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Cyprus – high-quality living and business conditions

Do you want to conduct business in the heart of Europe and pay minimum taxes at the same time? Do you want to bring your family in the country with an immigrant-friendly environment? Are quality of life and climate important to you? Then learn more about business immigration to Cyprus. This prosperous offshore is a paradise for both business and family.

Numerous advantages help to decide in favour of Cyprus:

  • A transport accessibility, proximity to most European countries.
  • Russian and English languages are widely spoken throughout the island.
  • State taxes cover higher education; however, prestigious private schools and universities are widespread.
  • Business immigration to Cyprus is a chance for the dual citizenship after 7 years or even faster in the framework of investment programmes for investors.
  • The island’s beaches are among the cleanest in Europe and are constantly acknowledged among the most beautiful in the world.
  • The best public healthcare system of European quality is free in set cases.
  • Cyprus has super attractive retirement programmes.
  • The economy of Cyprus is oriented towards the services sector and is not too closely tied to the industry. Nevertheless, the island has rich deposits of natural gas and oil.

Business immigration to Cyprus is a smart solution for successful entrepreneurs:

  • The country’s ranking in the Global Resilience Index of business activity is 43 due to the stable economy, logistics, and low risks.
  • Every year thousands of foreigners purchase property on the island. The year-on-year increase of demand is always a two-digit figure.
  • Moody’s has given Ba3 credit rating to the country.
  • You can register a company in Cyprus in 10 days. Information about it will be in the public register, but when using a nominal service, information about the owner of the company is only available to the registration agent.
  • Business immigration to Cyprus means low taxation and double taxation agreements with 51 countries.
  • There are tax incentives for innovative projects and start-ups.

Cyprus has a range of traditional and unique immigration programmes

Business immigration to Cyprus is available to beneficiaries of already registered entities. There’s need to provide confirmation of paid taxes to the state funds (€300,000-500,000 annually during 3 years; the sum varies depending on the quantity of employed Cypriot residents). Up to two beneficiaries from the company can file for naturalization.

For those who have lost over €3 million in Cypriot banks during the crisis, the country offers free passports as a reimbursement. If an individual has lost less, he or she can allocate the difference to the state funds or invest into an operating business. This scheme has no analogues in the world.

Business immigration to Cyprus is in high demand among serious-minded businesspersons. The jurisdiction has made developing business and attracting wealthy executives its main economic policy.

  • Offshore companies in Cyprus are protected not only by local legislation but also by European law;
  • A purchased offshore company in Cyprus makes possible to avoid political and economic risks;
  • The country makes active use of outsourcing in the financial-credit sector;
  • There are high standards of core services in the field of law and accounting;
  • Reasonable expenses for registration and maintenance of business;
  • Business immigration to Cyprus offers a liberal approach to the need for a real business presence in a number of cases;
  • The financial sector guarantees high-quality nominal service and flawless telecommunications system;
  • In Cyprus, offshore companies receive dividends, interest, royalties without taxation. VAT tax is 19% and corporate tax is 12.5%;
  • Non-residents under taxation take into account only income received from a business administered with the help of a permanent Cyprus representative office. Therefore, in order to benefit from the above-described preferences, a business registered in Cyprus must be managed and controlled by a permanent establishment in the country.

Business immigration to Cyprus foresees a number of residence permits for categories of people, eager to settle in the jurisdiction:

  • Persons, who want to work in agriculture (visa A), mining industry (visa B) or other industries (visa C). One has to get a business license and prove personal funds amounting €260,000-430,000 (depending on the type of visa);
  • Self-employed professionals: scientists, artists, athletes etc. (visa D);
  • Employees with a permanent job offer (visa E);
  • Wealthy foreigners with stable income who don’t work or conduct business (Visa F).

A naturalization is possible after having resided officially in the country for 7 years. In order to get a second passport, one must not leave the island during the last 12 months.

Property acquisition is a milestone for the business immigration to Cyprus

Indeed, ownership of real estate on the island facilitates obtaining residence permit. In some cases, this is a compulsory requirement. Cyprus has perhaps the most desirable real estate objects in Europe. The average price for a house is €300,000-500,000 (equal to the UK or the USA), but the demand is huge. The most popular areas among foreigners are Famagusta, Nicosia, Paphos, and Larnaka. A minimal property price tag for economic citizenship should be €500,000 or €300,000 for a residence permit, excluding taxes. Spouses and children can live with an applicant, but including parents in the application leads to a separate property worth another €500,000. If consider a particular property investment programme, then a cost of business immigration to Cyprus will increase to €2 million. This is a popular scenario as investment does go into real estate, rather than gets lost among state subsidies.

Other vectors of investment programs in Cyprus

  • Investments and donations made in two state funds
  • Direct investment
  • Combined investment options

Each solution has its own distinctive features, and the requirements are periodically reviewed and facilitated by the government, but obtaining of the citizenship of Cyprus dictates the full implementation of the established rules. Let's consider in more detail the main groups of investment programs that make business immigration to Cyprus possible.

The cost of other investment programmes is equal to property acquisition and totals €2 million. The money can be allocated to the procurement, establishment or participation in active companies, registered in Cyprus. Such companies must employ at least 5 Cypriots.

A couple of millions can be also spent to buy securities, bonds, debt securities, as well as transferred to investment funds or become financial assets of Cypriot enterprises or organizations.

Combined investment options oversee the purchase of state Government bonds amounting maximum €500,000. It is worth mentioning that all the existing programmes mean investments, not donations, which can be withdrawn in 3 years.

Additional requirements

Business immigration to Cyprus has some other requirements, except money. There is no need to indicate the source of income, but one must prove a financial reputation, absence of conviction and get a medical insurance. There’s no mandatory length of stay, but a resident must visit the island once in 2 years. All investors get Temporary residence cards for 6 months prior to obtaining citizenship.

The republic offers many ways of getting the temporary residence permit and investment citizenship. That’s why it is so important to understand all the subtleties and differences. Intelligent Solution Group has been successfully accompanying our clients on the way of establishing business and immigration abroad for years. We will help you avoid losses and mistakes while undergoing business immigration to Cyprus. Contact us to get qualified advice and more information.

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