Incentives for investing in Innovative SMEs
Cyprus Investment Program
In February 2019, the Council of Ministers of the Republic of Cyprus has decided to proceed with amendments to the criteria for acquiring a Cypriot passport under the Cyprus Investment Program. The changes include a mandatory donation of €75,000 to the Foundation for Research and Innovation, or an investment of €75,000 in an innovative business which has acquired an innovative SME certificate from the Ministry of Finance. See the list of approved Innovative SME companies in Cyprus (updated June 2019).
Tax incentives for Cyprus tax residents
In January 2017, Cyprus introduced a tax incentive for individuals investing in innovative companies in Cyprus. Based on the incentive, the investors may deduct the cost of their investment from their taxable income:
- up to 50% of their taxable income per year;
- can carry forward for 5 years;
- up to €150,000 total investment per individual.
See the official government guide including examples: Guide for tax incentives
Cyprus Ministry of Finance: http://mof.gov.cy/
List of approved Innovative SME companies in Cyprus: Kατάλογος Eγκεκριμένων Kαινοτόμων Eπιχειρήσεων (πιστοποιημένες καινοτόμες επιχείρησεις)
Article in Brief: Υπουργικό: Σημαντικές αλλαγές στο πρόγραμμα της «χρυσής βίζας»
Unit for Administrative Reform, Republic of Cyprus: Guide for tax incentives
Reanda Cyprus Blog: New tax incentives granted for investment in innovative SMEs
Fore more information on Covve and the certificate contact Yiannis Gavrielides at firstname.lastname@example.org