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Tax Authority to Administer Refunds on Excess Healthcare Contributions Over €180,000

Overview Of The New Refund Process

The Health Insurance Organization (OAY) has announced that any contributions exceeding €180,000 paid into the General Healthcare System Fund (ΓΕΣΥ) for contribution years commencing on or after January 1, 2025 will be refunded directly by the Tax Office, in accordance with the Tax Confirmation and Collection Law. This marks a significant shift in the administrative process, transferring responsibility from OAY to the Tax Office for these specific cases.

Refund Procedures And Guidelines

For contributions pertaining to the year that ends on or before December 31, 2024, the refund process will continue to be handled by OAY based on the existing decisions on refunds for amounts exceeding the maximum contributions.

Extended Submission Period Under Revised Regulations

The announcement further clarifies that, in light of the amendments detailed in the 2025 decisions published in the Official Gazette on September 5, 2025, the deadline for submitting refund requests to OAY has been extended. Specifically, each refund claim must now be submitted within six years after the conclusion of the contribution year in question.

Accessing The New Refund Form

Interested parties seeking to file a refund claim for contributions exceeding €180,000 can obtain the new form directly from the OAY website under the GEΣΥ/Financial and General Accounting section. Detailed instructions and a direct hyperlink are provided for ease of access.

Implications For Contributors

This regulatory update streamlines the refund process and reinforces a robust oversight mechanism in line with current fiscal policies. Organizations and individuals alike should note these changes to ensure compliance and timely submission of claims, thereby avoiding any potential administrative delays.

Cyprus President Outlines Strategic Investment And Energy Initiatives To Drive Economic Growth

Strategic Energy Reforms And Investment Vision

Nikos Christodoulides, President of Cyprus, outlined energy and investment priorities during the 16th Nicosia Economic Congress. He focused on natural gas development, renewable energy capacity, and attracting targeted foreign investment.  The discussion included a roundtable with business leaders on energy constraints and investment positioning.

Innovative Energy Strategies And Renewable Integration

Christodoulides said Cyprus is in discussions with ENI and Total on natural gas development, with an agreement expected by the end of April. The plan targets gas exploitation starting in 2027. Renewable energy capacity increased from 19% to 24% during his term. He said current levels remain below potential despite high solar exposure. Plans for energy storage systems are under preparation to support further expansion.

Global Investment Engagement And Strategic Diversification

Government officials are planning investment-focused meetings in India, the United States, and Kazakhstan. Scheduled visits include Mumbai and New Delhi. Christodoulides said Cyprus is pursuing a targeted investment approach focused on specific sectors rather than broad-based inflows. He said not all sectors are open to investment without strategic alignment.

Economic Resilience And Diversification Beyond Traditional Sectors

Cyprus has returned to an A credit rating after losing investment grade in 2011. Economic indicators include high growth relative to other European countries, low unemployment, and a declining debt-to-GDP ratio. A €200 million support package was introduced to support households and businesses. The government said the measures align economic policy with social and defense priorities.

A Multifaceted Approach To Future Growth

The government is expanding its focus beyond tourism and services into technology, higher education, shipping, and defense. European Union funding is contributing to growth in security-related sectors. Miltos Michaelas, CEO of Alpha Bank Cyprus, and representatives from KPMG Cyprus said progress has been made in financial services and the broader business environment. Industry participants also raised the need for coordinated fintech policy and improvements in digital payments.

Outlook And Concluding Strength

Christodoulides said stability and predictability remain priorities amid geopolitical risks affecting Ukraine and the Middle East. Government policy continues to focus on fiscal discipline, energy development, and targeted investment as key drivers of economic activity.

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