Relocation in Cyprus

Operate worldwide

Corporate and personal tax deductions

Live and work in Cyprus

Apply for naturalization

Never worry about your income tax.

Reduce your tax exposure on your income either as a company or as an individual under your employment in Cyprus.

Relocation in Cyprus either as company or as an individual/ professional enables you to operate safely in an EU territory (and deliver your service/products worldwide) while at the same time you benefit from the attractive tax regime (one of the best in Europe) and reduce your tax exposure on your worldwide income.

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Why businesses and professionals are relocating to Cyprus?

• Geostrategic location with market access to 500M EU consumers with close proximity to MENA region. A crossroad of Europe-Asia-Africa
• Access to tech-savvy EU and international talent pool
• Well-educated, highly skilled, multilingual workforce
• Revised Immigration & Relocation policy for non-EU tech professionals
• Business Facilitation Unit
• Attractive corporate & income tax regime with advantageous incentives
• Favourable IP regime as low as 2.5%
• Regulatory framework aligned with the EU
• Legal system aligned to UK Common Law
• Enviable lifestyle in a safe clean and healthy environment

Business relocation benefits in cyprus

LABOUR COST

Technology talents costs are below European average

REAL ESTATE

Office rentals are amongst the lowest in Europe
Competitive prices for commercial real estate

COMPANY SETUP

Low company setup and operating companies

CORPORATE SERVICES

Cost effective and high-quality business support services

Start operating in a very short time under the Cyprus regime and benefit from the significant tax advantages of Cyprus corporate tax. You can benefit either with registering your company in Cyprus or by implementing the Substance concept which is a widely known tax concept.

The low corporate tax rate, the attractive income tax regime with multiple tax exemptions and deductions are the most important advantages, but Cyprus has much more to offer. A state member of the European Union, Cyprus provides the opportunity to companies and investors to operate under a secure legal framework and environment, protecting businesses and at the same time promoting their growth.

• Corporate Tax Rate 12.5%
• Low Personal Income Tax with favourable deductions and allowances
• Double Tax Treaties with more than 60 countries
• Intellectual Property tax regime
• No Inheritance tax
• No Capital Gain Tax on sale of titles (shares etc)

Reduce your tax

Companies eligible for relocation in cyprus

Eligible companies to obtain permit to employ TCN?

Foreign companies operating or intending to operate in the Republic of Cyprus – housing appropriate independent offices in the country must be in the following sectors

Relocation of a company in Cyprus with the employment of third country highly skilled nationals.

A Cyprus registered Company whose majority shareholding belongs to TCN (Third Country Nationals) Ultimate Beneficial Owners (UBO/s) or which is a listed Company, is considered as an Entity of Foreign Interests (FIE) and can employ TCNs in Cyprus.

Companies wishing to employ nationals from third countries fall under the criteria of companies of foreign interests, as defined below. In case of eligibility, these companies will be registered in the above-mentioned Register, which will be notified to the Civil Registry and Migration Department (CRMD).

Number of employees allowed

Up to 70% of the total number of the Company’s employees can be TCNs (over a period of 5 years)

Employment percentage
Maximum of Third country nationals
70%

Eligible companies to obtain permit to employ TCN?

Foreign companies operating or intending to operate in the Republic of Cyprus – housing appropriate independent offices in the country must be in the following sectors

Innovative High-Tech companies

Merchant Shipping companies

Pharmaceutical companies

Biogenetics & Biotechnology

Employment requirements under the relocation criteria

Highly skilled third country nationals can relocate in Cyprus under employment provided that they meet the following criteria. Timeframe for obtaining employment permit: 1 month

• Minimum gross monthly salary is at least 2.500
• Employment contract is not less than two years of duration
• The employee has a university diploma or equivalent qualification or relevant experience in similar position of at least 2 years duration.

Employment Benefits

• Family members of TCN employees can relocate to Cyprus under family reunification
• Spouses whose financial supporter has obtained a residence and work permit have immediate and free access to the labour market and can look for employment
• Ability to apply for Long Term Residence Status (Category E work permit)
• Social Insurance contributions paid in Cyprus can be transferred to the country of origin when the individual decides to return to the permanent residence in his/her country
• Temporary work and residence permits can be issued with a validity of up to 3 years and can be renewed upon expiration
• Tax Exemption of 50% for new tax payers/employees with remuneration of 50% of ≥ €55.000 (Valid for 10 years)