for offshore investment, which already make it a very attractive jurisdiction. The government has introduced further packages aimed at foreign investors.
These incentives include;
- Foreign nationals investing in Cyprus being given permanent residency status and as part of a ‘Citizenship to Investors program’ will receive a Cyprus passport
- Tax incentives for the recruitment of further employees
- A full tax deduction until 2016 for capital expenditure related to innovation, research, information, communications and renewable energy
- An extension of the increased tax deduction for capital expenditure on other assets which was introduced in May 2012 and set to expire in 2014, but will now continue until 2016
- Cyprus will introduce a licensing system for gambling and casinos
- Permits for joint tourist developments will now be given
The government is also debating additional incentives regarding the repatriation of capital for foreign investors including tax relief and exemptions which are expected to be announced shortly.
The government have also made several improvements to the Permanent Residence Permit to make this scheme more attractive. For instance;
- The purchase of a house can now be accepted even if it is made under the name of a company subject to certain conditions.
- Houses/apartments can now be independent from each other
- An immigration permit may now also be granted to the applicants children even if they are over the age of 18 and are not financially dependent on the applicant providing they have a share in the property amounting to at least 300,00EUR