CYPRUS IP BOX REGIME

What is IP Box Regime? IP Box Regime (known also as a patent box, innovation box or IP box) is a corporate tax regime used by many countries to incentivize research and development activities by taxing revenues deriving from licenses, royalties, patents, sale or transfer of qualified IP assets differently offering lower taxes compared to…

CYPRUS HOLDING COMPANIES

What are Holding Companies? In simple terms, Holding Companies are companies that do not offer a product of services but exist for the sole purpose of owning and controlling other companies via share majority; they are usually found within a Group of Companies as the Parent entity of the other Subsidiary companies. As such, their…

Cyprus launches Strategy to become a Sustainable Business and Trade Centre

The Cyprus Government recently presented a new strategic plan for attracting investors and companies to the country, with particular emphasis on high-tech, shipping, innovation, research and development, biogenetics and biotechnology research.   The plan is in line with the guidelines of the European Commission and the Recovery and Resident Facility and will be implemented in…

Tax Alert! Introduction to the Additional Corporate Tax Residency Test

A new amendment to the Income Tax Law, on, 21 December 2021, was published in the Cyprus Government Gazette (“Law amendment”) whereby an additional corporate tax residency test is introduced based on incorporation. The additional test aims to capture Cyprus incorporated / registered companies that are not tax resident in any other jurisdiction commonly referred…

Cyprus History

The Republic of Cyprus was established in 1960 after the former colony gained independence from Britain. Since 1974, however, a de facto division of the island has existed, with the Cyprus government controlling 63% of the territory in the South, and the pseudo state, formed by the Turkish Cypriots and backed by Turkish Army Units,…