Cyprus - Obtaining Citizenship, Residency Status and … · Cyprus - Obtaining Citizenship, Residency Status and Work Permits ... besides the excellent climate and beautiful beaches:
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AMINEWS FLASHNOVEMBER 04, 2011
Cyprus - Obtaining Citizenship, Residency Status and Work PermitsIts favorable local tax system along with a network of 44 double tax treaties have made Cyprus one of the most popular tax planning jurisdictions in the world. Many companies that have set up an office in Cyprus show increased interest in moving employees from other locations to work on the island. At the same time, the ultimate beneficial owners of some companies have applied for citizenship and are now Cypriot citizens.There are several business benefits to living and working in Cyprus, besides the excellent climate and beautiful beaches:
Physical presence of employees/ultimate beneficial owners enhances tax residency position of Cypriot company.•Low social insurance contributions for employees (10.5%).•Personal income tax rate is maxed at 35%, with the first €20.000 taxed at 0%.•Cyprus passport provides easy entry into many European and Commonwealth countries without the need for a visa.•Opportunities to purchase real estate or holiday home literally on the beach at affordable prices.•Ideal location at the hub of Europe, Asia, Africa and even the USA.•Ideal time zone benefits that enable teleconferencing with the Americas and Asia.•Advanced financial center for deposits in various currencies.•Abundance of modern and affordable leasing space for offices.•Local currency, the euro, facilitates transactions with EU.•
The various requirements for obtaining Cypriot citizenship, Cypriot residency status or a work permit for Cyprus are summarized below by category.
Cypriot Citizenship
Must complete 7 years of residence in Cyprus.•Alternatively, high net worth individuals who have reached the age of 30, have no criminal record and have bought a home in Cyprus worth at least €1m that they use as a permanent residence, can obtain Cypriot citizenship immediately under fast-track procedures on the basis of making a significant contribution to the Republic. Significant contribution is defined as follows:
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� Possessing investments worth over €10m, which include immovable property, shares or securities registered and issued in Cyprus. � Controlling Cyprus registered company(ies) having a total average turnover of at least €10m per year in the 3 years preceding the application, or at least 1/3 of employees of this/these company(ies) are Cypriot. The companies should have, in the 3 years preceding the application, contributed to the Cyprus economy on average at least €500.000 per year in the form of taxes paid, VAT or purchasing professional services. � Having bank deposits in Cypriot banks of at least €15m. The deposits may be held directly by the applicants themselves or by companies owned by them or by trusts of which the applicant is the beneficiary. � Total combined assets of the abovementioned criteria should be at least €15m.
Cypriot Residency Status
Individuals who posses and have fully and freely at their disposal adequate financial resources, high enough to give them a decent living in Cyprus without having to engage in any business, trade or profession can apply for Cypriot residency. Adequate financial resources are defined as follows:
Owning a house in Cyprus of at least €300,000 in value, or bank deposits of at least €150,000, or annual income arising from outside Cyprus of at least €9,568.•In addition, health insurance in Cyprus is required.•
Work Permit
In relation to the individual the following are required:
Relevant local forms must be completed and government fees be paid.•Certificates from various governmental offices must be issued (income tax, social security, immigration).•Medical examinations and certificate of health insurance.•Employment contract with stamp duty paid.•Bank guarantee between €350-€850, depending on the country of origin.•Copy of passport showing personal details and expiry date.•Copy of any previous work permits or, if first time, copy of entry permit.•Curriculum vitae.•Criminal record apostilled in English, issued by the employee’s country of origin.•Rent contract for employee's residence in Cyprus.•
In relation to the company in which the individual will be employed the following are required: A. For companies applying to employ an alien for the first time:
List showing the names of the directors and shareholders with their passport number, nationality and addresses.•Tax statement from Income Tax Office.•Audited financial statements for the prior year.•Statement from Cyprus registered auditor for the going concern viability of the company.•
B. For companies that have applied to employ an alien in the past:
Certificates of Incorporation, Registered Office, Directors, Shareholders Memorandum.•Profile describing the nature of the company’s business and details of its office operations and staff requirements in Cyprus.•List showing the names of the directors and shareholders with their passport number, nationality and addresses.•Statement showing existing employees and employees applied for.•Bank account with balance of at least €41,006 (to act as guarantee for the employee's salary).•Rent contract (or purchase contract or title of ownership) of the company's offices. •Injected capital in the company of at least €170,860 proven by SWIFT transfer from the bank.•
How Can We Assist?
Amicorp Cyprus is available to:
Assist with completing various forms, obtaining certificates, and payment of government fees for obtaining work or residence permit or citizenship.•Assist in communicating with local authorities.•Assist with opening a bank account in Cyprus.•Incorporate and manage Cyprus registered entities.•Assist with setting up employment and rent contracts.•Provide options for purchase of property.•Provide physical or virtual office space.•Assist with all logistics of the above requirements.•Assist with any queries you might have.•
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