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Cyprus Corporate Tax System

Cyprus Corporate Tax System

The corporate income tax rate increased from 12.5% to 15% on January 1, 2026. This change aligns Cyprus with the OECD's Pillar Two global minimum tax framework. Parliament approved the comprehensive tax reform package on December 22, 2025, marking the most significant update to the Cyprus tax system in over two decades. Despite the rate increase, Cyprus maintains competitive positioning within the European Union. The 15% rate remains lower than most EU member states. The reform preserved key exemptions and deductions that define the Cyprus tax advantage. Companies earning profits before 2026 can still apply the previous 12.5% rate to retained earnings under specific conditions. Large multinational enterprises with annual revenues exceeding €750 million face additional considerations. These companies already operate under the Qualified Domestic Minimum Top-Up Tax, which took effect in 2025. The QDMTT ensures compliance with global minimum tax requirements while maintaining domestic competitiveness. Core Tax Exemptions That Remain Unchanged Cyprus continues to exempt dividend income from taxation. Companies receiving dividends from Cyprus resident or foreign entities pay zero corporate tax on this income. This exemption applies regardless of where the distributing company operates, subject to certain anti-abuse provisions. Capital gains from the sale of shares remain tax-free. Companies can dispose of securities, bonds, debentures, and other corporate titles without triggering corporate income tax. This creates significant advantages…

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Cyprus Stone Courtyards Architecture

Cyprus Stone Courtyards Architecture

Traditional Cyprus courtyards with stone arches represent the architectural heart of village homes where families conducted daily life away from public view. The avli, as courtyards are called in Greek, functioned as outdoor living rooms enclosed by thick limestone walls exceeding half a meter in depth. Between rooms inside the house, graceful stone archways created a sense of flow and strength while thick wooden beams supported roofs covered with clay tiles. The architecture prioritized both community connection through shared walls with adjacent family compounds and climate adaptation through thermal mass that kept interiors cool in summer and warm in winter. The iliakos, a covered porch created by extending the roof 2 to 3 meters forward on wooden beams or stone arches, served as the main social space where families received guests and conducted handicrafts. High stone walls and tightly locked gates hid houses from passing strangers, creating privacy that defined traditional Cyprus domestic architecture where facades and gardens remained invisible to uninvited observers. The Avli as the Heart of Home The central courtyard served multiple essential functions that made it indispensable to Cyprus village life. Families cooked, worked, ate together, and processed agricultural products in these open-air spaces that provided natural light and ventilation unavailable in small interior rooms. Women dried fruits and vegetables on flat rooftops accessible from courtyards,…

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Mediterranean hawthorn (Azarole)

Mediterranean hawthorn (Azarole)

Wander almost any rocky hillside or sunlit maquis in Cyprus during a warm spring day, and you may spot a graceful small tree loaded with clusters of snowy-white flowers that seem to glow against the green. Later in the season those flowers give way to plump, golden-orange fruits that look like miniature apples or medlars hanging like little lanterns among the leaves. This is the azarole hawthorn, a quiet treasure of the island’s wild places that has sweetened Cypriot tables and stories for thousands of years. A Rose-Family Gem of the Mediterranean Crataegus azarolus, commonly known as the azarole, Mediterranean hawthorn or Mediterranean medlar, belongs to the vast Rosaceae family the same clan as apples, roses and cherries. In Cyprus it grows as a deciduous shrub or small tree, usually reaching 3–8 metres tall, perfectly at home in the mosaic of maquis and open woodland that covers so much of the island. Roots Deep in Ancient Soil and Texts The azarole has been part of Cyprus’s landscape since long before recorded history. When Dr F. Unger and Dr Th. Kotschy explored the island in 1862, they recorded it (often under the older name Crataegus aronia) as a common shrub whose tasty fruits were gathered and eaten by locals. Even earlier, the great ancient physician Dioscorides described a “second kind of…

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