Policy amendment for the registration in the Register of Foreign Interest Entities
With its approvement of the policy amendment on the 30th November 2022, the Council of Ministers modified the criteria that established foreign interest companies eligible to register in the Register of Foreign Interest Entities.
In particular, the amended criteria now require the initial investment in the Republic of Cyprus by a company in which third country nationals own more than 50% of the shares, to amount to at least 200.000€ transferred from the beneficial owners of the company.
The transfer of the investment funds shall been made legally and deposited to the designated Cyprus bank account of the company, and shall be proven by presenting the appropriate certificates.
As of 12/12/22 the amended policy has entered into force.
Our firm will be able to assist and provide with further information and clarifications for the above recent developments. Feel free to contact our firm A. & E. C. Emilianides, C. Katsaros & Associates LLC via email at ekcorporate@ekllc.eu or via telephone at 22676752.
