The Council of Ministers approved on 30/11/2022 the amendment of the policy for the registration of companies in the Register of Foreign Interest Entities, which is currently being administered through the Business Facilitation Unit (“BFU”).
As per the amended policy, the eligibility criteria for the registration of “Foreign Interest Companies” with the BFU, have now been revised. A new requirement has been introduced: in case of a company whose majority of shares (>50%) are ultimately owned by third-country nationals, an initial investment in Cyprus of at least €200.000 should be made. The funds should be transferred legally from abroad in Cyprus from the beneficial owner(s) and therefore the relevant bank-swift confirmation should be presented to the Authorities, confirming that the funds have been deposited to the Cyprus bank account of the company.
The amended policy entered into force on 12/12/2022.