In Cyprus, the annual fee for companies of 350 euros has been abolished.

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In Cyprus, a parliamentary session was held during which a decision was made to fully abolish the annual tax imposed on all Cypriot companies in the amount of 350 euros.

According to deputies, this decision is justified, as this tax was introduced as part of economic measures that were necessary, and according to government representatives, the term of the relevant memorandum has expired, allowing the abolition of the said levy.

The fee has been a mandatory requirement since 2011 for all companies registered in Cyprus, bringing the state more than 40 million euros in annual revenue.

The chairman of the House of Representatives committee on energy, trade, industry, and tourism reported that the executive branch has pledged to reimburse the amount received from 1,300 companies that have already paid the fee for the year 2024.

Prior to the legislative changes, the tax payment was due by June 30 of the current reporting year. In case of delayed payment of the fee, a strict system of fines is provided, up to and including the exclusion of the company from the State Register.

Cyprus actively promotes its image as a reliable and transparent international financial center.

It is expected that the abolition of the annual levy in Cyprus will reduce the financial burden for companies by reducing operational expenses.

The abolition of this tax also underscores Cyprus’ commitment to flexibility and support for a diverse entrepreneurial community on the island.

Why Companies Register in Cyprus:

Thanks to legal opportunities for managing tax obligations and a wide range of tax incentives, Cyprus creates a favorable environment for business, promoting entrepreneurship and attracting foreign investment.

 

Having your own company in Cyprus will provide you with the opportunity to conduct business and engage in entrepreneurial activities in a stable jurisdiction with access to the international market. It will also allow you to legitimately minimize taxation, both at the level of your company and on a personal level. Establishing a company in Cyprus opens up broad prospects for the development of your business.

 

LEGAL SERVICES IN CYPRUS

 

OBTAIN PROFESSIONAL IMMIGRATION ADVICE

If you have any questions in any of the directions, please contact us.

 

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Article author

Elena Georghiou Founder and Managing Director
Ukraine
Elena Georghiou – Founder and Managing Director of Feod Group. Has two higher educations: the first at the Odessa State Polytechnic University, majoring in automation and computer engineering (1986) and second in the Moscow State Law Academy, majoring in law (1991). Has work experience in London i...
Elena Georghiou – Founder and Managing Director of Feod Group. Has two higher educations: the first at the Odessa State Polytechnic University, majoring in automation and computer engineering (1986) and second in the Moscow State Law Academy, majoring in law (1991). Has work experience in London immigration law firms. Is a regular participant in seminars and trainings on immigration, corporate and private law of the European Union. Elena Georghiou has more than 25 years of legal experience and heads the specialized Residency and Citizenship practice across European countries, UK and USA advising HNWIs and their families on:
  • immigration planning;
  • consultations on obtaining alternative (second) citizenship;
  • Residency and Citizenship by Investment;
  • business immigration;
  • preparation of appeals, working with complex immigration cases.
She advises individuals and corporate clients for wealth/business structuring and assets protection. Central to her Managerial role in the company she initiated and united high level lawyers and other top professionals around the word in order to provide Feod Group clients with bespoke level of legal and business services word wide, keeping the staff focused on the opportunities and challenges faced by each individual client. Speaks Russian, Ukrainian, English.
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