As part of its effort to attract foreign high net worth individuals to invest, international groups to set-up presence and qualified individuals to relocate and work in the country, Cyprus offers some very appealing incentives. These include a 50% tax exemption on employment income in case this exceeds EUR55,000 per annum, a “non-dom” regime, a 60-days tax residency scheme and many more. You can find more on these incentives in our relevant publications, which can be found on a dedicated page of our website.
These incentives, together with other advantages of Cyprus, such as its geographical location, its sunny weather, the business-friendly time zone, low crime and pollution and the top quality of facilities and services, create a very appealing proposition.
We can assist in a wide range of matters related to obtaining residency and/or tax residency in Cyprus, including the following:
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- Assistance with identification and securing of suitable and qualifying (if applicable) immovable property
- Drafting and submitting the required documents to the relevant authorities (e.g. applications for immigration permits, permanent residence permits, employment permits, visas, etc
- Monitoring the status of the applications and following up with applicants
- Arranging and attending meetings with the Immigration Department and other authorities
- Services in relations to qualification (initial and on-going) with specific tax regimes applicable to qualifying migrants
- Running a pre-clearance check with relevant authorities
- Applying for issuance of Tax Residency Certificates
You can refer to our related piece in a series of newsfeeds related to Setting Up in Cyprus, dedicated on hiring and relocation of personnel for a real life scenario on how we assisted on the relocation of staff from abroad for a UK shipping company, which established presence in Cyprus.
Our services don’t stop at the formal part of a relocation (i.e. obtaining permits, etc.) but also include assistance and support for a smooth settle down in the country, including on the following areas, either during the relocation phase or on an ongoing basis, where applicable:
- Opening of bank account/s
- Setting-up utility connections and taking care of their settlement
- Creation of insurance covers (for house, car/s, medical, life, investment, etc.) and following-up with insurance agents
- Maintenance and renovation
- Property and personal security
- Children’s schooling and other activities
- Recruitment/engagement of domestic staff (nannies, housemates, gardeners, etc.)
Such services can be offered on an ad-hoc basis or as an overall package of Family Office supports.