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09 February
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NEW RULES REGARDING REDUCED RATE OF VAT 5% FOR RESIDENTIAL PROTPERTY

Posted by PHCLAW
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The Cyprus Parliament voted on the amendment of the Law of Value Added Tax of 2000 (95 (I)/2000), specifically regarding the requirements under which the reduced rate of VAT at 5% is granted to individuals purchasing their first property in Cyprus for their residence. The following amendments of the Law have been approved: 1.Grace Period under which the old criteria remain in force: The amended Law includes a provision granting a three-year grace period, under which the old criteria for the reduced VAT rate are applied, provided that: 1. the property has a Planning Permit or 2. a Planning Permit Application has been filed...

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09 February
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Cyprus Tax Reform 2026: Key Changes and Practical Implications

Posted by PHCLAW
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The Cyprus Tax Reform effective from 1 January 2026 represents the most comprehensive restructuring of the Cyprus tax system in the past years. Rather than introducing isolated amendments, the reform fundamentally recalibrates the balance between personal taxation, corporate taxation, shareholder-level taxes, and compliance obligations. The reform responds to a combination of international developments, as well as domestic economic and social considerations. Its practical impact is significant for individuals, businesses, investors, and international groups with Cyprus connections. This article outlines the key elements of the reform and highlights the main implications for taxpayers. Personal Income Tax: A central feature of the reform is the...

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09 February
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Cyprus Citizenship: What You Need to Know

Posted by PHCLAW
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The Cyprus Parliament has introduced new citizenship rules in 2023 that modernise the naturalisation process. These changes aim to make the process more transparent, predictable, and aligned with EU standards. The law is amended by the addition of a new Article 111B, which established the New Qualifications for Naturalisation. Pathways to Cyprus Citizenship Naturalisation Through Residence This is the most common route for non-EU nationals: 7 years of cumulative residence within the 10 years prior to application 12 months of continuous residence immediately before applying (absences up to 90 days allowed) Good character and clean criminal record Greek language proficiency (B1 level) Proof of...

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28 April
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CYPRUS INVESTMENT PROGRAM

Posted by PHCLAW
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The Cyprus Investment Program has ceased as of 01/11/2020. Our office as a Registered Service Provider for the Cyprus Investment Program,  provides annual reporting  to the Ministry of Interior and the Ministry of Finance, for applicants who have been naturalized as per the Cyprus Investment Program prior to its termination and who continue to have ongoing obligations as per the conditions of the scheme to report to the abovementioned Ministries on an annual basis....

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23 April
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Coronavirus and its impact on commercial contracts: is it a force majeure event?

Posted by PHCLAW
in News

With the worldwide spread of coronavirus (covid-19), its declaration by the World Health Organisation as a pandemic and the uncertainty surrounding the current situation, businesses and individuals have been forced to navigate the challenges brought on by the rapid spread of the virus, its impact on their daily lives, freedoms and economic stability, while complying with measures taken by national governments. In the commercial spectrum, we are also seeing an impact on our clients: on the performance of contracts, limited resources, wellbeing of the workforce and cash flow, which may continue to be significant. Companies worldwide, have begun to declare force...

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23 April
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Cyprus Rent Control Act 1983 amendments introducing a “fast track” eviction process for non-paying tenants

Posted by PHCLAW
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1. Introduction The Republic of Cyprus on the 31st of January 2020 has passed a much needed amendment in the Cyprus Rent Control Act 1983 (Amendment 3(1)/2020) providing landlords the necessary tools to recover any unpaid rents but most importantly evict a non-paying tenant using a fast track method. 2. In which cases does the Rent Control Act apply? • Properties located within the “Controlled area” as defined by the act; and • Properties that have been erected on or before the 31st of December 1999; and • Tenants is a statutory tenant as defined by the act, meaning a tenant which at the expiration...

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01 November
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General Data Protection Regulation (“GDPR”)

Posted by PHCLAW
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  What is it?   Since the 25th of May 2018 the General Data Protection Regulation (“GDPR”), governs the processing and transfer of personal data of natural persons. Does it apply to me? It applies to undertakings (including natural and legal entities e.g. companies) which: process personal data as part of the activities of one of their branches established in the European Area  (“EEA”), irrespective of where the processing takes place; or  offer goods/services to, or monitor the behavior of individuals in the EEA despite being outside the EEA (Art. 3 GDPR).   Why is it important?  The burden of proof has shifted from the supervisory authority...

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