Nicosia, December 16th, 2022,
On 30 November 2022, the Council of Ministers approved an amendment of the policy for the current fast-track registration of companies of specific nature, i.e., high-tech, pharmaceutical, shipping, etc. through the Business Facilitation Unit (BFU) according to which where the company holds a majority of shares (>50%) owned by third-country national Ultimate Beneficial Owners (UBOs), an initial investment of at least €200.000 should be made in Cyprus.
More specifically, the funds should be transferred by the UBOs to an account in Cyprus from abroad, and the relevant bank swift confirmation must be presented to the Authorities as supporting documentation.
Furthermore, this amendment entered into force on December 12th, 2022.