Savva & Associates Cyprus

Understanding the New Immigration Opportunities in Cyprus for Foreign Investors

Introduction The Republic of Cyprus has recently introduced a compelling proposal aimed at attracting foreign nationals interested in relocating to the island nation. Under the “Aliens and Immigration (Amendment) Regulations of 2022,” which is currently under parliamentary review, a new avenue for immigration is being opened for third-country nationals. This initiative is specifically designed to […]

Transfer Pricing Alert

Frequently Asked Questions (FAQS) to the Transfer Pricing Legislation as These Have Been Issued by the Cyprus Tax Department on 03 April 2024 On April 3, 2024, the Cyprus Tax Department published a new set of FAQs (from 17 to 24), aimed at clarifying specific aspects of Articles 33 and 33C of the Income Tax […]

A Game Changer in EU citizenship: Cyprus’ Three-Year Fast-Track for Global Investors

On March 22, 2024, the Cyprus Ministry of Interior made a groundbreaking announcement, confirming the operationalization of the Population Registry (Amendment) Law of 2023 for citizenship applications. This amendment introduces a comprehensive set of criteria that applicants must meet to qualify for citizenship, signalling a significant evolution in the country’s approach to naturalization. The required […]

Abolition of the annual company fee for the year 2024 and thereafter

Great news for the Cyprus business community! In a landmark decision, the annual company fee of EUR 350 will be abolished starting in 2024. This pivotal change, enacted through the Companies (Amendment) Law 2024, N.25(I)/2024, is set to significantly reduce the operational costs for registered businesses, fostering a more conducive environment for growth and investment […]

As Greece and Portugal Restrict, Cyprus Emerges as the Top Destination for Golden Visas

In recent developments within the European Union’s investment migration landscape, Cyprus emerges as the most attractive destination for individuals seeking golden visa programs that grant permanent residency to the applicant and his/her family, for life. This surge in appeal can be attributed to changes in the Greek and Portuguese golden visa schemes, positioning Cyprus’s program […]

Unlocking Investment Opportunities: The Rise of Registered Alternative Investment Funds (RAIF) in Cyprus

Registered Alternative Investment Funds (RAIFs) in Cyprus have become a significant part of the island’s investment framework, offering a flexible and cost-efficient vehicle for investors looking to capitalize on opportunities across various asset classes. This article draws upon insights from Savva & Associates, a leading provider of tax and advisory services, to explore the advantages […]

Investing in Cyprus Real Estate: A Golden Visa to Opportunity

The allure of Cyprus as an investment destination, particularly within the real estate sector, is growing stronger by the day. The combination of its strategic location, favorable climate, and economic stability makes it a compelling choice for investors from around the globe. This attraction is further magnified by the opportunity to participate in the Cyprus […]

Updated EU list of non-cooperative jurisdictions and tax implications

On the 20th of February 2024, the Council of the European Union undertook a significant update to the EU List of non-cooperative jurisdictions for tax purposes (EU List). This development is paramount for businesses and tax professionals to be aware of. Key Change: Removals from the EU List: Bahamas Belize Seychelles Turks and Caicos Islands […]

Navigating Cyprus’ Transfer Pricing Landscape: Updated Thresholds

In continuation of our article issued in September 2023, in an important announcement on February 1, 2024, the Cyprus Tax Department (CTD) has paved the way for a significant shift in the tax landscape of Cyprus, directly impacting businesses engaged in controlled transactions. This change, communicated to the Institute of Certified Public Accountants of Cyprus […]

A New Horizon for IT Professionals: Accelerating Your Path to Cyprus Citizenship

Are you a non-EU professional with expertise in the IT industry, and open to embracing the Greek language? The pathway to Cyprus and EU citizenship could now be just three years ahead for you. This streamlined process offers a significant opportunity for those looking to expand their horizons and professional networks within the European Union. […]