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Next Previous Approved n/s for attracting professionals and headquartering HOME • INSIDER • CYPRUS • Approved n/s for attracting professionals and headquartering
& nbsp & nbspInsider/ΚΥΠΕ & nbsp; & nbsp;
A bill that provides favorable tax arrangements for attracting to Cyprus foreign and Cypriot professionals of high standard of living and with specialization working abroad and for promoting the establishment of the headquarters of foreign companies in Cyprus (headquartering), thus approved by the Council of Ministers. for activation or expansion of their activities in Cyprus, which was approved last October.
At the same time, in statements after the meeting of the Council of Ministers, the Minister of Finance Konstantinos Petridis announced that the Strategy also expects the promotion of a bill of the Ministry of Interior to facilitate the stay in Cyprus and also the right of professional spouses to settle in Cyprus. who will choose to settle on our island, but also access to the labor market, as well as the One-stop Shop function. This bill is in the Legal Service for technical control.
“We are convinced that this program is one of the most competitive programs in the EU, there is already a huge interest and it concerns especially the high-tech companies, which in recent years seem to choose the island for installation but also for their headquarters,” he said. In his statements, Mr. Petridis added that “we are confident that this bill will further promote the development of this sector, which also concerns a strategic goal of the government.”
which is submitted to the House of Representatives for its enactment into law, concerns a 50% tax deduction for employees with more than € 55,000 annual earnings, while extending the framework from ten years, which is valid today, to seventeen years, starting from the year of employment in the Republic.
At the same time, for purposes of equal treatment, a corresponding exemption is granted to existing beneficiaries with a salary of more than € 55,000, provided that they were resident outside the Republic for twelve consecutive years before starting employment in the Republic.
According to YPOIK, is also given a two-year grace period for new employees and for existing six months to join the favorable tax treatment in cases where the remuneration from employment started with a lower amount of € 55,000.
As stated by Mr. Petridis, the employees who will be established in Cyprus and the companies that will be established in Cyprus due to this plan will bring direct and indirect benefits to the local economy, while the business administrations are encouraged to move their headquarters to the Republic, ” thus creating a real infrastructure on the island “.
” Through this relocation, the tax base is expanded and consequently tax revenue “, he added.
