Business relocation to Cyprus is the movement, opening or purchase of a business on the island. Today, the authorities of the Republic offer foreigners favorable conditions for doing business and participation in good investment programs. The government cares about the comfortable life and work of foreigners. Therefore, many businessmen from all over the world consider Cyprus as a location for their activities.
Business immigration to Cyprus: for whom
Buying a business in Cyprus or moving your business there is the best solution for the following categories of people:
- Owners of foreign companies. To reduce tax payments and receive additional benefits from the state.
- Those wishing to do business in an EU country. Thanks to business immigration to Cyprus, you will be able to operate in the Eurozone and enter the global market.
- Employees of companies and “remote workers”. Moving a business to Cyprus will provide the following benefits: official residence in an EU country, preferential tax rates, obtaining permanent residence when buying property in the amount of 300,000 € and local citizenship after 4-5 years of stay on the island.
- Businessmen who want to work in a country with a stable economic and political environment, low levels of corruption and crime.
Incentives to Support Business in Cyprus in 2022
For foreign companies that are planning to open a business in Cyprus or are already working there, the Government of the Republic offers favorable conditions and incentives:
Extension of tax incentives for investments in innovative enterprises and an increase in the tax deduction for expenditures on research and development.By investing in certified innovative firms, investors receive a tax exemption of 50%.
The Republic also has some of the most attractive tax conditions in the European Union:
- corporate tax — 12.5%;
- VAT – 19%, when buying real estate – 5%;
- exemption from taxes on the withdrawal of dividends for 17 years;
- no double taxation for citizens of 58 countries.
Improving employment conditions for third-country nationals
The allowed number of foreign workers in the company is 30% of the total staff. For highly qualified third-country nationals, there is an accelerated procedure for issuing a work permit. Residence and work permits are valid for 3 years with the possibility of renewal. Spouses of employees who earn 2500 €/month are entitled to legal employment.
Digital Nomad Visa
This is a special visa for remote workers who work with employers and clients outside of Cyprus and have an income of at least 3,500 €/month. With this visa, you can live on the island for a year with the right to prolong for another 2 years. The applicant’s family members can also live on the island – they are issued a residence permit.
Loyalty in obtaining Cypriot citizenship
Foreign businessmen can obtain local citizenship after 5 years of residence in the country (instead of 7). And with knowledge of the Greek language “excellent”, then after 4 years.
How to open a business in Cyprus
SUMMIT BUSINESS CENTER, Limassol
Requirements for the applicant:
- compliance of the company with the Substance standard (on the real economic presence of the company);
- absence of a criminal record, the fact of deportation and violations of the visa regime;
- the presence of real estate on the island in the ownership or long-term lease, confirmed by the title or lease.
Procedure for relocating a business to Cyprus
For business immigration to Cyprus or registration of a new company, you will need to hire a licensed lawyer who will correctly draw up all the necessary documents:
- Certificate of incorporation (certificate of registration);
- Apostille of the bound set of copies of Constitutive documents (apostilled set of constituent documents);
- Written Resolution of the Subscriber to the Memorandum of Association (resolution on the appointment of the first director);
- Certificate of Director and Secretary (certificate of appointment of director and secretary);
- Certificate of Shareholders (certificate of shareholders);
- Certificate of Registered Address (certificate of legal address);
- Minutes of the first Meeting of the Board of Directors (minutes of the first meeting of the Board of Directors)
- Share Certificates (share certificate);
- Non Trading Warranty (certificate of commercial purity).
It is necessary to prepare a Memorandum and Charter of the company, which spells out the rules of the enterprise and the duties of directors and shareholders. It is also important to do due diligence on the beneficial owners of the future firm. A set of documents must be submitted to the Registrar of Companies of Cyprus for approval. The approval process usually takes 2-4 days. After that, the applicant is issued a certificate of registration of the enterprise and a full package of registration papers, which allow you to legally conduct business in Cyprus.
Interested in business immigration of your business to Cyprus? – contact our company. We will give you free consultations and help with all organizational issues.