New support measures were announced on Wednesday 26/1/2022 by the Minister of Finance, with a budget of around three million euros.

The measures concern a plan for one-time subsidy support for certain categories of companies and self-employed workers, and the Suspension of the imposition of additional tax and interest for the tax period ending on 31/12/2021 (for certain business categories).

For the one-time subsidy support plan, the beneficiaries fall into the following categories:

nightclubs and discos
movie theatres
art agencies
businesses that organize conferences/trade fairs
private theatres and live performance shows
bands and musicians
singers, dancers, and other performers
entertainment venues
event planning (for baptisms, weddings, etc.)

Conditions

Businesses and self-employed must have their registered office or permanent residence in Cyprus, to have been affected by the latest restrictive measures and to have submitted their tax returns for 2019.

SupportPayment

The subsidy will be paid automatically, without completing or submitting any forms, taking into account the sales (turnover) of previous periods, which is the same way the subsidies were calculated by the Ministry of Finance for the entire duration of the pandemic.