NEW REQUIRMENTS FOR VISITORS
As from 1st of January 2023 the requirements for Visitors will change and will be as follows:
As for renewal of the status of Visitor’s will be as 1st of May 2023 as the last day of complying to the new rules.
REDUCTION OF VAT WHEN BUYING A NEW PROPERTY IN CYPRUS
As of 1 October 2011, a reduced VAT rate of 5% (against the standard 19% VAT rate) can be imposed on purchasing real estate property in Cyprus. This relates only to the NEW property, built by developing companies.
On 30/11/2022, the Council of Ministers approved the Amendment of the Policy for the Registration of Companies in the Register of Foreign Interest Companies.
The Decision modifies the eligibility criteria of foreign interest companies and specifically includes the criterion of a company’s obligation to prove an initial investment in the Republic of at least €200,000, which should be proven by presenting the appropriate certificates.
Introduction of social security funds' electronic system "ERGANI" and new deadlines for filing notifications on the recruitment of employees
The Department of Social Insurance Services announced that as of September 13, 2021, the amendments to the provisions of the Social Insurance Regulations of 2017 (PIO 167/2017) enter into force.
Employment of third-country nationals
The Companies admitted to hiring foreign employees through the Business Facilitation Unit (BFU) and admitted by the Migration Office can hire highly qualified third country nationals by offering them a minimum gross salary of 2,500 euros per month.
Cyprus: New rules for the fast-track procedure of obtaining permanent residence permit
The Cyprus Migration Department has officially issued the changes to the Fast-Track Permanent Residence Permit program: