On 21st February 2024, the President of the Republic of Cyprus made a groundbreaking announcement, revealing the Council of Ministers’ decision to eliminate the annual levy requirement of EUR 350.00 which previously obligated all companies registered in Cyprus to pay this fee to the Registrar of Companies.

Furthermore, on 29th February 2024, the House of Representatives passed the Companies (Amendment) Law of 2024, deleting section 391 from the main legislation enacted in 2011,which imposed the annual corporate levy. This deletion becomes effective starting from the year 2024 and onward. The entities that have already settled the Annual Levy for 2024 will be entitled to receive a refund.

This strategic move underscores the Republic of Cyprus’s unwavering dedication to bolstering local businesses by relieving them of this financial burden. The decision aims to foster a more conducive environment for entrepreneurship and investment, signaling a strong commitment to supporting economic growth and development in the region. It marks a significant step towards creating a favorable landscape for businesses to thrive and encourages both local and international investment in Cyprus.