Relocation to Cyprus

Relocation of company

Foreign companies/undertakings intending to operate in the Republic of Cyprus, that operate independent offices in Cyprus, in suitable premises, separate from residences or other offices may relocate to Cyprus through the fast-track business activation mechanism.

• Registration of eligible companies within 7 working days.

Criteria include:

• The majority of the company’s shares are owned by third-country nationals.
  If the percentage of the foreign participation in the share capital of the Company is equal to or below 50% of the total share capital, the Company is eligible when this percentage of the share capital represents an amount equal to or greater than the amount of €200,000.
  
• Physical presence in Cyprus;
• Staff and premises in Cyprus;
• Company’s premises should be independent and separate from private residences.

Eligible companies which enter the fast-track mechanism are able to hire non-EU staff and obtain work permits for employees.

Tax benefits:

• Non-domiciled employees with minimum required salary EUR 55.000: 50% tax exemption for 10 years (expected);
• 50% tax exemption for investment in certified innovative companies to corporate investors (expected);
• Increased deduction of 120% for research and development costs (expected);
• 12.5% corporate tax.

Migration of employees

Eligible companies may relocate to Cyprus and employ third country nationals (TCNs) as per below:

Employment of third-country highly skilled nationals up to 70% of third-country nationals (TCNs) over a period of 5 years.

• Highly skilled nationals with a minimum gross monthly salary of EUR 2.500 ;
• Holders of a university degree or diploma or equivalent qualification or confirmation of relevant experience in a corresponding employment position of at least 2 years duration. Submit an employment contract of not less than two years;
• After the lapse of 5 years if it is not possible to employ 30% of Cypriot workers, the matter will be re-examined on a case-by-case basis.

Employment of TCNs support staff up to 30% of the total support staff

• Gross monthly salary less than EUR 2.500 (salary determined by Law).

Immediate and free access to the labour market for spouses

• Immediate and free access to the labour market, with remunerated employment for spouses whose family member has obtained a residence and work permit in the Republic, and who receive a minimum gross monthly salary of € 2,500 (excluding support staff).

Securing the right to social security

TCN who paid social security contributions in Cyprus may transfer the contributions paid when returns to his/her country of permanent residence based on bilateral agreements.

Citizenship

After 5 years of residence and work in Cyprus, the TCNs have the right to apply for naturalization

OR

After 4 years in case of proven knowledge of Greek language.

Relocation of home

The real estate market in Cyprus constantly presents opportunities for rent and/or purchase of private residence.

Our real estate consultants may assist you with locating an apartment or house.

Third-country nationals that are self-employed professionals or salaried employees, working remotely with the use of information and communication technologies with employers/clients outside Cyprus for a duration of at least one year have the right to stay in the country for up to one year with the right of renewal for another two years.

• Their family members may obtain residence permit (not allowed to engage in any form of economic activity.
  
• If they reside in Cyprus for more than 183 days within the same tax year, they are considered tax residents of Cyprus provided they are not tax residents in an other state.