Business relocation to Cyprus

If you decide to start a business but cannot choose a jurisdiction, Cyprus is the best choice for you!

Cyprus offers many categories of entrepreneurial activities, including:

• Agriculture and Veterinary Medicine.
• Construction and engineering.
• Cross-border service provision.
• Education.
• Fireworks, pyrotechnics, explosives.
• Health and beauty.
• Communication with the media.
• Metrology.
• Professional services.
• Radio communication services.
• Tourism and rest.
• Transport and logistics.
• Wholesale and retail trade.

What is the European Professional Card (EPC)?

If you are a qualified professional from an EU Member State interested in providing your services in Cyprus, you can do it easier and faster with the European Professional Card (EPC).

We simplify the relocation of IT companies, startups, freelancers, and remote workers to Cyprus, including:

• We help to arrange and submit documents for a residence permit in Cyprus.
• We help to collect documents for work visas.
• We will relocate your IT business and team to Cyprus as soon as possible.
• We help to open accounts for companies and / or employees.
• We help you find housing and offices for rent or purchase.

Relocate to Cyprus IT companies

There are many large businesses registered in Cyprus and about 350 digital companies launched by immigrants from the CIS. First of all, IT companies are attracted by a comfortable tax regime:

• profit – 12.5%.
• dividends – 0%.
• personal income 0-35%.

Relocation to Cyprus for startups consists of the following stages:

Getting a startup visa.

Preparation of statements:

• Translation, an adaptation of a business plan.
• Preparation of a visa application for the project leader.
• Project presentation in the Unit of Reform (state department for work with startups visas).
• Assistance in preparing documents for obtaining a visa.

After visa approval

• Company registration.
• Assistance in opening a company account.
• Administration and accounting services for the company.
• Concierge service and assistance with relocation and adaptation.
• Registration with tax and social insurance authorities.
• Accounting services for calculating salaries and transferring taxes and social insurance payments, reporting.

Team

• Obtaining visas for the team.
• Corporate support and consulting.
• Assistance in obtaining patents, brand registration.
• Business support services.
• Accounting services for calculating salaries and transferring taxes and social insurance payments, reporting.

Taxation for startups:

12.5%

• Corporate income tax, one of the lowest in the EU.
• For companies creating intellectual property, there is an opportunity to reduce it to an effective rate of 2.5%

0%

• Dividend tax.
• Cyprus has agreements with 62 countries for the avoidance of double taxation for both companies and legal entities.

0%

• Personal income tax for non-EU residents with an annual income of up to € 19,500, then a progressive scale of up to 35% applies.
• Tax deduction of investments of individuals in innovative companies in the amount of up to € 150,000

€ 2.5M

• Amount of R&D grant eligible for innovative companies under the European Union Horizon 2020 program

Increase of quotas for hiring foreign employees in international companies in Cyprus

The Cyprus Council of Ministers has revised the policy regarding the issuance of temporary residence and employment permits to employees of existing and new companies with foreign participation registered in the Republic of Cyprus, as well as companies that have joined the Fast Track Business Activation Mechanism.

The ultimate beneficial owner must invest in Cyprus at least € 200’000 for the purposes of the company.

This requirement only applies to companies that will be hiring employees from third countries for the first time.

Category 1 – Directors

Minimum acceptable gross monthly salary – 4000 euros

The following third-country nationals are included in this category:

• Directors or partners registered with the Registrar of Companies and the Official Receiver.
• General managers of branches and parent companies of foreign companies.
• Heads of departments.
• Project managers.

Category 2 – Middle managers and other key personnel

Minimum acceptable gross monthly salary – 2000 euros

The following third-country nationals are included in this category:

• Top / middle management personnel.
• Other administrative, secretarial, or technical personnel.

Added a new staff category:

Category 3 – Specialists

Minimum acceptable gross monthly salary – 2000 euros

Companies have the right to hire third-country nationals by profession/skill:

• Software and System Engineers.
• Application and Data Architects.
• Information and Communication Technology and Enterprise Solution Architects.
• Technical Assurance Professionals.
• Telecom and Space Engineers.
• Data scientists.
• Machine Learning Engineers.
• Web Developers and designers.
• UX User Experience Professionals.
• Quantitative Analysts.
• Quality Assurance Analysts.
• Mobile Application Developers.
• Augmented Reality / Virtual Reality Programmers.
• Digital Marketing Specialists.
• Video Production Multimedia Specialists for Mobile Apps and Software.
• Analysts for Mobile Apps and Software.
• Designers of Prototype for Mobile Devices.
• DevOps Engineers.
• Cyber ​​Security Specialists.
• Artificial Intelligence, Robotics, and Big Data Specialists.Pharmaceutical Formulation Technologists.
• Pharmaceutical Engineer Validation Specialists.
• Pharmaceutical Patents Specialists.
• Pharmaceutical Regulatory and Quality Assurance Professionals.
• Marine Engineers.
• Naval Architects.

Category 4 – Support staff

These are all third-country nationals not included in the above categories.

In the absence of qualified Cypriots or European citizens, the company can employ third-country nationals for positions in this category at the rate of 30% of the total number of employees.

For this category, a general employment procedure is carried out with the provision of certificates / supporting documents described in the corresponding list of accompanying documents, after receiving a positive recommendation from the Ministry of Labor.

We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.