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Relocation for employment in Cyprus. The incentives for Third country nationals.

Cyprus has recently introduced incentives to attract professionals from countries out of the European Union to relocate and work in Cyprus with family. The new incentives scheme has been designed to support companies relocating to Cyprus wishing to attract nationals who want to work in the European Union and enjoy Cyprus Tax incentives.

Benefits for Third Country Nationals wishing to relocate in Cyprus.

 

  • Third country nationals will have temporary work and residence permits for up to 3 years, with the chance to renew upon expiry.
  • Third country nationals can also relocate and work in the country as a support staff to eligible companies (under conditions)
  • Spouses of highly skilled third country national employees (earning at least a gross salary of €2,500/Month) have access and are eligible to look for a job in the Cyprus market
  • New Non-domiciled employees with Remuneration of €55.000 are eligible to tax 50% exemption
  • Third country individuals can apply for the Digital Nomad Visa

Important notes.

 

Tax benefits applicable to employees

Tax exemption of 50% for 10 years from the year of employment, to cover new entrance in the Republic who are non-domicile employees with income from employment of €55,000 and above. Existing non domicile employees (that are in Cyprus), with income above €100K, have the opportunity to take advantage of the tax benefit for an extended period of 17 years.
For existing beneficiaries with income between €55K and €100 K, the tax benefit will be provided for 10 years, from the year of employment in Cyprus.

Apply for Cyprus Naturalization

Right to submit an application for naturalization after 5 years of residence and work in the Republic or after 4 years if they fulfill the criteria for holding a recognised certificate of Success in very good knowledge of Greek language.