Cyprus, a services-oriented economy with years of experience in servicing international clients, is transposing itself as one of the top relocation and headquartering centers in Europe. The skills and knowhow obtained from lawyers and accountants during the past years are now put at work in servicing the international groups that are setting up regional headquarters in Cyprus. With a good choice of English-speaking private schools to ensure top class education as well as a range of private clinics to ensure access to good healthcare combined with the great climate conditions and the crystal clean beaches make Cyprus the obvious choice.
The ideal location, the natural beauty and history team up with a holistic legal and tax framework developed specifically for making Cyprus a leading jurisdiction where high net worth individuals can relocate, set up regional headquarters and attract the human capital required to manage and control their business activities.
How to Relocate
The Cyprus Investment Programme
The Cyprus government has developed and maintains an attractive investment programme aimed at foreign investors and businessmen. Through this programme, high net worth individuals can obtain the Cyprus Citizenship and hence be able to relocate to Cyprus.
Obtain Employment Permit in Cyprus
It is possible for a 3rd country national to live and work in Cyprus if he/she is employed by a Cyprus company whose majority shareholders are 3rd country nationals.
There are certain requirements that need to be met both for the Cyprus Company who will be the employer and the 3rd country national employee, the most important of which is that an amount of €171.000 must be transferred from an overseas account of the beneficial owner to the bank account of the company in Cyprus.
As to the salary of the employee the following apply:
- If the employee will have managerial position then his minimum gross salary is €3.873
- If the employee will have middle-management position or administrative duties the minimum gross salary is €1.936.
EU Nationals can be employed in a Cyprus company with no restrictions or conditions.
Cyprus Tax laws provide attractive incentives for all stakeholders involved, being the owners, the companies and their employees. For an individual to be regarded as a tax resident of Cyprus must either:
- Spend 183 days in Cyprus, or
- Provided that an individual does not spend 183 in any other jurisdiction, to spend 60 days in Cyprus, be employed or be a director of a Cyprus company and own or rent a house in Cyprus.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.