New incentives for Companies setting up and operating in the Republic of Cyprus
On 15 October 2021, the Ministry of Finance announced new incentives in the form of an action plan for the purpose of encouraging more companies to operate or further expand their activities in the Republic of Cyprus. The suggested reforms are already being examined and actions will be taken as of January 2022, once the relevant authorities release further updates regarding their implementation. The newly developed action plan and the incentives therein are focusing more on