Amendments to the Intellectual Property Bill, which came into force in May 2022, were passed in Parliament. The bill amends the existing Patent Law, Trademark Law, Registered Designs Law, Geographical Indications Law of 2014, and Plant Variety Protection Law to improve business friendliness, operational efficiency, and clarity of law and procedure.

The authorities are imposing an additional 35 per cent buyer's stamp duty on houses settled into trust with no identifiable beneficial owner. The recently enacted tax is intended to close a loophole used by individuals who purchase multiple properties under a trust where it is not clear who the beneficial owner is and therefore avoid additional taxes.

The transformation of the sector inevitably requires appropriate funding, and ship financing has become critical for the shipbuilding sector and shipping companies worldwide. The financing aspect of shipping includes the corporate financial management of shipping companies to refinance existing debts and the financing of new shipbuilding.

Cyprus has seen rapid growth in the number of startups. This increase is due to tax incentives and favourable conditions for intellectual property and innovative companies offered by Cyprus, making it a pleasant country for the development of startups.