Proposal for new investment law

The Cyprus government has announced that a new draft law is being prepared, aimed at facilitating investment into Cyprus by means of radical changes in the current law and practice to reduce red tape, simplify procedures and create an environment that will be truly investor-friendly.

The new law will focus on investments which are deemed to be significant according to predetermined criteria stipulated by the government. To qualify, investments must meet one or more of the following four criteria:

  • Capital investment of EUR 5 million or more;
  • Creation of at least 80 new jobs, or 50 new permanent jobs with aggregate pay exceeding EUR 1 million per year;
  • Investments by so called “anchor companies”, meaning applications by well-known multinational conglomerates; and
  • Investments of at least EUR 1 million in qualifying research and development activities.

The council of ministers will have the power to vary the criteria from time to time so as to ensure that there can be flexibility and freedom to adapt to the continuing needs of the economy and the prevailing circumstances.

The government is confident that the new law will assist Cyprus in attracting large scale new investments and multinational groups seeking to establish a presence in the region.

SHARE

Privacy Overview
Elias Neocleous & Co LLC

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.