Tax amnesty to lure funds back to Cyprus

The government is introducing a tax amnesty, the third by successive governments in the past two decades, to repatriate funds, but on the condition that they be invested before the end of the year
Government spokesman Christos Stylianides said the decision taken at the Cabinet meeting last Thursday was "for purposes of attracting foreign investments and reinforcing liquidity. The tax amnesty will not have universal application, since the government is particularly sensitive on tax evasion issues.”
The tax amnesty will be granted:
1. For immediate and measurable investment;
2. For settling obligations towards banking institutions and the state;
3. For long-term deposits at financial institutions (with a five year deposit)’
4. For the purchase of sovereign bonds.
Those granted tax amnesty will be exempt from income tax.