Telecoms & Satellite Communications Guide Cyprus

CyprusProfile Digital Series
Telecoms & Satellite Communication
The exemption is available from the first year of employment and can be enjoyed
for a period of ten years. Individuals with annual remuneration below €100,000
who were non-Cypriot tax residents in the year preceding their employment, but
become Cypriot tax residents afterwards, are eligible for a 20% exemption from
income tax for every year until the end of 2025 (maximum exempt amount is
€8,550 per year). The exemption is available from the 1st January following the
year of commencement of the employment.
(It is important to note that the above provisions may be amended during 2022,
since there is an intention by the Government to amend the relevant legislation in
order to introduce more favourable provisions, as part of its wider strategy for attracting
businesses to Cyprus.)
Limassol Marina
COMMERCIAL AND RESIDENTIAL PROPERTY
Cyprus offers a full range of properties for both commercial and residential use
situated in key locations across the island. While the exclusive, top-level market
is currently the most sought after, the island has a good stock of properties available,
from townhouses and apartments, to villas and seaside bungalows in five-star
gated developments. Nicosia and Limassol are the main business centres. Office
space is available in purpose-built office blocks, in converted houses or flats. A
number of business centres also offer ready-to-move-into offices. They usually
include fully equipped offices that are available on demand with flexible terms,
meeting rooms and a receptionist service. Overall, rentals are around two-thirds
of those charged for comparable commercial spaces in continental Europe, and
offices, retail or other commercial space is widely available for purchase or for rent.
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