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What are the available options to relocate my business to Cyprus?

I want to move my operations to the island and use the business to pave the way for either citizenship or permanent residency. Which of the schemes available is best to do this? What would that one be the preferred option over others? How might I begin to start this process?

Answers
  • Yiannos Vasiliou
    Vasiliou Law
    May 02, 2019

    If the main purpose is to relocate your business to Cyprus, you can do it in either way, via the CBI program, via a residency program or even without any of the two. In order for you to have residency in Cyprus and have also your business in Cyprus, you need to purchase a residential property of at least 300,000 plus VAT. In order for you to apply for a passport, you need to at least invest 2.15 million euros. If you will do it through the establishment of your business, we need to know in what line of business you are and more details regarding your business.

  • Savvas Poyiadjis
    Fidescorp Chartered Accountants
    April 11, 2019

    In order to do so, a Cyprus company would have to be set up, five Cyprus or EU nationals residing in Cyprus hired, and a business plan presented demonstrating physical presence and activities in Cyprus.

  • Elena Myrianthous
    Elena Myrianthous LLC
    April 11, 2019

    Fist of all, I have to know the area of your business and your nationality. It depends what you want. By investing 2 million in a business you get immediately Cyprus nationality and a Cyprus passport. If you just want permanent residency you have to invest 300,000 euros under some requirements.

  • Chriso Savva
    CHRISO SAVVA LLC
    April 11, 2019

    We need to know the exact nature of your business. The first thing, however, is the setup of a Cyprus limited liability company, purchaser or lease offices, employ at least five Cyprus or EU nationals, and conduct your operations from Cyprus.

  • Michalis Anastasiou
    Evagoras Anastasiou & Associates LLC
    April 11, 2019

    If you are European you can come in Cyprus obtain a registration certificate easily within 10 days and start your business activities. If you are non-European please check below. Option 1 is to use the citizenship-via-investment program where you need to invest about 2 million euros in incorporating a company in Cyprus (relocating your business) and buy a house unit of 500,000 euros. Through this option you will obtain Cypriot citizenship and have all the advantages of being a European. Option 2 is the permanent residency program where you must buy a house unit of 300,000 and deposit an amount of about 30,000 in your personal Cypriot bank account. The problem with this option is that you are not allowed to be employed in Cyprus and your source of income must be come from abroad. The company formation must be made in such way to show no connection with you and no payment are made to you. Option 3 is register your company/business in Cyprus and employ yourself in order to obtain a work permit (one-year validity and it can be renewed). The required criteria of a company to employ non-European is a capital of about 210,000. The main criteria of an employee to obtain a work permit are: clean criminal record from country of origin or residence; some blood examinations from country of origin or residence; and an amount of about 800 must be paid as a guarantee.

  • Theodoros Angelides
    P. Angelides & CO LLC
    April 12, 2019

    Your business may be able to be relocated to Cyprus if the memorandum of your company and your national law allow it. What jurisdiction are you from? For either scheme (citizenship or residency) you will need to buy a residence. After that, it all depends on the amount of investment you are willing to make. If 2.5 million euros total is an investment you are likely to make, and can employ five EU citizens residing in Cyprus, then you can apply for citizenship.

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