Amendment of the Policy for the Approval and Registration of Foreign Interest Companies

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On the 30th of November 2022, the Council of Ministers has approved the Amendment of the Policy for the Registration of Companies in the Register of Foreign Interest Companies.

The Decision which entered into force on the 12th of December 2022, modifies the eligibility criteria of foreign interest companies and specifically re-introduces the criterion of a company’s obligation to prove an initial investment in the Republic of at least €200.000 which should be proven by presenting the appropriate certificates.

The deposited amount of at least €200.000 can be supported by a Bank SWIFT or other similar document which proves a foreign direct investment by the ultimate beneficial owner (UBO), legally admitted to Cyprus from abroad. In the case where the investment has not directly been made by the UBO, the relation between the investor and the UBO must be proven and documented.

The Business Facilitation Unit (BFU) will continue to act as the central point of contact for all companies of international interests that either operate or wish to operate in Cyprus and the procedure to be followed regarding the registration and approval of an eligible company in the Register of Companies with Foreign Interests remains the same.

If you would like more information about how GCPLAW can help you, feel free to contact:

Emilios Koulountis,

Manager of the Corporate Department

emilios@gcplaw.com.cy                    

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