The Cabinet of Ministers of Cyprus approved a new tax scheme for foreign professionals On May 10, the Cabinet of Ministers of Cyprus approved a new tax incentive scheme aimed at attracting foreign companies and highly skilled labor to the country. Under the new scheme, those highly qualified professionals who earn at least €55,000 per […]

Refugees from Ukraine in Cyprus More than 15,000 Ukrainians are currently stationed in Cyprus, a third of whom were living on the island when Russia invaded their country, Interior Minister Nikos Nouris said. The Minister also reiterated that, despite the large number of other refugees on the island, Cyprus was quick to grant conditions to […]

Happy Easter Day Cyworld Wealth team wishing you sunshine, good times and a very happy Easter!

Tax Benefits for Employees in Cyprus Extension of the tax exemption applicable to employees in Cyprus:             – Income tax exemption of 50% for new residents and employees with an income of at least €55,000 with the possibility to extend the benefit from 10 – 17 years; potential beneficiaries of the allowance are persons with […]

Citizen Incentives Employees who are third-country nationals will have the right to apply for naturalization after five (5) years of residence and work in Cyprus, or after four (4) years if they hold a recognized certificate of strong knowledge of the Greek language. The transfer of social security contributions will also be ensured through intensified […]

Revised Policy for the Employment of Third-Country Nationals Applicable to employees of foreign companies operating in Cyprus or foreign companies wishing to establish a presence in Cyprus.  Issuance of temporary residence and employment permits in Cyprus.             – Applies to third-country nationals with minimum gross salary of €2,500, provided that they possess a university diploma or […]

Penalties announced for non-compliance with UBO reporting in Cyprus March 12, 2022 is the last date when companies or other legal entities incorporated in Cyprus before March 12, 2021 must report their beneficial owners. According to the Circular issued on January 25, 2022 by the Registrar of Companies, in the event of failure to comply […]

Business Facilitation Unit in Cyprus in Cyprus On October 15, 2021, the Council of Ministers approved the “Strategy for attracting businesses to operate and/or expand activities in Cyprus”. The goal is to help Cyprus become an international business center for foreign companies while attracting international investment and talent. Effective January 1, 2022, the existing “Fast […]

Cyprus strategy as a center of business and trade The Cypriot government has recently presented a new strategic plan (hereinafter – the Plan) to attract investors and companies to the country. This plan pays special attention to high technology, shipping, innovation, research and development, biogenetics and biotechnological research. The plan is in line with the […]

Cyprus is the best destination for cinema Choosing Cyprus as your next filming location offers many opportunities and a comprehensive package of benefits. For cinema, Cyprus offers grants and tax incentives in the form of cash rebates, tax credits, tax deductions for investments in infrastructure and equipment, and VAT refunds on expenses. The main characteristics […]