The Cyprus Government through the Ministry of Interior, has approved the revised criteria for granting the Cypriot citizenship by investment, in an effort to further promote foreign direct investments in Cyprus.
The applicant must have made an investment of €2, 0 million (excluding VAT) in any qualifying investment category or combination as described below (previously it was €5.0million if applied individually or €2.5 million if applied through a collective investment scheme).
In line with developments at G20/OECD/EU level the definition of qualifying IP is expected to be narrowed as from 1st July 2016. It is expected that IP benefiting from the Cyprus IP Box prior to 1st July 2016 should continue to be eligible to benefit for a further period of 5 years i.e. until 30th June 2021.
Tax measures for a more competitive environment │Second set of draft tax laws voted into law
The much expected developments in taxation aim to modernize and further enhance the competitiveness of the Cyprus tax system. The second set of draft Bills submitted to the Cyprus Parliament is in addition to the amendments already voted into law in July 2015.
