Category Archives: Immigration Law

Lebanese Families Seeking Cyprus Permanent Residency: Find out why.

With the impact of COVID19 shifting the country’s economy to further dismay and with no clear indication of whether things will improve in 2021, Cyprus has experienced an increase in Lebanese families inquiring and applying for a Cyprus Permanent Residency through purchasing a property of any value in Cyprus.

Permanent Residency programs allow individuals to live freely and enter into Cyprus, as legally residing citizens of the Republic of Cyprus. It also allows Lebanese Citizens the opportunity to provide their children a high quality education and a safer way of life for the whole family.

Individuals in Cyprus are able to benefit from Cyprus’ tax advantages and be registered to the Cyprus health system.

The P.R.  does not expire and does not require a renewal. There is simply a requirement to visit Cyprus once every two years to maintain the P.R.  After 7 years of living in Cyprus, the P.R. holders are able to apply for a Cyprus citizenship.

Panayiotis Z. Toulouras LLC is able to assist clients from start to finish, as they seek to relocate or start setting up a second home here in neighbouring Cyprus.

Two main types of Permanent Residency

  • Permanent Residency Category F (Normal Option)
  • Category 6.2 (Fast Track Permanent Residency)

A) Permanent Residency in Cyprus Category F (not Fast Track)

Requirements – To be eligible the applicant must:

  1. Purchase a Property in Cyprus of ANY VALUE – Category F residency is flexible and does not have a strict requirement of property purchase as a rental may also be possible:
  • However, it is always recommended to buy a property in Cyprus of any amount. (We are able to assist in presenting various property options according to your needs and requests and finalising purchase)
  • It can even be a resale property (not new) purchased
  • The money for the purchase does not need to be transferred from abroad

2.   Have an Annual income:

  • The applicant must show an annual income of at least €9.568 for one applicant, plus €4.613 for each dependent person.
  • This income must come from abroad.

Note: It can be any income deriving from salaries, pensions, dividends, fixed deposits, rents etc.

3.  Deposit in a Cyprus bank:

  • The applicant should have deposited in a bank account in Cyprus an amount of approximately €15.000 to €20.000. (We are able to assist in the setting up of a bank account)
  • Unlike the Fast-Track application, the deposit is not pledged, and the money can be used after the application is submitted

Family members

  1. Only children up to the age of 18 years old are allowed to apply as a dependent
  2. Their permanent residency will be valid only until they become 18 years old
  3. The parents or parents in law of the applicants cannot apply as dependents

Conditions and restrictions of the permanent residency program

  1. The holder must visit Cyprus once every two years. If not, the residency permit will be cancelled automatically.
  2. The holders of Permanent Residency are not permitted to work in Cyprus. However, they can live in Cyprus as shareholders in a Cypriot Company, which are able to undertake business in Cyprus or abroad, and also receive dividend income from companies. (We are able to assist in the Company incorporation)

Duration

  • Alien Registration Certificate provide same day as application
  • Permanent Residence Cards received after 12 months

B) Category 6.2 (Fast Track Permanent Residency)

Requirements – To be eligible the applicant must:

1. Make a investment of a minimum of €300.000: 

  • 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 as an employee,
  • The P.R. does not expire and the holder does not need to renew it.
  • All options give the right to applicants to be shareholders in Cyprus.

Note: Properties under construction can be included.

Note: Property can also be bought in a company’s name if the actual owner or ultimate beneficiary will be the applicant or their spouse.

2.   Have an Annual Income:

  • The applicant must prove an annual income from abroad of minimum €30.000
  • This is increased by €5.000 for each dependent (e.g. children and spouse).
  • This is also increased by €8.000 for each dependent parents or parent-in-law
  • If all above is satisfied the above family members can apply and get the permanent residence permit.

Note: It can be any income deriving from salaries, pensions, dividends, fixed deposits, rents etc.

Family members

  1. The Permanent Residency permit covers the spouse and children up to 18 years old.
  2. Also, children between 18 and 25 years old are able to apply as long as they are financially dependent on the applicant and are unmarried.
  3. The Permanent Residency is kept by the children for life even if they exceed the age of 25 or do not continue to fulfil the above terms )e.g. unmarried, students, financially dependent)

Note: Only Fast Track Residency allows parents and parents-in-law of the applicant to also get a Permanent Residency without buying an additional property. 

Note: Only Fast Track Residency allows children between 18 and 25 to be included on the application. 

Conditions and Restrictions

  1. The holder must visit Cyprus once every two years. If not, the residency permit will be cancelled automatically
  2. The holders of Permanent Residency are not permitted to work in Cyprus. However, they can live in Cyprus as shareholders in a Cypriot Company, which are able to undertake business in Cyprus or abroad, and also receive dividend income from companies. (We are able to assist in the Company incorporation)

Duration

  • Alien Registration Certificate provide same day as application
  • Permanent Residence Cards received after 2-3 months (Fast Track)

What we do

Panayiotis Z. Toulouras LLC provides corporate and immigration services to clients worldwide. Our law firm, with the assistance of our vast network of associates, provides strategic advice spanning all aspects of Immigration, Real Estate acquisition, Company set-up, Relocation services and Tax Planning.

  • Relocation Assistance and Advice
  • Real Estate Acquisition or Rental
  • Permanent Residency Applications
  • Employment Permits
  • Registration of International Companies for the Employment of Foreign Individuals
  • Visas and Special Permit application
  • Advice on All Related Tax Aspects
  • Facilitating Online Bank Facilities
  • Processing of Investment and Lending Facilities
  • Opening of Private and Corporate Bank Accounts

Contact us today for all information

Address: Faneromeni 106, Office 201, 6031, Larnaca, Cyprus

Telephone: +357 24 623 800   Fax: +357 24 332 991

Email: [email protected]

Website: www.toulouraslaw.com

 

Cyprus Permanent Residency: Why is it trending in Lebanon?

The Lebanese people have been facing political and financial instability for some time, with no clear sign whether things will improve in the coming months. As such, it is no surprise that Lebanese citizens are requesting to proceed with a Permanent Residency in the Republic of Cyprus. The past 6 months, Cyprus has experienced a high influx of Lebanese families searching for a way-out from the current situation in Lebanon.

Permanent Residency programs allow individuals to live freely and enter into Cyprus, as legally residing citizens of the Republic of Cyprus. It also allows Lebanese Citizens the opportunity to provide their children a high quality education and a safer way of life for the whole family.

Individuals in Cyprus are able to benefit from Cyprus’ tax advantages and be registered to the Cyprus health system.

The P.R.  does not expire and does not require a renewal. There is simply a requirement to visit Cyprus once every two years to maintain the P.R.  After 7 years of living in Cyprus, the P.R. holders are able to apply for a Cyprus citizenship.

Panayiotis Z. Toulouras LLC is able to assist clients from start to finish, as they seek to relocate or start setting up a second home here in neighbouring Cyprus.

Two main types of Permanent Residency

  • Permanent Residency Category F (Normal Option)
  • Category 6.2 (Fast Track Permanent Residency)

A) Permanent Residency in Cyprus Category F (not Fast Track)

Requirements – To be eligible the applicant must:

  1. Purchase a Property in Cyprus – Category F residency is flexible and does not have a strict requirement of property purchase as a rental may also be possible:
  • However, it is always recommended to buy a property in Cyprus of any amount. (We are able to assist in presenting various property options according to your needs and requests and finalising purchase)
  • It can even be a resale property (not new) purchased
  • The money for the purchase does not need to be transferred from abroad

2.   Have an Annual income:

  • The applicant must show an annual income of at least €9.568 for one applicant, plus €4.613 for each dependent person.
  • This income must come from abroad.

Note: It can be any income deriving from salaries, pensions, dividends, fixed deposits, rents etc.

3.  Deposit in a Cyprus bank:

  • The applicant should have deposited in a bank account in Cyprus an amount of approximately €15.000 to €20.000. (We are able to assist in the setting up of a bank account)
  • Unlike the Fast-Track application, the deposit is not pledged, and the money can be used after the application is submitted

Family members

  1. Only children up to the age of 18 years old are allowed to apply as a dependent
  2. Their permanent residency will be valid only until they become 18 years old
  3. The parents or parents in law of the applicants cannot apply as dependents

Conditions and restrictions of the permanent residency program

  1. The holder must visit Cyprus once every two years. If not, the residency permit will be cancelled automatically.
  2. The holders of Permanent Residency are not permitted to work in Cyprus. However, they can live in Cyprus as shareholders in a Cypriot Company, which are able to undertake business in Cyprus or abroad, and also receive dividend income from companies. (We are able to assist in the Company incorporation)

Duration

  • Alien Registration Certificate provide same day as application
  • Permanent Residence Cards received after 12 months

B) Category 6.2 (Fast Track Permanent Residency)

Requirements – To be eligible the applicant must:

  1.  Make a investment of a minimum of €300.000: 
  • 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 as an employee,
  • The P.R. does not expire and the holder does not need to renew it.
  • All options give the right to applicants to be shareholders in Cyprus.

Note: Properties under construction can be included.

Note: Property can also be bought in a company’s name if the actual owner or ultimate beneficiary will be the applicant or their spouse.

2.   Have an Annual Income:

  • The applicant must prove an annual income from abroad of minimum €30.000
  • This is increased by €5.000 for each dependent (e.g. children and spouse).
  • This is also increased by €8.000 for each dependent parents or parent-in-law
  • If all above is satisfied the above family members can apply and get the permanent residence permit.

Note: It can be any income deriving from salaries, pensions, dividends, fixed deposits, rents etc.

Family members

  1. The Permanent Residency permit covers the spouse and children up to 18 years old.
  2. Also, children between 18 and 25 years old are able to apply as long as they are financially dependent on the applicant and are unmarried.
  3. The Permanent Residency is kept by the children for life even if they exceed the age of 25 or do not continue to fulfil the above terms (e.g. unmarried, students, financially dependent)

Note: Only Fast Track Residency allows parents and parents-in-law of the applicant to also get a Permanent Residency without buying an additional property. 

Note: Only Fast Track Residency allows children between 18 and 25 to be included on the application. 

Conditions and Restrictions

  1. The holder must visit Cyprus once every two years. If not, the residency permit will be cancelled automatically
  2. The holders of Permanent Residency are not permitted to work in Cyprus. However, they can live in Cyprus as shareholders in a Cypriot Company, which are able to undertake business in Cyprus or abroad, and also receive dividend income from companies. (We are able to assist in the Company incorporation)

Duration

  • Alien Registration Certificate provided same day as application
  • Permanent Residence Cards received after 2 months (Fast Track)

What we do

Panayiotis Z. Toulouras LLC provides corporate and immigration services to clients worldwide. Our law firm, with the assistance of our vast network of associates, provides strategic advice spanning all aspects of Immigration, Real Estate acquisition, Company set-up, Relocation services and Tax Planning.

  • Relocation Assistance and Advice
  • Real Estate Acquisition or Rental
  • Permanent Residency Applications
  • Employment Permits
  • Registration of International Companies for the Employment of Foreign Individuals
  • Visas and Special Permit application
  • Advice on All Related Tax Aspects
  • Facilitating Online Bank Facilities
  • Processing of Investment and Lending Facilities
  • Opening of Private and Corporate Bank Accounts

Contact us today for all information

Address: Faneromeni 106, Office 201, 6031, Larnaca, Cyprus

Telephone: +357 24 623 800   Fax: +357 24 332 991

Email: [email protected]

Website: www.toulouraslaw.com

 

Non-EU Citizens: Starting a new or second-home in Cyprus?

Non-EU Citizens: Starting a new or second-home in Cyprus?

With many neighbouring nations facing political and financial instability, it is no surprise that households are seeking a new or second home for their family. The past few months, the island has seen a high influx of Lebanese families and companies in search of a way-out from the current situation in Lebanon. Panayiotis Z. Toulouras LLC is able to assist clients from start to finish as they relocate or set up a second home here in neighbouring Cyprus.

Residency programs allow individuals to live freely and enter into Cyprus, as legally residing citizens of Cyprus, allow them to provide their children a high quality education and a safer way of life for the whole family. The programs allow individuals the opportunity to engage in a Cyprus business as a co-shareholder or the option of establishing a Cyprus Company as a sole shareholder. Individuals and companies in Cyprus are able to benefit from Cyprus’ tax advantages.

Two main types of Permanent Residency

  • Category 6.2 (Fast Track Permanent Residency)
  • Permanent Residency Category F (Normal Option)

A) Category 6.2 (Fast Track Permanent Residency)

Requirements – To be eligible the applicant must:

1. Make a investment of a minimum of €300.000: 

  • 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 as an employee,
  • The P.R. does not expire and the holder does not need to renew it.
  • All options give the right to applicants to be shareholders in Cyprus.

Note: Properties under construction can be included.

Note: Property can also be bought in a company’s name if the actual owner or ultimate beneficiary will be the applicant or their spouse.

2.   Have an Annual Income:

  • The applicant must prove an annual income from abroad of minimum €30.000
  • This is increased by €5.000 for each dependent (e.g. children and spouse).
  • This is also increased by €8.000 for each dependent parents or parent-in-law
  • If all above is satisfied the above family members can apply and get the permanent residence permit.

Note: It can be any income deriving from salaries, pensions, dividends, fixed deposits, rents etc.

Family members

  1. The Permanent Residency permit covers the spouse and children up to 18 years old
  2. Also, children between 18 and 25 years old are able to apply as long as they are financially dependent on the applicant and are unmarried
  3. The Permanent Residency is kept by the children for life even if they exceed the age of 25 or do not continue to fulfil the above terms )e.g. unmarried, students, financially dependent)

Note: Only Fast Track Residency allows parents and parents-in-law of the applicant to also get a Permanent Residency without buying an additional property 

Conditions and Restrictions

  1. The holder must visit Cyprus once every two years. If not, the residency permit will be cancelled automatically
  2. The holders of Permanent Residency are not permitted to work in Cyprus. However, they can live in Cyprus as shareholders in a Cypriot Company, which are able to undertake business in Cyprus or abroad, and also receive dividend income from companies. (We are able to assist in the Company incorporation)

Duration

  • Application process: 2-3 months (Fast-Track)
  • Application Approval Rate 100%

B) Permanent Residency in Cyprus Category F (not Fast Track)

Requirements – To be eligible the applicant must:

  1. Purchase a Property in Cyprus – Category F residency is flexible and does not have a strict requirement of property purchase as a rental may also be possible:
  • However, it is always recommended to buy a property in Cyprus of any amount. (We are able to assist in presenting various property options according to your needs and requests and finalising purchase)
  • It can even be a resale property (not new) purchased
  • The money for the purchase does not need to be transferred from abroad

2.   Have an Annual income:

  • The applicant must show an annual income of at least €9.568 for one applicant, plus €4.613 for each dependent person.
  • This income must come from abroad

Note: It can be any income deriving from salaries, pensions, dividends, fixed deposits, rents etc.

3.  Deposit in a Cyprus bank:

  • The applicant should have deposited in a bank account in Cyprus an amount of approximately €15.000 to €20.000. (We are able to assist in the setting up of a bank account)
  • Unlike the Fast-Track application, the deposit is not pledged, and the money can be used after the application is submitted

Family members

  1. Only children up to the age of 18 years old are allowed to apply as a dependent
  2. Their permanent residency will be valid only until they become 18 years old
  3. The parents or parents in law of the applicants cannot apply as dependents

Conditions and restrictions of the permanent residency program

  1. The holder must visit Cyprus once every two years.If not, the residency permit will be cancelled automatically.
  2. The holders of Permanent Residency are not permitted to work in Cyprus. However, they can live in Cyprus as shareholders in a Cypriot Company, which are able to undertake business in Cyprus or abroad, and also receive dividend income from companies. (We are able to assist in the Company incorporation)

Duration

  • Processing time about 12 months
  • Application Approval Rate 100%

Advantages of Residency Programs: 

Cyprus, located between three continents – Africa, Europe, Asia – is a proud member of the Eurozone and home to around 1 million people. Since 2014, Cyprus has been experiencing strong and rapid growth and is fast becoming an appealing destination for Non-EU citizens.

Cyprus is considered special instantly by all new visitors. The island possesses the best of everything, from democracy and security to Europe’s best climate . The island’s small size and Mediterranean way of life means you and your family get to experience a stress-free daily life, away from the hustle and bustle that you will find in bigger countries.

The island will be a safe haven for you and your family to build a home and start the European dream.

1. The Cyprus Tax Regime

Corporate Tax

The Cyprus tax regime has a long list of tax advantages aiming to benefit companies and individuals situated in Cyprus

A company is considered to be a Cyprus tax resident if it is managed and controlled from Cyprus. Worldwide business profits of a Cyprus tax resident company will be subject to a corporation tax of 12.5% with a number of other tax advantages that companies can benefit from:

  • Dividend income is in general exempt from tax irrespective of its source
  • Cyprus does not impose income or capital gains tax on profits and gains from the disposal of shares, bonds, debentures
  • Cypriot companies are exempt from taxation on foreign exchange (FX) gains
  • No withholding tax is imposed on interest and on royalties paid from Cyprus in respect of intellectual property used outside Cyprus
  • Dividends paid to non-resident shareholders are exempt from withholding tax in Cyprus
  • Profits of a permanent establishment maintained abroad are generally exempt from tax in Cyprus

Personal Tax

  • Individuals who spend more than 183 days in Cyprus are considered a tax resident of Cyprus
  • A Cypriot tax resident individual is subject to income tax on his/her worldwide income whereas a non-Cypriot tax resident individual is subject to income tax only on Cyprus sourced income
  • Tax exemption on dividends and interests earned by non-domicile

Double Taxation Treaties

Cyprus has currently tax treaties with more than 60 countries, including countries in North America, Europe, Africa, the Middle East. Treaties provide two advantages:

  1. protection from double taxation on the same income from two states
  2. protection against excessive foreign tax

2. Schengen Area

While holding a Cyprus Permanent Residency, Non-EU applicants can easily apply for a Schengen visa and travel across Europe. This will allow you to have less hurdles previously found in your country of origin.

3. Location, Location, Location

Cyprus’ location is very strategic as it is positioned between Europe, Africa, and Asia, with the island’s two international airports linking Cyprus to all major airports:

  • London – 4 hours 30 minutes (Direct)
  • Paris – 4 hours 15 minutes (Direct)
  • Frankfurt – 4 hours (Direct)
  • Zurich – 3 hours 30 minutes (Direct)
  • Dubai – 3 hours 30 minutes (Direct)
  • Doha – 3 hours 30 minutes (Direct)
  • Beijing – 13 hours (1 stop)
  • New York – 11 hours 30 minutes (1 stop)
  • Singapore – 10 hours 40 minutes (1 stop)

 4. Quality Workforce

  • Benefit from the local impressive skilled workforce Cyprus has to offer, direct access to a great pool of talent from other EU countries
  • Benefit from programs allowing international professionals to easily relocate
  • Almost half of the workforce in Cyprus have a tertiary degree, predominantly from the UK. – one of the highest in the EU. More Cypriots earn degrees from foreign universities than any other EU country

5. Operational Costs

Launching a business in Cyprus reduces your overall set-up costs compared to other EU countries resulting in more budget being allocated for growth and development of your business.

  • Lower labor costs and lower office rent than other EU countries, so you can set up a business a lot cheaper than the rest of Europe
  • Low business and high quality support costs – services like I.T., accounting, legal, etc.

6. Member of the EU

As a proud member of the European Union Full access to European Markets with free movement of goods, services, capital, along with access to 40+ EU trade agreements with countries outside the E.U.

Cyprus’ legislation is fully compliant with the EU legislation. European Union directives can be fully transposed into Cyprus legislation and EU regulations have direct effect and full application in Cyprus.

7. Life in Cyprus

When considering where to relocate, it is always vital to consider the quality of life you aim to have for you and your family. Choosing Cyprus ensures your company enjoys a Mediterranean island that provides a very high standard of living that includes:

  • One of the EU’s best all-year climates and one of the best worldwide,
  • Over 65 Blue Flag status beaches for all tastes (highest % per capita) sports, entertainment, etc, High level public & private healthcare services,
  • Short distances – can travel from one side of the island to another in 2 ½ hours Considered one of the world’s safest countries with one of the lowest crime rates in EU, Reasonable cost of living with great choice fresh products always available – both local and international
  • According to the European Environmental Agency, Cyprus also has the cleanest beaches in Europe
  • Real Estate available to cater all needs – city center, skyscraper, beach, countryside, etc
  • High Level of Education – many private schools and private institutions offering a high level of education in English for your children

What we do

Panayiotis Z. Toulouras LLC provides corporate and immigration services to clients worldwide. Our law firm, with the assistance of our vast network of associates, provides strategic advice spanning all aspects of Real Estate acquisition, Company set-up, Relocation services and Tax Planning.

  • Relocation assistance and advice
  • Real Estate acquisition or rental
  • Citizenship Applications
  • Permanent Residency Applications
  • Employment permits
  • Registration of international companies for the employment of foreign individuals
  • Visas
  • Advice on all related tax aspects
  • Facilitating online bank facilities
  • Processing of investment and lending facilities
  • Opening of private and corporate bank accounts

Contact us today for all information

Address: Faneromeni 106, Office 201, 6031, Larnaca, Cyprus

Telephone: +357 24 623 800   Fax: +357 24 332 991

Email: [email protected]

Website: www.toulouraslaw.com

 

Why Hong Kong firms and HNWI are considering Cyprus as their new base?

Cyprus , located between three continents – Africa, Europe, Asia – is a proud member of the Eurozone and home to around 1 million people. Since 2014, Cyprus has been experiencing a strong and rapid growth and is fast becoming an appealing destination.

With the recent turmoil in Hong Kong, many firms and HNWI are seeking refuge to a jurisdiction that provides safety, convenience and potential for growth.

With foreign investors increasingly choosing Cyprus – the economic climate, real estate prospects, investment funds, shipping, construction, tourism, filming and energy sectors – are sectors which have experienced consistent growth. The competitive, modern and transparent legal, financial and regulatory framework that Cyprus possesses allows the island to be a credible and highly reputable financial center for Hong Kong firms and HWNI to set up base.

As an ex-British colony, Cyprus shares similarities with Hong Kong, as both jurisdictions have retained the common law legal system which is based on the British legal system.

Why Choose Cyprus?

Enjoy the right quality of life

When considering where to redomicile or set up your business, it is always vital to consider the quality of life you aim to have for you, your family and your employees. Choosing Cyprus ensures you and your team work in a Mediterranean island that provides you with a very high standard of living that includes:

  • One of the EU’s best all-year climates and one of the best worldwide,
  • Over 65 Blue Flag status beaches for all tastes (highest % per capita) sports, entertainment etc,
  • High level public & private healthcare services,
  • Short distances – can travel from one side of the island to another in 2 ½ hours
  • Considered one of the world’s safest countries with one of the lowest crime rates in E.U.,
  • Reasonable cost of living with great choice fresh products always available – both local and international
  • Real Estate available to cater to all needs – city centre, skyscraper, beach, countryside etc
  • High Level of Education – many private schools and private institutions offering a high level of education in English

Accessing Talent

E.U.
  • Benefit from the local impressive skilled workforce Cyprus has to offer, direct access to a great pool of talent from other EU countries
  • Benefit from programmes allowing international professionals to easily relocate
  • Work visas for non-EU nationals are available to enable companies to hire from non- EU countries whenever the required skill-set is not available locally
Cyprus
  • Almost half of workforce have a tertiary degree – one of highest in the EU,
  • Rapid growing education system – one of the highest enrolments in domestic universities with many UK universities partnering up with Cyprus universities,
  • High number of Cypriots educated abroad – more Cypriots earn degrees from foreign universities than any other EU country

Setting up with lower costs

  • Launching and running your business in Cyprus reduces your overall set-up costs compared to other EU countries resulting in more budget being allocated for growth and development of your business.
  • Lower labour costs than other E.U. countries
  • Lower office rentals costs than most E.U. countries
  • Low business support costs and high quality – services like I.T., accounting, legal etc.

Benefiting through tax incentives

Cyprus has one of the lowest tax burdens in Europe and a highly competitive set of tax incentives for businesses and individuals. It is great to note that people who decide to move their personal tax residency to Cyprus, will automatically be considered as non-domiciled in Cyprus for a maximum of 17 years.

  • different set of rules for ‘tax residents’ and ‘non-tax residents’
  • corporate tax is only 12,5 %, which is one of the lowest in the E.U.
  • very low tonnage tax for ship-owning and shipping companies,
  • 2,5 % on income from Intellectual Property
  • no corporate tax for ‘non tax resident’ companies
  • no Cyprus tax on disposal or trading of securities
  • no Cyprus tax on income from dividends on a company level, for a period of four years
  • no Cyprus withholding tax on dividends paid to shareholders outside of Cyprus
  • no Cyprus tax on dividend income for non-domiciled but tax-resident individuals
  • no Cyprus tax on interest income on account of non-residents with banks in Cyprus
  • no Cyprus tax for International Trusts
  • full tax group relief
  • offshore entities from other countries are allowed as shareholders
Non-Tax Residents
  • Non-tax resident Cyprus Companies are not liable for corporate tax in Cyprus, provided that each director/s do not reside in Cyprus, and the companies do not conduct any business with natural or legal persons residing in Cyprus, but,
  • Where a non-tax resident Cyprus Company conducts business in Cyprus, the profit from this business will be taxed in Cyprus.

Communicating, Commuting and Access

With English being a predominant language spoken between businesses, when setting up your business you can benefit from the island’s high percentage of English-speaking citizens. Cyprus is also centrally located between 3 continents (Asia, Europe, Africa) making it easy to commute back home or for business purposes:

  • 73% of Cypriots speak English – official language due to British Colonization
  • English widely accepted for business transactions, government services, contracts, banking and other day-to-day functions you’ll be undertaking
  • Daily flights in & out of Cyprus through Larnaca & Paphos international airports to multiple destinations making your global commuting easier
  • Full access to European Markets with free movement of goods, services, capital
  • Access to 40+ EU trade agreements with countries outside the E.U.
  • UK-Cyprus trade relations existed before the E.U. and will continue strongly after Brexit as Cyprus belongs to the Commonwealth and has sovereign British Bases on the island

Panayiotis Z. Toulouras LLC provides legal services to clients worldwide. Our law firm, with the assistance of our vast network of associates, provides strategic legal advice for:

  • the incorporation of a Cyprus company
  • setting up a branch in Cyprus
  • re-domiciliation of a Hong Kong company to Cyprus
  • opening of bank accounts
  • business visa applications and other visas
  • work permits
  • employment contracts
  • purchase/rental of property for commercial purposes
  • purchase/rental of property for residential purposes
  • applications for permanent & temporary residency
  • applications for naturalization
  • Cyprus international trust creation
  • I.P. registration

COVID-19 TRAVEL UPDATE: New Exceptions Announced!

NEW TRAVEL UPDATE

Until 03:00 on 21/3/2020, entry to the Republic of Cyprus will ONLY be granted to individuals who fall under the categories listed below, provided that, upon arrival, they are able to submit a MEDICAL CERTIFICATE, showing that they have been tested for coronavirus by certified medical centers in their country of origin.

HOWEVER, an exception to the Medical Certificate has been announced for the below people that:

  • Traveled abroad for medical reasons
  • Are abroad for a short stay for professional reasons or official reasons
  • Are allowed entry based on Vienna Convention

All those who fall into these categories, rather than presenting a medical certificate must have a confirmation from the diplomatic missions of the Republic of Cyprus, which will be issued provided they present the documentation to prove the reasons.  They can be accompanied back with the people who went with them on the outward trip. The Health Minister added everyone returning will be subject to 14 days of compulsory quarantine, with individuals who had traveled abroad for medical reasons remaining at home to continue their medical treatment.

Categories allowed

Cypriot citizens

  • Travel documents (ID, Passport)

Legal residents in the Republic of Cyprus

  • MEU 1,2,3 (yellow slip),  or public utility bill in the name of the interested person for every national of an EU member state
  • Third-country nationals must present a residence permit

European nationals working in the Republic

  • MEU 1,2,3 or certificate or receipt from the Department of Social Insurance or a confirmation from an employer

Third country nationals working in the Republic

  • Work permit

Nationals of countries who are in a designated diplomatic service or mission under bilateral or international conventions

  • Diplomatic ID or a non-diplomatic card or confirmation by the competent authority as to the reasons for being in the Republic of Cyprus

Individual cases of European nationals or third-country nationals for unavoidable business obligations, provided that the relevant authorization has been obtained from the competent Ministry

  • Confirmation from the competent ministry of the Republic of Cyprus as to the reason for the visit

European or third-country citizens attending educational institutions in the Republic of Cyprus.

  • EU nationals should present a student ID and third-country nationals an ID card and a student’s residence permit.

FROM THE 21ST OF MARCH

Cyprus is prohibiting passenger flights from a large number of countries, including the UK, Greece, Lebanon, and Russia from 3 am on March 21 for 14 days as part of preventive measures to contain the spread of COVID-19:

Bahrain, Belarus, Belgium, Bulgaria, Egypt, , Estonia, Germany, Hungary, Ireland, Israel,  Jordan, Latvia, Lebanon, Lithuania, Malta, Netherlands, Norway, Poland, Qatar, Romania, Russia, Serbia, Slovakia, Sweden, Switzerland, Ukraine, the UK, and Greece.

Cypriot citizens who are currently abroad, or intend to travel abroad for exceptional reasons, are encouraged to register on the website www.oikade.gov.cy

Relevant announcements, press releases and information published by the Ministry of Health and other competent Authorities and Services of the Republic, including clarifications from the Ministry of Interior regarding the documentation required for entry to the Republic of Cyprus, are available here: https://www.pio.gov.cy/coronavirus/

PANAYIOTIS Z. TOULOURAS LLC

Address: Griva Digeni 13, Megaro Stavrakis, Office 501, 6030, Larnaca, Cyprus

Telephone: +357 24 623 800   Fax: +357 24 332 991

Email: [email protected]

Website: www.toulouraslaw.com

 

Are you a UK national living in Cyprus wanting to apply for Cyprus residency? – Contact Us

Contact us today to start your application process.

The British High Commissioner in Cyprus has recently urged UK nationals living or who intend to start living on the island before the end of the transition period to apply for residency to ensure their residence rights shall be protected once the transition period is over. The transition period starts the day after the UK exits the E.U. until the 31st of December 2020, during this period free movement of UK nationals and their family members will continue.

The Withdrawal Agreement between Britain and the EU contains protection for UK nationals living in the EU, which includes the right to live, work and access various services e.g. Gesy healthcare system.

The clear message from the High Commission is that – ‘’These rights will be protected for as long as you live in Cyprus, provided that you are legally resident here by the end of 2020,”

Just a few key points to know:

  • UK nationals and their family members who, by 31st of December 2020, have been continuously resident in Cyprus for 5 years will be eligible for permanent residence.
  • UK nationals and their family members who already reside in Cyprus or arrive by the 31st of December 2020 but will not yet have been continuously resident in Cyprus for 5 years, will be eligible for residence, enabling them to stay until they have reached the 5-year threshold, allowing them to apply for permanent residence.
  • UK nationals and their family members who are covered by the Withdrawal Agreement, will be able to continue their lives in Cyprus, with the same access to work, study, benefits etc subject to specific provisions stated in the Withdrawal Agreement.
  • UK nationals who will not have completed 5 years of continuous residence in Cyprus, will be able to remain in Cyprus to build-up the 5 years continuous residence.
  • Certain guidelines also for family members of UK nationals wishing to reside in Cyprus
  • Holders of current resident documents MEU1, MEU2, MEU3 will be able to continue to use them as a proof of residence rights in Cyprus.
  • Applications received up until the end of transition period will be examined on the basis of the current free movement rules.
  • After the end of the transition period, holders of residence documents and eligible person arriving in Cyprus will have the right, upon application, to receive a new type of residence document

BUT  – UK citizens who want to come to Cyprus after the 31st of December 2020 will need to meet Cyprus immigration rules.

What we handle:

  • Fill in all required forms for you
  • Advise you on the correct procedure to proceed with based on your status and situation
  • Confirm your documentation is accurate and appropriate for the procedure
  • Submit the forms to government authorities
  • Liaise and have direct contact with all government authorities evaluating your application from start to finish

Contact us today to start your application

Address: Faneromeni 106, Office 201, 6031, Larnaca, Cyprus

Telephone: +357 24 623 800   Fax: +357 24 332 991

Email: [email protected]

Website: www.toulouraslaw.com