In an effort to attract new talent in Cyprus and boost the island’s economy, amendments were made to the Income Tax Law and specifically with the addition of new article 8(21A) -passed in in July 2022- and new article 8(23A)- passed in June 2023. Article 8(21) has been replaced by new article 8(21A) which now...Read More

Effective as of July 1st, 2023, the Cypriot justice system underwent the long-awaited reform. This reform, passed by the House of Representatives in July 2022, resulted in the division of the previously united Supreme Court, consisting of 13 justices, into two courts: a new Supreme Court with 7 justices and a Supreme Constitutional Court with...Read More

Effective as of the 2nd of May 2023, significant amendments have been implemented to the criteria for granting Permanent Residence under Regulation 6(2) of the Aliens and Immigration Regulations. These amendments were approved by the Council of Ministries based on a proposal by the Ministry of Interior. The purpose of these amendments is to establish...Read More

The European Union Commission has officially adopted a retail investment strategy that aims to safeguard consumers’ interests. In the heart of the commission’s “2020 Capital Markets Union Action Plan” lies investment growth. The strategy was adopted as a method to achieve this goal.  It is also a plan adopted to boost the EU Capital’s Market...Read More

The green light was given by the Cypriot Parliament to the new legislation amending the VAT price on the primary residence. The European Commission found that the previous provisions were incompatible with the EU regulation, hence the new amendments are now moving forward. Following the approval by the Commission, Cyprus will be again in compliance...Read More

Drafted by the Department of Lands and Surveys and the Commissioner for Legislation the draft bill for the management of jointly owned buildings aims in solving management, maintenance, and operation issues of communal buildings. The first important change is the expansion of the bill’s application. The draft bill aims to expand the general scope of...Read More

Cyprus Asset Management Company Ltd (KEDIPES) is delivering a last-resort solution to defaulted borrowers in an effort to rescue thousands of borrowers in distress. KEDIPES has estimated that this plan will benefit borrowers of 800 residences. The plan will be managed by a subsidiary company established by KEPIDES. With this scheme, the government aims to...Read More

In force since January 5th, 2023, is the long-awaited Corporate Sustainability Reporting Directive (‘CSRD’). The CSRD aims to enhance the regulations initially established by the Non-Financial Reporting Directive (‘NFRD’), which remains in force until the CSRD starts to be applied. For this improvement to be achieved, a uniform framework for reporting sustainability information is introduced,...Read More

Article 157 of the Treaty on the Functioning of the European Union contains the principle of equal pay. EU efforts to abide by this principle have resulted in the recent adoption of the Pay Transparency Directive. It was adopted by the EU parliament on the 30th of March 2023 and introduces several changes. A problem...Read More

The development of the entrepreneurial ecosystem of Cyprus has been a priority of the National Policy Statement. As a means to encourage investment, the Income Tax Law was amended to include tax relief provisions for natural persons who invest in innovative investments. The scheme is enjoyed by natural persons who are independent investors either directly,...Read More