Between 2022 and 2024, significant amendments were made to the Family Law in Cyprus. Key changes include:

Access to electronic filing of tax returns is already open on the TAXISnet service.

In 2024, Cyprus has seen several significant legal changes across various domains:

1. Implementation of the Blue Card Directive

Legal consequences (criminal and/or civil) for foreign citizens purchasing Greek Cypriot owned property in the area of Cyprus occupied by Turkey.

MEASURES TO INCREASE HOUSING SUPPLY BASED ON THE “BUILD TO RENT” PRINCIPLE

Conditions:

(i) provision of real estate units (for example, top floor apartments), completed as a result of increasing the building ratio, for rent at an affordable price for a period of at least 6 years.

(ii) provision of 20% of the real estate units of the current development rate for rent at market rent for a period of at least 6 years.

(iii) the possibility of selling the remaining 80% of the applicable construction ratio of apartments on the open market.

The above benefit is accompanied by the following tax benefits:

-Income from such “affordable” rentals will be exempt from income tax at a rate of 100% for the period while the rental income remains “affordable.”

-Additional exemption from the 3% emergency defence levy for all properties included in the plan.

-Increased capital allowances for the period they remain in the affordable rent scheme (5% instead of the 3% currently applied) on capital expenditure.

- In addition, capital discounts for the purchase of equipment have been increased - 15% instead of the current 10%.

A review of urban planning incentives to increase construction and development rates.

(a) up to 45% of the applicable rate for residential zones with a development ratio of more than 1.00:1 and a minimum net area of 1000 sq.m.

(b) up to 25% of the applicable rate for residential zones with a development ratio equal to or less than 1.00:1. and with a minimum net area of 4000 sq.m.

For the purposes of using the Benefit Plan, other