Cyprus is planning to introduce tax incentives to attract high net worth fund Managers, as well as reducing the personal income tax rate by half of those who earn over €100.000 a year.
However, the new incentives are still on the drawing board. Nonetheless, they are not expected to see any major funds. The government is looking to attract investments in sectors such as port industries and telecommunications, since the country’s growth shifted to positive from the beginning of 2015 according to the President Nicos Anastasiades.
‘Cyprus fulfils the requirements of becoming a regional centre for investment funds. The country meets every condition because of its strategic geographical location, its stable and transparent policies and as a result of the infrastructure of a modern legal system.’
-President Nicos Anastasiades stated in a meeting of the CIFA.
As the President continues, he is noted that in 2014, a legal framework for collective investment schemes in cooperation with the private sector was completed by the government. It was also stated that the government is open to any suggestions to strengthen this framework in both practical and legal terms.