Archives: August 2021

A group of experts from the European Commission and the supervisory authorities of the EU member states has reached Cyprus, November 24, 2019, under the purpose of assessing how ready the island country is to join the Schengen Area after it filed a membership request in September this year. According to Cypriot Commissioner Irene Loizidou Nikolaidou,…

We are rushing to bring to you the latest news from Cyprus. A working group has been formed to expedite procedures for cancelling visas for Cypriot passport holders who wish to travel to the United States. Three Cypriot ministers have held today a joint meeting with the Assistant Secretary of State for Consular Affairs Mr….

Italian oil & gas giant ENI has announced a “promising” gas discovery in Cyprus’ Block 6, noting that the discovery confirms the extension of the “Zohr like” play in Cyprus’ Exclusive Economic Zone (EEZ). “Eni has made a lean gas discovery in Block 6 Offshore Cyprus with Calypso 1 NFW,” it says in a press…

A double tax treaty for the avoidance of double taxation between Cyprus and Saudi Arabia was signed on the 3rd January 2018 and is expected to come in force on 1st January 2019. The main particulars of the new treaty include the avoidance of withholding taxes on dividends in situations where there is participation of…

The Cyprus Government aiming to give motive and to produce investments introduced a new framework with tax incentives for investments in small and medium sized innovative business.Under the new Article 9A of the Income Tax Law 2002 introduced by the Income Tax (Amendment)(No.2) Law 2016(135(i)/2016 qualified independent investors that make a risk-finance investment in an “innovative small and medium…