Articles

5+2 Reasons why Lebanese Clients choose Cyprus!

30 Apr 2021 By Panayiotis Z. Toulouras LLC
Lebanon Move to Cyprus, Lebanese work to Cyprus

5+2 reasons why Lebanese clients choose Cyprus!

Since the end of the Special Permission requirement for the Lebanese traveling to Cyprus, on the 1st of April 2021, the island has received a large influx of Lebanese individuals, families, and companies seeking a way out from the current turmoil plaguing Lebanon’s economy and society.

Our firm has been advising and assisting Lebanese clients as they embark on shifting their residency and business activities to the robust economy of Cyprus.

Cyprus has strategically established itself as an attractive destination, both within the EU and globally, through its competitive, modern, and transparent legal, financial and regulatory framework. The country’s advantageous tax policy and strong banking system have made Cyprus attractive for all types of businesses and individuals.


Individuals and Families

Temporary Residence

  • Valid for 1 year & renewed yearly,
  • Holders are allowed to live in Cyprus as visitors without the right to work,
  • A spouse, children (under 18 years old), and parents (parents of the couple) are able to apply as dependents,
  • Eligible through renting or purchasing a property.

Permanent Residency (Normal Option) – click here 

  • Main applicants and qualifying dependents can apply and stay as permanent residents in Cyprus indefinitely,
  • Approval within 12 months,
  • The P.R. does not expire and the holder does not need to renew it,
  • Eligible through purchasing a property of ANY value.

Permanent Residency (Fast Track) – click here 

  • Main applicants and qualifying dependents can apply and stay as permanent residents in Cyprus indefinitely,
  • Approval within 2 months,
  • The P.R. does not expire and the holder does not need to renew it,
  • Eligible through purchasing investing at least €300,000 (excluding VAT) in one of the following options (a) residential properties (b) commercial properties (c) company share capital and (d) Cyprus investment funds,
  • Option (c) investing at least €300,000 (excluding VAT) in a company share capital gives the right to the main applicant to work in Cyprus,
  • All options give the right to applicants to be shareholders in Cyprus.

Personal or Joint Bank Account in a Cyprus bank 

  • Lebanese individuals, both residents, and non-residents are eligible to open a personal or joint bank account in Cyprus at one of the local banks our firm cooperates with.

Companies

Register a Cyprus Company

  • A company registered in Cyprus enjoys all the advantages of operating in an E.U. country
  • Registration of a Company is quick and easy for all Lebanese clients
  • A Cyprus company benefits from an advantageous 12.5% corporate tax (one of the lowest in Europe) on profits, with possibilities for further reductions in taxation
  • Shareholders benefit from no withholding tax on dividends paid to them (if non-residents)

Foreign Interest Company – click here

  • A Cyprus company with a majority of non-EU shareholders (over 51%) is eligible to employ up to 15 non-EU employees (including the shareholders themselves),
  • All 15 non-EU employees are able to work and live freely in Cyprus whilst they are employed for the Cyprus Company through receiving residency cards,
  • A direct deposit of capital amounting to at least €200.000, deposited into the Cyprus company’s bank account from abroad, is required to be eligible. This amount can then be used for company activities in Cyprus and abroad,
  • The company can also employ additional Specialists that have specific skills (click here for more info),
  • Family members (spouse, children, parents, and in-laws) of the Employees can also join and reside in Cyprus through family reunification.
  • The foreign interest company benefits from an advantageous 12.5% corporate tax (one of the lowest in Europe)

Corporate Bank Account for a Lebanese Company 

  • Lebanese companies are eligible to open a corporate bank account in Cyprus at one of the International Business Units that our firm cooperates with.

Our areas of work include: 

  • Real Estate acquisition or rental
  • Company Registration and Nominee Services
  • Investment Advice
  • Permanent and Temporary Residence Applications
  • Employment permits
  • Registration of foreign interest companies for the employment of Lebanese nationals in Cyprus
  • Visa Applications
  • Advice on all related tax aspects
  • Facilitating online bank facilities
  • Opening of personal and corporate bank accounts