Formal requirements
Third country applicants who make (i) an INVESTMENT, or (ii) set up BUSINESS OPERATIONS in/via Cyprus through the establishment or acquisition of a company in Cyprus
Economic & Qualitative requirements
1. INVESTMENT of at least €300.000 in:
A) NEW residential property (excludes resales).
B) Real estate (new or resale) excluding houses/apartments (e.g. offices, shops, hotels or related estate developments, or a combination thereof).
C) Share capital of either a newly registered or existing company registered, based and operating in Cyprus with a proven physical presence, and employing at least five (5) people.
D) Units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF) whose investments should be held in Cyprus.
2. BUSINESS OPERATIONS
Set up or acquire a company in which applicant holds the majority of the shares, and the value of participation in the form of acquisition or paid-up capital is at least €200.000. Applicant(s) must be further employed by their company with a gross monthly salary of at least €2.500 (minimum of 2 years employment duration), and in possession of relevant academic qualifications or at least 2 years of relevant experience
Minimum stay requirements
1. INVESTMENTS
Residence Permit, must be acquired within 1 year from application and must not be absent from Cyprus for a period of more than 2 years.
2. BUSINESSS OPERATIONS
Residence and Work permit for the duration of employment in the company. It is intended that employee must work, and not be absent for more than 3 months, from Cyprus.
Ongoing requirements
(i) For “Business Operations”, company must be registered with the Business Facilitation Unit as an eligible foreign controlled company
(ii) Investors must maintain investments, continue to comply with criteria and provide evidence if so requested. Must further provide annually a clean criminal record certificate from their country of origin and country of residence (if not residing in Cyprus).
Ability to bring in family
Permit extended to the whole family. Certain conditions will need to be met for children who are over the age of 18
Language requirements
Not applicable except in cases of an application for fast-track citizenship (applicable for Business Operations only)
Tax implications or related issues
The Cypriot “non-domicile” regime lays down an attractive tax base for non-Cypriot physical persons who move their tax residence to the Republic. As a non-dom, a Cypriot resident is not subject to taxation on dividend income streams and investment interest income. Capital Gains derived from financial instruments (e.g. shares or units) are generally exempted. Relocating persons can also enjoy a deduction up to 50% on salaries exceeding €55,000.
Other benefits/considerations
BUSINESS OPERATIONS: May be eligible to (i) a FAST-TRACK CITIZENSHIP after 3 or 4 years if certain conditions are met, and (ii) employ additional third-party national(s) as employees subject to complying with eligibility criteria
For more information and detailed eligibility and compliance conditions, you may contact us accordingly.
Name: Kyriacos Scordis / Christos Scordis / Matheos Papapetrou
Firm: Scordis, Papapetrou & Co LLC
Email address:k.scordis@scordispapapetrou.com / c.scordis@scordispapapetrou.com / mat.papapetrou@scordispapapetrou.com