cyprus - obtaining citizenship, residency status and … · cyprus - obtaining citizenship,...
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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.•
For more information contact:
Elia NicolaouAmicorp Cyprus [email protected]
Christophoros LoutsiosAmicorp Cyprus [email protected]
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© Amicorp Group www.amicorp.com
AMINEWS FLASHNOVEMBER 04, 2011
© Amicorp Group www.amicorp.com
Amicorp Group Offi ces
AFRICA Amicorp South Africa (Pty) Ltd.The Boardwalk LakesideBlock 4, 107 Haymeadow Crescent Faerie Glen, PretoriaRepublic of South AfricaTel.: +27 (0)12 991 2975Fax: +27 (0)86 646 7610Email: [email protected] addressPO Box 2993 Faerie Glen 0043, Pretoria Republic of South Africa
ASIA/PACIFIC Amicorp Advisory Services Private Ltd. 52, Maker Chambers VI5th Floor, Nariman PointMumbai 400 021IndiaTel.: +91 22 2204 9891Fax: +91 22 2204 9893E-mail: [email protected]
Amicorp Advisory Services Private Ltd. #1501 - 1502 Ambadeep building15th Floor, 14 KG MargNew Delhi 110 001Tel.: +91 11 4304 4600/01Fax: +91 11 4304 4602IndiaE-mail: [email protected]
Amicorp Advisory Services Private Ltd.#246 SRS Plaza, 2nd Floor13th Cross Road,Off CMH Road, Indira Nagar 2nd StageBangalore 560 038IndiaTel.: +91 80 4005 4900Fax: +91 80 4005 4906E-mail: [email protected]
Amicorp (Shanghai) Consultants Ltd.3108 United Plaza1468 Nanjing Road WestJing’an DistrictShanghai 200040P.R. ChinaTel.: +86 21 6289 6665Fax: +86 21 6289 6697E-mail: [email protected]
Amicorp(Shanghai) Consultants Ltd.Chengdu BranchUnit 01-A, 22/F, Tower 1, Plaza Central, No. 8 Shuncheng Avenue,Jinjiang District, Chengdu, 610016, PRCTel.: +86 28 86661897Fax: +86 28 86661897Email: [email protected]
Amicorp(Shanghai) Consultants Ltd.Shenzhen BranchRoom 603, Tower 3, Excellence Century Center, No.17 Fu Hua San Road, Futian CBD, Shenzhen, 518000, PRCTel.: + 86 21 6289 6665 Fax: + 86 21 6289 6697 Email: [email protected]
Amicorp (Shanghai) Consultants Ltd.Beijing BranchUnit 1106, 11/F, Offi ce Tower W1, Oriental Plaza, No.1 East Chang’an Avenue, Dong Cheng District, Beijing, 100738, PRCEmail: [email protected]
Amicorp Hong Kong LimitedSuites 1306-0713th Floor, ING Tower308 Des Voeux Road CentralHong KongTel.: +852 3105 9882Fax: +852 3105 9883E-mail: [email protected]
Amicorp Hong Kong (Representative Offi ce - Taiwan)Shin Kong Manhattan Building14/F, No. 8, Sec. 5, Xinyi RoadTaipei 11049TaiwanTel.: +886 2 8758 2372Fax: +886 2 8758 2333E-mail: [email protected]
Amicorp Services Philippines8th Floor Tower 2The Enterprise Center6766 Ayala Avenuecorner Paseo de RoxasMakati City, PhilippinesE-mail: [email protected]
Amicorp Services Philippines101 Narra St., Palm VillageBo. ObreroDavao City, 8000 PhilippinesTel.: +63 (82) 282 1636E-mail: [email protected]
Amicorp Management India Private Limited Ist Floor, RMZ Titanium135, Old Airport RoadBangalore 560017IndiaTel.: +91 80 4005 4900Fax: +91 80 4005 4906E-mail: [email protected]
Amicorp Advisory Services Private Limited (Dubai)Amicorp Advisory FZCLevels 41, Emirates TowersSheikh Zayed RoadDubai 31303United Arab EmiratesTel.: +971 4 319 7365Fax: +971 4 319 7368E-mail: [email protected]
Amicorp New Zealand Ltd.West Side, Level 3The Ferry Building, 99 Quay StreetAuckland 1010, New ZealandTel.: +64 9 304 2640 Fax: +64 9 368 5452E-mail: [email protected] address: PO Box 1924Auckland 1140New Zealand
Amicorp Singapore Pte. Ltd.30 Cecil Street#19-01, Prudential TowerSingapore 049712Tel.: +65 6532 2902Fax: +65 6534 1244E-mail: [email protected]
EUROPE Amicorp Baltic UABA.Tumeno str. 4, 10th fl oorWestern EntranceLT-01109 VilniusLithuaniaTel.: +370 5248 7534Fax: +370 5248 7535Email: [email protected]
Amicorp (Cyprus) Ltd.1 Avlonos streetMaria HouseNicosia 1075CyprusTel.: +357 22 504 000Fax: +357 22 504 100E-mail: [email protected] addressPO Box 23293Nicosia 1680Cyprus
Amicorp de España, S.L.Paseo de Gracia 21, 4º 1ªBarcelona 08007SpainTel.: +34 93 241 7563Fax: +34 93 241 7564E-mail: [email protected]
Amicorp de España, S.L. (Representative Offi ce - Madrid)Fernando El Santo, 27, 4th fl oorMadrid 28010SpainTel.: +34 91 308 6971Fax: +34 91 319 0255E-mail: [email protected] Amicorp Luxembourg SA47, Boulevard RoyalL-2449 LuxembourgGrand Duchy of LuxembourgTel.: +352 26 27 43Fax: +352 26 27 43 50E-mail: [email protected]
Amicorp Malta LimitedLevel 1, Blue Harbour Business CentreTa’ Xbiex Yacht MarinaTa’ Xbiex XBX 1027MaltaTel.: +356 22 58 47 00Fax: +356 22 58 47 01Email: [email protected]
Amicorp Netherlands B.V.WTC Amsterdam, Tower C-11Strawinskylaan 11431077 XX AmsterdamThe NetherlandsTel.: +31 20 578 8388Fax: +31 20 578 8389E-mail: [email protected]
Amicorp Switzerland A.G.(Representative Offi ce - Zug)Baarerstrasse 756300 ZugSwitzerlandTel.: +41 41 712 1355Fax: +41 41 712 1356Email: [email protected]
Amicorp Switzerland A.G.Zollikerstrasse 164CH-8008 ZurichSwitzerlandTel.: +41 44 252 0880Fax.: +41 44 252 0881Email: [email protected]
Amicorp (UK) Limited3rd Floor5 Lloyds AvenueLondonEC3N 3AETel.: +44 207 977 1250Fax.: +44 207 977 1251E-mail: [email protected]
Amicorp Services LLC (Russia)Novoslobodskaya Street 23Business center Meyerhold7th Floor, Offi ce 721Moscow 127055Russian FederationTel.: + 7 495 287 7728Fax.: + 7 495 287 7729E-mail: [email protected]
THE AMERICAS Amicorp Americas LLC, Agencia en Chile(Representative Offi ce)Augusto Leguía Norte 100, Of. 712Las CondesSantiago, ChileTel.: +56 2 570 5650Fax: +56 2 435 0624E-mail: [email protected]
Amicorp Argentina S.A.Torre Chacofi 25 de Mayo 555, Piso 22 C1002ABKBuenos AiresArgentinaTel.: +54 (11) 4311 2090Fax: + 54 (11) 4314 4978Email: [email protected]
Amicorp Barbados Ltd.Carleton Court, 2nd FloorHigh Street, BridgetownBarbadosBB11128Tel.: +1 (246) 228 5363Fax: +1 (246) 228 5981E-mail: [email protected]
Amicorp do Brasil Ltda.(Representative Offi ce - Rio de Janeiro)Rua Lauro Müller 11631 Andar, sala 3104Edifício Torre do Rio Sul22290-160, BotafogoRio de Janeiro - RJTel.: +55 21 2295 7525Fax: +55 21 2295 7948E-mail: [email protected]
Amicorp do Brasil Ltda.Rua Helena 26014 Andar-conj. 141, Villa Olimpia04552-050 São Paulo – SPBrazilTel.: +55 11 3049 3454Fax: +55 11 3049 3455E-mail: [email protected]
Amicorp BVI Limited2nd Floor Marcy BuildingPurcell EstateP.O. Box 2416, Road TownTortolaBritish Virgin IslandsTel.: +1 284 494 2565Fax: +1 284 494 2552E-mail: [email protected]
Amicorp Curaçao B.V.Pareraweg 45P.O. Box 4914CuraçaoTel.: +599-9 434 3500Fax: +599-9 434 3533E-mail: [email protected]
Amicorp Mexico(Representative Offi ce - Mexico)Edifi cio Torre Esmeralda IIIBlvd. Manuel Ávila CamachoNo. 32, Piso 4Col. Lomas de Chapultepec11000 México, D.F.Tel.: +52 55 5202 5999Fax: +52 55 5202 1004E-mail: [email protected]
Amicorp Services Ltd.(Representative Offi ce - Miami)Brickell Bay Offi ce Tower1001 Brickell Bay DriveSuite 2306Miami, Florida 33131U.S.A.Tel.: +1 305 416 4730Fax: +1 305 416 4738E-mail: [email protected]
Amicorp Services Ltd.(Representative Offi ce - Newyork)641 Lexington AvenueSuite 1504New York, NY 10022U.S.A.Tel.: +1 212 752 3267Fax: +1 212 634 6305E-mail: [email protected]
Amicorp Services Ltd.(Representative Offi ce - San Diego)One America Plaza,600 West Broadway Suite 950,San Diego, CA 92101U.S.A.Tel.: +1 (619) 236 00 26 Fax: +1 (619) 236 01 27Email: [email protected]
Amicorp Colombia S.A.S. (Bogota D.C.)Carrera 7a No.71-21 Torre B Ofi cina 911Bogota D.C.ColombiaTel.: +57 1 317 9200Fax: +57 1 312 0509Email: [email protected]