Tax treatment of rental income from online platforms (Airbnb, Booking etc.)
In Cyprus the real estate is booming. We observe a growing number of investments– especially in properties destined for rentals. When owning a rental property, it is crucial to know and understand the tax implications of rental income. The short-term rental market also experiences a significant increase. The Cyprus Tax Department recently clarified that the […]
Citizenship by naturalization for highly skilled professionals in Cyprus
On November 30th 2023, Cyprus Parliament approved important changes on the Article 111 of the Population Register Law of 2002 (141(I)/2002. The amendment allows highly skilled professionals to apply for Cypriot citizenship already after residing in Cyprus for a period of 3 to 4 years (depending on the knowledge of the Greek language). The […]
CYPRUS PROVISIONAL TAX 2023 – final payment
Cyprus companies are required to apply a temporary tax assessment of their 2023 chargeable income under the Cyprus Income Tax Law. We would like to remind about the upcoming deadline for submission of the 2nd declaration concerning provisional tax for the year 2023. The submission of return and payment of final instalment must be settled until the 31st […]
Register of Beneficial Owners – the final electronic system
The Department of the Registrar of Companies and Intellectual Property in Cyprus announced the start of the application of the final solution for the Register of Beneficial Owners from November 14, 2023. The final solution of the electronic system of the Register of Beneficial Beneficiaries is replacing the so-called “interim solution” that had been operating since March 12, […]
First EU Legislation on cryptocurrency: MICA
On 20th of April 2023, the European Parliament has finally voted and adopted the new legislative changes in the European Union concerning cryptocurrency in the form of the Markets in Crypto Assts (MICA) Regulation. Moreover, since MICA is the Regulation, it is directly applicable among the Member States without a need for any additional transposition […]
Tax Residency Certificate: Why do you need it?
Tax Residency Certificate (TRC) is a certificate issued by Cyprus Tax Authorities confirming the tax residency of the person in the Republic of Cyprus in a relevant year and is required for the purposes of benefiting from the application of double tax treaties and be in compliance with the local tax requirements. Some of the […]
Proposal for VAT legislation concerning the new buildings and apartments
When purchasing a new property in Cyprus, a buyer pays 19% VAT, which is a standard rate. However, for a purchase of a secondary property or a new one from developer, which has construction permit issued before 1st of May 2004 – the buyer is not obliged to pay VAT. The enactment of the Law […]
Cyprus Companies Law: provisions which you should know about
Prohibition of acting as sole director and secretary As per to the Companies Law, Cap 113 (the ‘Law’), every company in Cyprus is obliged to have a director and secretary, noting that the latter is responsible for the efficient administration and operations of the company as well as compliance with local legal requirements. However, as […]
How third country nationals can be employed in Cyprus? Foreign company formation
Non – EU citizens can be eligible for the employment in the Republic of Cyprus providing if they are employed at the foreign entities. The scope of “foreign entities” refers to the instances where: Most importantly, this type of visa, contrary to Temporary Residential Permit or Permanent Residential Permit, allows a third country national to […]
Restriction on Employment for Third Country Nationals in Cyprus
Based on the Aliens and Immigration Regulation 14, the third – country nationals, who obtain the temporary residential permit in the Republic of Cyprus as visitors, are not allowed to engage in any employment and business activity. Moreover, as from 01/01/2023, The Department of Register of Companies of Cyprus may disclose information about third country […]
