Income tax return deadline extended until 2nd October 2023
The deadline for the submission of the electronic Income Tax Return for employees who do not prepare audited financial statements (Form T …
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Cyprus: New double taxation treaty with the Netherlands
From 1st January 2024, a new framework will be established for nationals of either country to be taxed when they take up work in the other country …
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Cyprus: New rules to gain permanent residency status
The minimum investment remains unchanged at €300,000 (US$326,000) through purchase of personal property, or a company based in Cyprus employing at least five people …
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Cyprus: Employee average monthly earnings (Q4 2022)
Based on provisional data, over the year to Q4 2022, the official average gross monthly earnings of employees increased by 5 …
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Cyprus: The logic of rising tax rates
As the corporation tax rate rises back to 25% from 19% in the UK and remains doggedly well above 20% across much of western Europe, it is curious why Shareholders and Board Members do not insist that the company reregister in Cyprus – where corporation tax is still at 12 …
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Cyprus: New 20% and 50% exemptions for employment income
Employers may now hire skilled foreign employees with the lure of a 20% reduction on income tax burdens if they had not worked in Cyprus for the previous three years …
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Cyprus: Hiring cap to be introduced in 2027
During an address at a business conference in Limassol, the Interior Minister, Nicos Nouris, revealed that until the end of 2026, existing foreign interest companies operating in Cyprus will be able to hire as many workers from outside the European Union as they desire …
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Cyprus: Minimum wage set at 940 euros per month
Agreement has finally been reached on a national minimum wage …
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Cyprus: New gas discovery
Natural gas discoveries nearing exploitation, but are multinationals ready for the next gulf-style state – this time within the European Union? As Russian gas supplies are gradually being turned off across Europe, where will the future gas energy supplies come from? Back in 2011, a large reservoir of 4 …
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Cyprus: Half of all workers paid €1,500 or less, bottom 10% get €750 to €1,000
A recent survey of the jobs market undertaken by the oldest Greek-language newspaper Phileleftheros has revealed that half of all workers on the island were paid €1,500 (US$1,502 …
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Cyprus: Minimum wage could be lower than first thought
Talks between the government and both sides of industry concerning the introduction of a minimum wage keep breaking down …
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Cyprus: State tax incentives to promote headquartering
New tax incentive to encourage relocation and headquartering in the country …
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Cyprus: Minimum national wage could be decided as of May 2022
CYPRUS: A final decision on introducing a minimum national wage could be made in May 2022 …
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