Relocation and Head quartering Services
RELOCATION
WHY should an Individual or Company relocate to Cyprus?
BECAUSE the Cyprus people and more importantly the Cyprus government welcomes you to do so with a series of tax incentives and numerous benefits for you, your family or your company and employees.
In January 2022, Cyprus has simplified its procedures to attract companies and/or individuals to relocate. Specifically, the requirements to obtain residency and a work permit are:
1. Establish a Cyprus company with third country nationals as shareholders
2. Minimum gross salary of €2500 or above
3. Remittance into Bank account in Cyprus from abroad an amount of €200.000
4. Clean Criminal record
5. Health Insurance
6. Contract of purchase or rent of a property to be used as offices, other than the residential address.
The line of business of the company is immaterial as the important criterion is that 50% plus 1 of shares are held by a third country national. Once obtaining a work permit one automatically gets a residence permit both renewable every 3 (three) years. The spouse is also eligible to be employed under the same company or freely access the work market of Cyprus.
To make the above-mentioned procedure even speedier, the Cyprus Government established the Business Facilitation Unit in the Ministry of Commerce.
For individuals who wish to relocate for a short term the status of Digital Nomad is also granted by the government. What is a Digital Nomad? A self-employed or employee that can work remotely. The Digital Nomad enjoys a short-term residency visa valid for up to one year and renewable for two years. The only requirement to be a digital nomad is to receive an net income of €3500 from israel as he/she is not allowed to work in Cyprus. They just enjoy the residency permit.
Another relocation option is to make an investment of €300k in property (or in share capital). Then the investor gets residency for life in Cyprus. The ideal and most preferred option for an Israeli businessperson is to invest in his/her own company, become employed by his/her company as director and hold a permanent residence permit. This option gives the investor the best of both worlds. Plus, the employees of the company have broadened tax incentives. To name the most important 50% exemption from personal income tax to existing employees with employment remuneration of €100k for a period of 17 years or for new employees with employment remuneration of €55k and above for a period of 10 years.
WHAT makes Cyprus ideal for relocation? A highly developed infrastructure, easy and global connection to travel, British legal system and low environmental pollution. High quality educational institutions. Advanced medical centers. Well trained labor force that speaks English fluently. The safest country in the world amongst countries with less of 5m citizens
and the 5th country for best lifestyle amongst major European cities. In addition to the change of life, you will also gain 0% Tax on passive income, 0% on property tax, 0% on inheritance tax, 5% on pension tax, 12.5% on corporate tax and more additional incentives on your personal taxation.
Our Israeli clients that relocated to Cyprus enjoy a relaxed, stress-free (and traffic free) lifestyle with 340 days of sunshine and can travel to and from Israel to see family and friends or even for a meeting within the same day.
We, at LYSSIOTIS SERVICES, provide you with a one stop shop who will guide you and assist in all the procedure for residency, relocation, work permit, property sourcing, etc. We are an established esteemed Law firm since 1955 highly respected by the local community, with strong business ties and a family affiliation to Israel.
Make the next step. We wait for you in Cyprus.