The Fast-Track Business Registration Scheme
Cyprus is set to become a preferred European International Business Centre.
Foreigners are now able to conduct their International Business in a sustainable environment, supported by the government’s New Business Facilitation Unit.
This New Business Facilitation Unit is solely dedicated to assist foreign companies and will provide:
- Assistance to relocate to the island, operate and expand existing business activities in Cyprus.
- Provide guidance with the establishment and licensing of businesses.
- Process and issue residence and employment permits.
Another exciting development is the inclusion of skilled third country nationals and support staff.
- Employee work permits that fall under this revised policy will be issued in 30 days and can last up to 3 years!
- This new strategy even includes family reunification rights for those that qualify.
Read below for further details or reach out to one of our team members to find out more about the exciting developments that include the introduction of:
For all companies of international interest operating or wishing to operate in Cyprus in specific areas of economic activity.
- Cypriot shipping companies
- Cypriot high-tech or innovation companies
- Cypriot pharmaceutical companies
Cypriot companies active in the fields of biogenetics and biotechnology.
The Business Unit will assist you with:
- Company registration
- Company name approval
- Registration with Social Insurance
- Registration of the Employer
- Registration with VAT registry
- Income Tax Registration
Employee work and residency permits for high-skilled third country national employees:
- With a minimum gross monthly salary of €2,500
- University degree, title, or equivalent qualifications/certificates of relevant experience.
Note: (Maximum work permits for third country nationals is set at 70% of all employees over five years)
- Permits will be issued within 30 days and will last for three years.
- Employee’s spouses will also be allowed to work.
A digital nomad is a person who is location independent, using technology to perform their job. They work remotely and are not required to be physically present at their company’s office. Third country nationals can be granted a visa to remain in Cyprus for one year with the right to renew for two more. They can be accompanied by their family members who can also obtain a residence permit providing they do not perform any economic activity in Cyprus.
- Sufficient funds to cover their living expenses (EUR 3,500 per month) increased by 20% if there is a spouse/civil partner and by 15% for each child.
- Healthcare coverage (General Healthcare System – GHS); and
- Clean criminal record by the country of his/her residence.
Cyprus is an attractive jurisdiction that alleviates the financial burden of being self-employed. The Island offers low tax rates, tax incentives, deductions and exemptions with an extensive network of double tax treaties:
- Exemption for employees within the republic of 50% for new residents/employees with a remuneration of €55,000 (with the possibility to extend the benefit from 10 to 17 years).
- Exemption for investments in innovative companies – 50% tax exemption for certified innovative companies including corporate investors.
- Digital nomads can take advantage of the “60-day rule” which entitles a person who stays in Cyprus for at least 60 non-consecutive days to be deemed as a Cyprus tax resident in that year. A Cyprus tax resident is taxed on his/her worldwide income, with credit granted for any foreign taxes paid.
Employees will have the right to apply for naturalisation after 5 years of residence and work in the Republic of Cyprus. This can be reduced to 4 years if they are able to provide a recognised certificate proving their proficiency in the Greek language.
- Eligible companies can now employ staff from third world countries.
- Family reunification rights for third country nationals employed under the revised policy are included.
- Direct and free access to the labour market as paid employees.
- Spouses can be granted residence or work permits (provided they receive a minimum salary of EUR2,500)
New business advantages in Cyprus aim to boost businesses sustainability and economic growth – Contact us for further information