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 and visit the Cyprus as visitor for unlimited time .
  •         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 recognise 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 recently introduced two fast track procedures for third country nationals that wish to acquire a permanent residence permit or the Cypriot nationality through investment.

The two 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 C: Individuals who intend to work as self employed in a trade or profession in the Republic of Cyprus, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of approximately €260,000 and such an employment should not affect negatively the general economy of the Republic.

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.

  Citizenship by The Cyprus Investment Program

A non-Cypriot citizen, who meets one of the economic criteria prescribed by the law, either personally or through a company in which he participates as a shareholder, or even as a high-ranking senior manager may apply for the acquisition of the Cypriot citizenship through The Cyprus Investment Program.

Α. Financial criteria for The Cyprus Investment Program.

Α.1 Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation:

(a) The applicant must have donated at least €75.000 to the Research and Innovation Foundation. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria A.2-A.5.

Furthermore, the aforementioned obligation is lifted, if the applicant has invested at least €75.000 in a certified innovative enterprise (i.e. an enterprise that had acquired the relevant certificate by the Ministry of Finance) or a certified social enterprise.

In addition, the obligation is lifted, if the applicant has made an investment under the criterion A.3 (Purchase or Establishment or Participation in Cypriot Companies or Businesses) of a total amount equal to the 20% of the required investment amount (i.e. €400.000) of the abovementioned criterion A.3 in a company whose operations fall within the primary sector of the economy, or the secondary sector of the economy (excluding constructions), or in the sectors of research and development, education, health and renewable energy sources.

(b) The applicant must have donated at least €75.000 to the Cyprus Land Development Corporation for the financing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria A.2-A.5.

Type of investments by The Cyprus Investment Program

Α.2 Investment by The Cyprus Investment Program in real estate, land development and infrastructure projects:

The applicant must have made an investment by The Cyprus Investment Program  of at least €2 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects.
It is noted that investment by The Cyprus Investment Program in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. It is understood that investment in land that is situated in a building zone of zero development, is excluded.

Α.3 Purchase or Establishment or Participation in Cypriot Companies or Businesses:

The applicant must have invested by The Cyprus Investment Program at least €2 million for the purchase or participation in companies or organizations established and operating in the Republic of Cyprus with investment costs of €2 million. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan. Moreover, investments in the shipping sector are eligible on the basis of measurable criteria that will be determined jointly by the Ministry of Finance and the Shipping Deputy Ministry.
The applications shall be evaluated to verify that the companies or organizations have proven physical presence in Cyprus, with significant activity and turnover and employ at least 5 (five) Cypriot citizens or citizens of European Union member-states. The minimum number of employees shall increase, if more than one applicant invest simultaneously or almost simultaneously in the same business or company.

Α.4 Investment by The Cyprus Investment Program in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission:

The applicant should have bought units of at least €2 million from alternative investment funds (AIF) or Registered Alternative Investment Funds (RAIF) established in the Republic of Cyprus, licensed/registered and supervised by the Cyprus Securities and Exchange Commission (CySec) and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Programme or in areas approved by the Minister of Finance. It is permitted for these AIFs or RAIFs to invest in secondary market stock-market values of the Cyprus Stock Exchange an amount that does not exceed the €200.000.
In order to confirm that the investments that meet the criteria of the current Programme will be retained for at least 5 (five) years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministry of Finance with reference to the value of the initial investment.
The purchase of financial assets of Cypriot companies or organizations of at least €2 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as a purpose the financing of the investment plans of these companies or organizations exclusively in Cyprus, based on an investment plan, fall under this criterion.
It is noted that the purchase by an AIF or RAIF of units of other AIFs or RAIFs is not considered eligible.

Α.5 Combination of the aforementioned investments by The Cyprus Investment Program:

The applicant may proceed with a combination of the above investments, provided that the total investment by The Cyprus Investment Program will amount up to at least €2 million. The applicant should have concluded the necessary investments during the three years preceding the date of the application and must retain the said investment for a period of at least five years since the date of the Naturalization.The applicant must invest a total of €2.000.000 (Two Million Euro) and acquire a residence of €500.000 (Five Hundred Thousand Euro).

In case that you would like to have more information for all the offering aspects of investments  by The Cyprus Investment Program I provide the followings:

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 outside Cyprus.

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 by The Cyprus Investment Program

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.