In a landmark decision in February 2024, Cyprus abolished the long-standing requirement for companies registered in Cyprus to pay an annual levy, which had been in place since 2011.
Previously, companies were obligated to pay EUR350 annually, creating a financial burden, especially for smaller businesses. The abolition enhances Cyprus' competitiveness as a business-friendly jurisdiction, potentially attracting increased foreign investment and driving economic growth.
Overall, this decision represents a positive development and a significant milestone for Cyprus' corporate landscape.