On 21 February 2024, the President of the Republic of Cyprus announced the abolition of the €350 annual fee, which was previously mandated for all companies registered in Cyprus, and on 29 February 2024, the House of Representatives endorsed this decision.
This levy requirement has been in place as a statutory obligation for all such companies since 2011, and this decision is a positive development towards reducing the financial burden on businesses.
The rationale behind this decision is to provide additional support to businesses across Cyprus. Effective from 2024 onward, this decision reflects the government's commitment to fostering a more favourable environment for businesses in Cyprus, with the ultimate goal of achieving long-term growth and stability.
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