The experts of the first EY Attractiveness Survey Cyprus 2020, which is part of EY’s broader FDI (Foreign direct investment) Attractiveness program, reports that despite the pandemic Cyprus remains attractive as an investment destination in the new environment after COVID-19.

The EU Code of Conduct Group (Business Taxation) (the “Group”) issued a report on 20 November 2020, which was approved by ECOFIN on 27 November 2020, through which the Cyprus Notional Interest Deduction (NID) regime has been assessed as “not harmful”.

Aljona Sakharova and Elina Christofi joined the working committees of the Cyprus Fiduciary Association.

On Tuesday, 8 September, Russia and Cyprus signed a protocol to amend the agreement on the avoidance of double taxation on income and capital taxes.

The official representative of Hermes Airport, the company which operates the international airports of Larnaca and Paphos, informed the news agency RIA Novosti.

On August 17, amendments were made to the Cyprus Investment Program that will tighten control over service providers assisting in filing applications for the citizenship under the Cyprus Investment Program. The changes will primarily affect developers. Pursuant to new rules, only licensed companies accountable to regulatory authorities will participate in the preparation of documents.

The foreign ministers of Russia and Cyprus, Sergey Lavrov and Nikos Christodoulakis, exchanged messages offering congratulations on the occasion of 60th anniversary of establishing diplomatic relations, and they plan to hold the next meeting on the island.

The Amendments to the migration legislation of the Republic of Cyprus published and come into force on 18th August 2020.

According to Forbes magazine, “residence permits in other countries and second citizenship became for Russians an alternative to exit visas”, during the pandemic. This provoked the unprecedented increase in applications for citizenship through investment programs. The number of applications for the spring months increased by 20% in comparison with the previous year. The EU countries are particularly in demand, with Cyprus ranking the third.