+357 25 310243
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 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.
An increase of 52.6% was recorded in the total amount of building permits in the period January - November 2017, while the total area of the permits issued increased by 45.1%.
The number of new homes in Cyprus for which building permits have been issued rose by 41.4 per cent in October 2017 compared to October 2016 according to the Cyprus Statistical Service.
A number of changes to Cyprus property taxes have been made in recent times, most notably the introduction of VAT on the sale of building land, which I have summarised together with other changes in this article.
The Cyprus House of Representatives has recently passed a new bill amending the legislation on Income Tax, giving the opportunity to individuals who spend more than 60 days in a year in Cyprus, to acquire Cyprus tax residency.
The Cypriot passport has scored a passport rank of 12 worldwide, in the list of the Global Passport Power Rank featuring in the Power Index 2017.
A VAT charge of 19% will be imposed on all commercial land sales in Cyprus from the 1st January 2018. According to the circular issued by the Cyprus Tax Department it is confirmed that no VAT will be imposed on the purchase or sale