We undertook a project to perform a tax due diligence review on a Cyprus property holding group in connection with a proposed acquisition of a Cyprus property holding target company. The scope of our work included the review & assessment of the company’s compliance record with Cyprus tax legislation for the 2019–2024 tax years, the analysis of tax risks related to the application of the lucrative Notional Interest Deduction (NID) regime, and the proper treatment of rental income and capital allowances. The engagement included the identification of key tax risks and the provision of recommendations regarding the classification of assets and liabilities. Particular emphasis was placed on confirming legal ownership of immovable property, verifying the accuracy of capital allowances, and assessing the eligibility to apply the NID regime in light of the capital increase introduced through share premium. As is the typical nature of all such Tax Due Diligence work on Mergers and Acquisitions scenarios, we note that there was an extreme pressure on the time of delivery, as our conclusions were required by the client in advance of negotiations, and we were in the middle of a number of different stakeholders, professionals and client expectations.