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ARTICLE · 14 JULY 2020

Amendments To The NID Regime Cyprus

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On 16/06/2020 the amendments on the NID rules were published in the official gazette of the Republic of Cyprus.

CyprusTax
Lefteris Androkli
Lefteris Androkli
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On 16/06/2020 the amendments on the NID rules were published in the official gazette of the Republic of Cyprus. The major amendments are as follows:

  • From 1 January 2020 the annual NID rate is the 10-year government bond of the country that the funds are invested in the business of a company plus 5% instead of 3% (which applied up to 31/12/2019).
  • The use of the Cyprus rate as a minimum is abolished. Therefore, in the case of countries that have a lower rate than Cyprus then that lower rate should be used. The Cyprus rate should be used only (i) in case that the investment is performed in Cyprus and (ii) in case that the country that the investment was performed has not issued a government bond.

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