In a statement released today, the President of the Republic of Cyprus announced that more incentives will be given to investors who wish to take a chance on the Cypriot market. This announcement is said to be part of the current administration's campaign to stimulate growth and cut the unemployment rate of the island nation.
The said incentives will take effect immediately, and will affect new and existing investors in Cyprus.
The new regulation stipulated spurs such as tax incentives for additional recruitment of employees, a full tax deduction until the year 2016, and extension of operation until 2016. The second and third incentives are directed towards capital expenditures mainly on information, research, communications, innovation, and renewable energy.
Incentives related to repatriation of capital assets to foreign ventures will be announced soon, according to the statement. Other incentives, including tax reliefs due to the Bank Resolution Law and full exemptions on corporate revenue from deemed and reinvested dividends are to be announced later.
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