The Cyprus Republic has issued new guidelines as of 24th September 2020 that the current “allowance” for exceeding the speed-limit within city limits, and more generally in residential areas, is permanently reduced by 10 percent (%). This decision was deemed to be necessary, following the significant amount of fatal and serious road collisions in cities,...Read More

With an overwhelming majority of votes, new laws and regulations will be formed, aiming road safety and a decrease in Cyprus’ high number of road deaths and serious injuries. From 1st October 2020, the penalties for violations of the Traffic Code will alter and there will be an increase of incoming fines for speeding, alcohol,...Read More

The Council of Ministers, during its assembly on the 31.7.2020 has made changes to the current Cyprus Investment Programme, affecting applicants as per the 17-18.8.2020.  In general, the main new terms are as follows: All applicants must, during the 5 years, for which they are obligated to keep their investment and residence, provide the Ministry...Read More

The Law Firm of G. Vrikis & Associates LLC would like to bring to your attention the recent change in the procedure of attaching stamp duties based on their value. As of the 27th of July 2020, the procedure for affixing Stamp Duties changes based on their value, as indicated by the relevant announcement posted...Read More

On 2 June 2020, an amending Income Tax Law was published in the Official Gazette with respect to tax relief on rental income. The amendment was voted to support the Cyprus economy following the COVID-19 outbreak and provides a tax incentive to landlords (individuals or companies) to voluntarily reduce the rent charged to tenants. According to...Read More

Following the issue of Regulations ΚΔΠ 5229-5233 and ΚΔΠ 5239, the Minister of Labour, Welfare and Social Insurance issued on 2nd May 2020 Regulations ΚΔΠ 5257-5261 extending the provision of Special Leave Benefit for the care of children, the Special Sickness Benefit, the Special Benefit for Self-Employed and the Special Unemployment Benefit under the Special...Read More

The Shipping Deputy Ministry (SDM), in an effort to support shipping companies and owners of Cyprus ships and to enable them to address the difficulties encountered due to the wide spread of the coronavirus outbreak, has decided to extend the date of payment of the Cyprus Registry Maintenance Annual Fee and the tonnage tax of...Read More

We would like to update you that the inter-ministerial Committee which met ton the 23/03/2020 under the President, decided to authorize the Minister of Health to publish a Decree with the following measures: Ban on unnecessary movement from 06.00 PM of March 24, 2020 until April 13, 2020, except: Transfer to and from the workplace....Read More

The following emergency measures have been taken by the Department of the Registrar of Companies and Official Receiver in Cyprus as of the 23/03/2020: The procedure for conformity as to filing of outstanding Annual Reports is postponed, and the Registrar of Companies shall not be proceeding with any publications for the three (3) month notice...Read More

The below form the key elements of the “Support Package” in terms of financial assistance announced by the Cyprus Government on 15/03/2020: Granting of “Special Leave of Absence” to parents working in the Private Sector, so that they can take care of their children up to the age of 15 (up to the 3rd Grade...Read More