Non-EU Owners of Cyprus Companies Entitled to Work and Live in Cyprus
The most straight forward way for non-EU business people to legally work and live in Cyprus is setting up their own company in Cyprus.
New, additional criterion since 12 December 2022: Minimum investment of EUR 200,000.
The hidden gem in Cyprus’ new legislation to support business in the country provides non-EU citizens with the opportunity to legally work and live in Cyprus.
This opportunity has been designed especially for non-EU business people.
Eligible businesses must meet the following criteria:
- The majority of the company’s shares are owned by third-country nationals.
- The company must invest an amount of at least €200.000 in Cyprus. If the company has more than one non-EU UBO, then the minimum investment amount can be deposited or invested by a single UBO or collectively.
- Public companies registered on any recognised stock exchange.
- Companies of international activities (formerly off-shore), which operated before the change of regime, whose data are held by the Central Bank.
- Cypriot shipping companies.
- Cypriot high-tech/innovation companies*
- Cypriot pharmaceutical companies or Cypriot companies active in the fields of biogenetics and biotechnology.
- Companies of which the majority of the total share capital is owned by persons who has acquired Cypriot citizenship by naturalization based on economic criteria, provided that they prove that the conditions under which they were naturalized continue to be met.
For cases 3-8, the investment criterion is applicable and the company’s initial investment in the Republic of at least €200,000, must be proven by presenting the appropriate certificates (e.g. bank statement at the time of deposit of the amount or proof of investment (purchase of office space and/or office equipment, for example)).
* An enterprise qualifies as ‘High Technology Company’ if:
(a) it is already established and has a presence in the market, and
(b) it has a high level or experimental R&D intensity, and
(c) it developed product/s that fall into one of the following categories: products related to aviation and space industry, computers, electronic and telecommunication products, pharmaceuticals, biomedical, research and development equipment, electrical machinery, chemicals, non-electrical machinery.
Our business setup and immigration services
Shanda Consult accompanied many non-EU nationals to set up their business in Cyprus and to legally work and live in Cyprus, providing the entire scope of necessary assistance:
- Incorporation of company;
- Registering the company with the tax authorities;
- Applying for registration and obtaining approval of the company as eligible company for this scheme, including the preparation of necessary documentation;
- Applying for and obtaining special registration of the company’s non-EU employees (shareholders and/or non-shareholders);
- Registering the employees with the tax authorities.
Some of the main advantages of doing business in and from Cyprus
There are good reasons why so many business people from all around the world are preferring Cyprus as their location to do business and to work and to live. Here are some of them:
- Cyprus is truly business-friendly country, looking back to a business hub culture since more than 3,000 years.
- Companies in Cyprus are embedded in a dynamic and prospering business environment, operating mostly globally.
- Cyprus provides a pleasant and comfortable lifestyle.
- Cyprus has one of the lowest crime rates in the world.
- Corporate tax rate is only 12.5% on taxable income.
- Residence who relocated to Cyprus are exempted from tax on dividends and interest income received from anywhere in the world for a period of 17 years.
- There is no tax on income from holding and disposal of securities in its widest definition, including own company shares.
- Cyprus is equally close to Europe and the Middle East, and to Russia and many CIS countries.
- Cyprus is so appealing that the owner and managing director of Shanda Consult, Stefan Nolte, is living in Cyprus since 1999.