Exponential interest has been observed, especially in the past years, of businesses intending to relocate, headquarters or set up a branch in Cyprus. Immigration to the workplace is needed by people who wish their personnel to move to Cyprus and work there.
Cyprus has a range of appealing business immigration programs which are available to entrepreneurs, investors and high-net-worth individuals who want to gain entry to Cyprus through residency and citizenship. The nation also offers an attractive taxation regime, a strategic European location, as well as a good standard of living.
Key business immigration routes to Cyprus
These are the key business immigration routes to Cyprus:
Cyprus permanent residency (Non-Citizen Immigration Permit)
It is a favourite among non-EU investors and entrepreneurs who want to reside in Cyprus but on a long-term basis.
Temporary residence in Cyprus digital nomad Visa
To the remote workers who are either working in the company of foreign firms or are self-employed.
Key requirements
- The minimum monthly income is: 3500 (after taxes) Euros.
- Proof of Employment: Work in a company in a country other than Cyprus or do self-employment.
- Health Insurance cover.
- Sound Criminal Record and Valid Passport.
Benefits
- 1-year visa, renewable to a maximum of 3 years.
- Can take relatives (marital partner & dependents).
- Tax advantages upon remaining under 183/year (non-tax resident).
Cyprus Startup Visa
Non-EU entrepreneurs who start innovative startups in Cyprus.
Key requirements
- New Business Concept: The Cyprus Ministry of Finance approved it.
- Funding Proof: A minimum of 50,000 euros (self-funds or investor funds).
Business plan and Company in Cyprus
Self-Employment Visa: For persons who are non-EU and want to work independently in Cyprus.
Key requirements:
- Establishment of Business in Cyprus.
- Evidence of Means to support yourself.
- Applicability to the Cypriot Economy (example: consulting, IT, healthcare).
Benefits:
- Residence is temporary, renewable each year.
- Possibility of a path to permanent residency in 5 years.
Tax Advantages to Immigrant Businesspeople
- The corporate tax rate is 12.5% (which is one of the lowest rates in the EU).
- No inheritance duty and low capital gains duty.
- Non-Domiciled Tax Regime: Exemption of foreign income not paid taxed in 17 Years provided structured in a manner.
Cyprus has a number of business visas based on the stay and the reasons for the visit. The principal alternatives available to entrepreneurs, investors, and professionals who are keen to do business in Cyprus are stated below.
Visa Schengen Short Stay Business C-Type Visa
Business travel (conferences, meetings, negotiations, etc.) of a short-term character.
Processing Time: The average number is 515 working days.
Those entrepreneurs and investors who plan to stay longer than 90 days in the country will be required to obtain temporary residence.
Important requirements:
- Business plan (in case of creating a company).
- Evidence of investment (i.e. registration of company, acquisition of property).
- Minimal capital (depending on the type of business, usually 10,000 euros-50,000 euros).
- A bank statement with enough money.
- A health insurance that can be applied for in Cyprus.
- Free criminal record (home country).
Startup Visa
Innovative business people are starting a business in Cyprus.
Fundamental requirements:
- Novel business concept (licensed by authorities in Cyprus).
- Minimum investment of 50,000 euros (own or investor funds).
- Cyprus registered company.
- Qualifications (proofs, where applicable).
Permanent residency investor Visa
To the high-net-worth people investing in Cyprus.
Essential Requirements:
- Income of more than 50,000 euros a year (foreign or domestic funds).
- Medical cover and a clean criminal history.
Benefits:
- Investor permanent residence + family.
- No minimum stay.
- Citizenship path option after 7 years.
The reasons to choose Cyprus as a business destination
- Tax on companies (12.5%) is the lowest in the EU.
- EU membership EU access to European markets.
- There is no tax on capital gains (in certain instances).
- A good living standard and the English language are popular.
You can also view these posts:
Cyprus immigration quotas and caps – what you need to know
Things to know before immigrating to Cyprus
Immigration to Cyprus from India
