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Tax For All (TFA) portal progresses Cyprus ahead

Cyprus is advancing its digital tax transformation through the Tax For All (TFA) portal, a new integrated tax administration system that consolidates tax services into a single user-friendly platform. The system enhances efficiency, transparency, electronic filings, payments, and taxpayer management for individuals and businesses alike.

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Our 23 highlights to start the year 2023!

ServPRO presents 23 important business highlights for 2023 covering Cyprus, the European Union and international developments relevant to businesses, investors and entrepreneurs. The highlights include tax incentives, intellectual property opportunities, corporate compliance updates, innovation and R&D benefits, digital nomad visas, business relocation advantages, investment insights and Cyprus’ growing role as an international business and technology hub.

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Final Call: Register your Patent and save up to €750! Empowering Businesses through the EUIPO’s SME Fund 2022

The EUIPO’s Ideas Powered for Business SME Fund 2022 offers eligible EU-based SMEs the opportunity to receive up to €750 reimbursement for patent registration fees at national level. The initiative supports businesses in protecting their intellectual property rights by covering eligible patent filing, examination, grant and publication costs. ServPRO assists businesses throughout the application and reimbursement process to maximise the benefits available under the EUIPO SME Fund.

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Cyprus Registrar of Companies suspends public access to the UBO Register

The Department of Registrar of Companies and Intellectual Property (DRCIP) of Cyprus announced the suspension of public access to the UBO Register following the landmark Court of Justice of the European Union (CJEU) ruling issued in November 2022. While public access has been restricted, competent authorities and obliged entities may still access UBO information under specific compliance procedures, and companies remain obligated to submit and update beneficial ownership information in accordance with applicable legislation.

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CJEU issues landmark ruling invalidating public access to UBO Registers across the EU

The Court of Justice of the European Union (CJEU) issued a landmark ruling invalidating public access to Ultimate Beneficial Ownership (UBO) Registers across the EU, finding that unrestricted access disproportionately interferes with the rights to privacy and personal data protection. The judgment is expected to significantly impact AML and corporate transparency legislation across EU Member States, including Cyprus, while shaping future amendments to EU anti-money laundering directives and beneficial ownership disclosure frameworks.

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ServPRO joins Cyprus’ Business Delegation to Israel: Spotlight on Investments, ICT, Shipping & Professional Services industries

ServPRO participated in the Cyprus–Israel Business Forum 2022 in Tel Aviv as part of an official business delegation organised by the Cyprus Chamber of Commerce and Industry. The event brought together key sectors including ICT, investments, shipping, and professional services, providing valuable networking and partnership opportunities.

The Digital Nomad Visa in the Republic of Cyprus

The Cyprus Digital Nomad Visa (DNV) allows non-EU remote workers, freelancers and self-employed professionals to live and work in Cyprus while serving clients or employers abroad. The program requires a minimum monthly income of €3,500 and offers residency for up to one year, renewable for two additional years. DNV holders may also benefit from Cyprus tax residency rules if they stay more than 183 days per year. ServPRO provides full assistance throughout the application and approval process.

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Tax Exemptions for Employment Income to attract Foreign Talent to Cyprus

Cyprus has introduced tax incentives under the Income Tax Law to attract foreign professionals through the concept of “first employment.” Eligible individuals may benefit from a 20% tax exemption for up to seven years or a 50% exemption for up to seventeen years, subject to specific residency and income conditions. These measures are part of Cyprus’ strategic Action Plan 2022–2024 to enhance its competitiveness as an international business and employment hub.

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Action Plan for Companies to Operate & Expand their Activities in Cyprus 2022-24: A Year in Review

One year after the launch of Cyprus’ Action Plan 2022-2024, the country continues strengthening its position as an international business and headquartering destination. The initiative includes the Business Facilitation Unit (BFU), simplified employment and immigration procedures, Digital Nomad Visas, tax incentives for businesses and employees, support for innovation and R&D, and strategic reforms designed to attract foreign investment and international companies to Cyprus.

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Registrar of Companies and Intellectual Property in Cyprus makes Remarkable Advancement towards Holistic Digital Transformation

Cyprus is modernising the Registrar of Companies and Intellectual Property through the Integrated Registry Management Platform (IRMP), a major digital transformation project aimed at improving efficiency, security, and online corporate services. The initiative strengthens Cyprus’ position as an international business centre while simplifying company-related procedures.

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ServPRO x New York Times / Brussels Research Group on CYPRUS

ServPRO was featured in “Spotlight on Cyprus,” a special publication by The New York Times and Brussels Research Group focusing on Cyprus’ growing role as an international business and investment destination. In an exclusive interview, ServPRO Founder & CEO Petros Theodotou discussed Cyprus’ flexible business ecosystem, the country’s attractiveness for multinational companies and digital nomads, and ServPRO’s role in supporting overseas clients with practical, solution-driven professional services.

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Cyprus introduces Transfer Pricing Legislation

Cyprus has introduced new transfer pricing legislation effective from 1 January 2022, aligning with OECD guidelines for multinational enterprises and related party transactions. The law establishes documentation and compliance requirements, including Local Files, Master Files, and Summary Information Tables, along with penalties for non-compliance. ServPRO assists businesses in ensuring full transfer pricing compliance and tax efficiency.