Digest REVERA Cyprus №8
Cyprus is preparing to introduce digital IDs and electronic signatures
While Schengen countries are actively discussing the transition to electronic visas instead of the usual passport stickers, the Deputy Ministry of Research, Innovation and Digital Policy of the Republic of Cyprus has announced that it is ready to introduce a digital identity card (ID) and electronic signature to facilitate the interaction of residents with public authorities.
Thus, in many cases, with electronic ID and signature, the personal presence of citizens at state institutions will not be necessary.
The European Union has made a decision that Schengen visas will become digital
The EU Parliament and the Council of the European Union agreed last Wednesday on a new regulation on the introduction of digital Schengen visas. The approved regulation provides for two main points: the opportunity to apply for a visa online and the replacement of the paper visa sticker currently in use with a digital visa in the form of a two-dimensional barcode with a cryptographic signature.
Citizenship of Cyprus for talented foreigners within 3 or 4 years
On 8 June, a draft law on the granting of citizenship of Cyprus through an accelerated procedure was submitted to the Home Affairs Committee of the Parliament of the Republic of Cyprus. It would be available to highly qualified third-country nationals who have lived in Cyprus for only three or four years, rather than the seven years required under the standard naturalisation procedure, and who speak Greek at A2 or B1 level.
Cyprus has approved amendments to its anti-money laundering legislation package
According to the government's press service, several provisions have been added to the anti-money-laundering legislation package. One of them concerns crypto-asset service providers. They will be required to register with the Cyprus Securities and Exchange Commission (CySEC) and their activities will have to be monitored by the CySEC.
In addition, when introducing new technologies, the document obliges companies to assess and minimise the risks associated with money laundering and terrorist financing. It also clarifies the need for due diligence, taking into account international standards, when cooperating with third countries.
Social insurance contributions of employees and employers will increase in Cyprus in 2024
The Cyprus Employers and Industrialists Federation (OEV) has reminded of the increase in social insurance contributions by 0.6% as of January 1, 2024. This means that 8.9% of an employee's earnings will be paid into the Social Insurance Fund. The same amount will be paid by the employer.
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