Digest REVERA Cyprus №4

Deletion of registered companies due to non-payment of the annual fee

The Department of the Registrar of Companies and Intellectual Property announces that it intends to proceed with the deregistration of companies from the register in case of failure by the company to pay the annual fee for a period of one year from the date on which it became payable.

Specifically, those companies that have not paid the annual fee for any year for the period 2012-2021, will be published in the Official Gazette of the Republic and after the lapse of three months from the date of publication, the companies will be removed from the register unless in the meantime there is a reason to the contrary.


Cyprus will start charging Russians for tourist visas from December 1, 2022

The visa fee for adult applicants will be 80 euros, while for children from 6 to 12 years old the cost will be 40 euros.


Government strategy to attract foreign talent and digital nomads viewed as a success

The Civil Registry and Migration Department announced that it has received 9,090 applications for relocation from international companies since the government’s strategy for attracting businesses and talent came into force in January of this year, with 97 per cent of those applications having already been processed.
In addition, the department noted that there is considerable interest in the government’s digital nomad visa, surpassing initial expectations.


International rating agency Capital Intelligence on Saturday announced that it has upgraded the long-term rating of Cyprus in foreign currency to “BBB-“, from “BB+”.

At the same time, the agency upgraded Cyprus’s short-term rating to “A3”, from “B”, while setting the outlook for the Cypriot economy to stable, from positive.


Binance Cyprus Limited was officially granted registration by CySEC on October 20, 2022

Cryptocurrency exchange Binance announced that Binance Cyprus Limited has been granted Class 3 registration as a Crypto Asset Services Provider (CASP) by the Cyprus Securities and Exchange Commission (CySEC).

In the nearest four- six months companies will be able to go through the full process of obtaining permits and work visas for foreign employees online.

This was announced by the Minister of Innovation of the Republic of Cyprus Kyriakos Kokkinos at a business conference in Nicosia, organized by the Economist.


As of January 2, 2023 Hellenic bank imposes a fee of €3.00 per deposit for cash deposits and cashier’s checks

As of January 2, 2023 Hellenic bank imposes a fee of €3.00 per deposit for cash deposits and cashier’s checks, which are now without charge. These fees would inevitably also be imposed by other banks of Cyprus.

To open or modify a standing order, customers would be charged €5.00 if done through telebanking, €10.00 at the cash desk, and only free through online banking. There will be fee increases for businesses as well.