Services

Our Practices

Immigration and other related services

Our team has the know-how and expertise to secure residence permits in Cyprus to our EU and non-EU national clients that might be interested in residing in Cyprus as visitor and furthermore to assist any client that might be interested in applying for temporary resident as a visitor in the beginning,  by apply for one year resident permit to stay,  having the opportunity to discover the financial environment of Cyprus for his future plan .

Experts in this field, we are able to assist with:

Applying for the necessary visas and residence permits and securing that non-EU nationals are given the permit to stay with their family in Cyprus through the acquisition of i) a residence permit  (visitor or employment) or through the acquisition of (ii) a permanent residence permit in Cyprus etc:

  •         Applying for and securing the opening and the acquisition bank account in a Cyprus Bank.
  •         Applying for and securing the acquisition of Cyprus entrance permit (visa)  to be able to come stay and visit the Cyprus as visitor for three months period .
  •         Applying for and securing the acquisition of Cyprus resident temporary permit to be able to stay in  the Cyprus as visitor for one year  .
  •         Providing legal advice on the above matters;
  •         Providing legal advice on the acquisition of property in Cyprus by non-EU nationals and obtaining the requisite permit from the District Officer;
  •        Drafting contracts of employment, tenancy agreements, contracts of sale etc;
  •        Registering companies in Cyprus & providing other related corporate services
    At the Law Firm of George C. Stylianou we recognize that setting up in a new country is a challenge and the procedures are complicated and time consuming. Therefore we provide a pathfinder service to meet the client’s every need.

The Government of the Republic of Cyprus has  introduced  fast track procedures for third country nationals that wish to acquire a permanent residence permit  through investment.

The  main categories of immigration applications are the following:

Permanent Residence

A person can apply to obtain an Immigration Permit on the basis of one of the following Categories:

Category E: Individuals who have been offered permanent employment in the Republic, which will not create undue local competition.

Category F: Individuals who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least €10,000 for a single applicant and moreover at least €4650 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary.

Expedited Procedure (Regulation 6(2) of the Aliens and Immigration Regulations):
The expedited procedure is available to third country nationals that invest in Cyprus an amount of  €300.000 in the form of purchasing a house or apartment sold for the first time by a developer (new house/apartment).

The applicant, together with his spouse, should also prove that they have at their disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person. This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents a.s.o.

This procedure is completed within 2 months from the date of the submission of the application.

Registration of Cyprus International  Company

Definition
In simple terms, a Cyprus International Business  Company (IBC) is a normal limited liability company which is used as a tool, legally, by corporations and individuals throughout the world to direct profits out of high tax countries into offshore jurisdictions or international financial centers thus taking advantage of low or zero tax and double tax treaties. The beneficial ownership and business activities of the Cyprus International Business  Company lie inside and/or outside Cyprus.

New policy for the employment of third country highly skilled nationals in

  • Foreign companies/undertakings operating in the Republic of Cyprus or
  • Foreign companies/undertakings intending to operate in the Republic of Cyprus,

that operate independent offices in Cyprus, housed in appropriate independent offices, separate from residences or other offices.

  • Cypriot shipping companies Cypriot high-tech/ innovative companies
  • Cypriot pharmaceutical companies or companies active in the sectors of biogenetics and biotechnology

New policy for the employment of third country highly skilled nationals

Criteria

  • University diploma or degree or equivalent qualification or confirmation of relevant experience in a corresponding job of at least 2 years duration.
  • Employment contract of not less than two years duration.
  • Issuance of residence and employment permits Up to 3 years Minimum gross monthly salary of at least €2,500

Duration of residence and employment permits

Within 1 month Maximum number of third-country nationals is set at 70% of all employees over a period of 5 years, from the date of joining the Business Facilitation Unit.

Re-assessment after 5 years, on a case by case basis, if criterion of 30% Cypriot employees is not met. Number of employees allowed

Employment of support staff

Employment of third-country nationals is permitted, provided that it does not exceed 30% of all support staff and provided that the third-country national and the employer have entered into an employment contract duly ratified by the competent authority in accordance with the existing applicable law. The salary level is determined on the basis of the existing applicable legislation. Duration of residence and employment permits Up to 3 years

Right to family reunification of third-country nationals included in third-country employment policy

Immediate and free access to the Labour market for spouses whose financial supporter has obtained a residence and work permit in the Republic, and who receive a minimum gross monthly salary of €2,500 (excluding support staff). Simplify and speed up the process of Granting Category E work permit (Long Term Resident Status)

Social Insurance Ministry of Finance Securing the right to a pension through the Social Insurance Fund by intensifying the efforts for concluding Bilateral Agreements with third countries by the Ministry of Labour and Social Insurance, so that when a third-country national who has paid social security contributions in Cyprus returns for permanent residence in his/her country, he/she will be able to transfer the contributions paid, on the condition that with these contributions he/she did not acquire any right to an old age pension, disability, etc. .

Tax Advantages

A Cyprus IBC enjoys substantial tax incentives:

-Flat rate of 12,5% tax on net profits
-Zero tax if management and control is outside Cyprus
-No withholding tax on payment of dividends, interest and royalties
-Dividend income received is wholly exempt from Cyprus tax
-Profits from sale of shares and other securities wholly exempt from Cyprus tax
-Interest received wholly exempt from Cyprus tax (unless it arises from the ordinary course of business)
-No capital gains tax on sale of immovable property situated overseas
– No exchange control restrictions
-Wide network of Double Tax Treaties to avoid double taxation

Cyprus Tax Guide for Investors in Cyprus 

Cyprus :  An international  business & investment center
Having considered the numerous challenges arising from increased competition, globalization and the recent global financial crisis, the Government of Cyprus is promoting numerous measures and initiatives to further establish the country’s appeal as an investment destination. A number of measures related to “Better Regulation” are being implemented to facilitate the elimination of unnecessary red tape. Efforts are also being made to remove regulatory barriers for enterprises’ establishment. Consequently , Cyprus has a number of comparative advantages that have contributed towards the country becoming an important international business and investment center:

  • EU and European Monetary Union member state ,
  • Business-friendly Tax and Legal System ,
  • Strategic location ,
  • Well-developed socio-economic infrastructure ,
  • Broad range of international financial and business services – legal, tax, accounting, investment and brokerage ,
  • Advanced banking and financial services sector, fit to suit all financial needs ,
  • An emerging and attractive domicile for the registration and management of Investment Funds ,
  • An active Stock Exchange and robust Securities and Exchange Commission ,
  • Market-oriented economy ,
  • Highly educated, multilingual and qualified talent ,
  • Steady/pleasant business environment accompanied with simple administrative procedures,
  • Low setup and operating costs ,
  • Advanced telecommunications and transport network ,
  • Renowned international shipping centre ,
  • Enviable high quality of life ,
  • Stable political environment .

Please  if you are interested in learning more about our firm or  our services, feel free to contact us without any hesitant for more information .

Thank you for your time and consideration.