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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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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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ServPRO promotes Cyprus as a Destination for Business Relocation & Investment

ServPRO participated as an exhibitor and speaker at CODEWAY EXPO 2022 in Rome, Italy, promoting Cyprus as an attractive destination for business relocation, investment and international operations. The presentation highlighted Cyprus’ tax incentives, Business Facilitation Unit (BFU), Digital Nomad Visa programme, fast-track residency procedures and growing reputation as a hub for technology, innovation and multinational companies.

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ServPRO presents “Cyprus: a Destination for Business Relocation & Investment” at International Exhibition CODEWAY EXPO 2022

ServPRO participated in CODEWAY EXPO 2022 in Rome, Italy, presenting Cyprus as an attractive destination for business relocation, investment and international expansion. The presentation focused on Cyprus’ tax incentives, Business Facilitation Unit (BFU), headquartering opportunities, Digital Nomad Visa programme and fast-track residency procedures for foreign companies and employees seeking to establish operations in Cyprus.

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Republic of Cyprus advances AML & CTF Compliance Level, says Moneyval

The Republic of Cyprus has made notable progress in strengthening its Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) framework, according to MONEYVAL, the Council of Europe’s monitoring body. In its follow-up assessment, Cyprus achieved strong compliance across all FATF recommendations, with no non-compliant ratings, reflecting the effectiveness of recent regulatory reforms and the government’s commitment to enhancing financial transparency and combating financial crime.

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The New CIF Framework in Cyprus

The new prudential framework for Cyprus Investment Firms (CIFs) entered into force as part of the EU Capital Markets Union initiative, introducing the IFR Regulation and IFD Directive. The framework establishes a new classification system for investment firms based on size, risk and systemic importance, and imposes updated capital requirements, K-factor calculations, liquidity standards, reporting duties and governance obligations. These changes significantly strengthen the regulatory environment for investment firms operating in Cyprus and across the EU.

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Cyprus defined as The Company Incorporation & Relocation Destination

Cyprus is strengthening its position as a leading destination for company incorporation, relocation and foreign investment through the Government’s 2022–2024 Action Plan. The strategy focuses on attracting international businesses and talent, particularly in sectors such as high-tech, shipping, R&D, innovation, biotechnology and biogenetics, while creating new employment opportunities and supporting sustainable economic growth. ServPRO assists businesses and individuals with the full incorporation, relocation, redomiciliation, immigration, residency, legal and tax process in Cyprus, offering a one-stop-shop for professional services.

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Action Plan for Companies to Operate & Expand their Activities in Cyprus 2022-24

The Cyprus Action Plan for Attracting Companies to Operate and Expand their Activities (2022–2024) introduces a comprehensive framework aimed at strengthening Cyprus as an international business hub. Key measures include the establishment of the Business Facilitation Unit, simplified work permit procedures for third-country nationals, tax incentives for investment and R&D, expansion of the Digital Nomad Visa scheme, and reforms supporting innovation, workforce development and corporate relocation to Cyprus.