The Cypriot Ministry of Finance announced that the law establishing a framework for the control of Foreign Direct Investments in the Republic of Cyprus takes effect on Thursday.
The ministry called upon interested investors and others to get informed about the provisions of the law, and take the necessary actions to comply with the provisions, in a press release issued March 27.
It said that foreign direct investments that fall within the legislation and are carried out starting April 2, must be communicated to the ministry for control before the completion of the investment.
The new law introduces for the first time in the Republic of Cyprus a comprehensive mechanism for controlling FDI, which aims to ensure national security and public order of the republic, aligning Cyprus with the European regulatory framework and in particular with Regulation (EU) 2019/452.
In its press release, the Cypriot ministry added that the implementation of the legislation also contributes to the formation of a stable institutional environment aimed at encouraging investment activity.