NICOSIA: Cyprus will introduce a tax amnesty for individuals making long-term investments or buying government bonds in an effort to tackle a money drain and liquidity problem, a government spokesman said on Thursday.
The amnesty will be valid until December 31, for those who concealed funds from authorities abroad.
Under the terms of the new deal, that is yet to be approved, persons who repatriate cash for investments, will be exempted from income tax.
In March, Cyprus asked for a 10 billion euro bailout from international lenders to aid its banking sector which suffered greatly from lending to Greece.
