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Cyprus > Legal Developments > Law firm and leading lawyer rankings

Editorial

Cyprus: A Relocation and Headquartering Center

September 2019 - Tax & Private Client. Legal Developments by Kinanis LLC.

More articles by this firm.

WHY CYPRUS

Cyprus, a services-oriented economy with years of experience in servicing international clients, is transposing itself as one of the top relocation and headquartering centers in Europe. The skills and knowhow obtained from lawyers and accountants during the past years are now put at work in servicing the international groups that are setting up regional headquarters in Cyprus. With a good choice of English-speaking private schools to ensure top class education as well as a range of private clinics to ensure access to good healthcare combined with the great climate conditions and the crystal clean beaches make Cyprus the obvious choice.

Why Cyprus -> Business Oriented Legal Framework -> Access to Talent -> Access to Markets -> Cost Effective Strategic Location  ->Attractive Tax Regime

The ideal location, the natural beauty and history team up with a holistic legal and tax framework developed specifically for making Cyprus a leading jurisdiction where high net worth individuals can relocate, set up regional headquarters and attract the human capital required to manage and control their business activities.

HOW TO RELOCATE

The Cyprus Investment Programme

The Cyprus government has developed and maintains an attractive investment programme aimed at foreign investors and businessmen. Through this programme, high net worth individuals can obtain the Cyprus Citizenship and hence be able to relocate to Cyprus.

 (Please refer on our website for the chart)

Obtain Employment Permit in Cyprus

It is possible for a 3rd country national to live and work in Cyprus if he/she is employed by a Cyprus company whose majority shareholders are 3rd country nationals. 

There are certain requirements that need to be met both for the Cyprus Company who will be the employer and the 3rd country national employee, the most important of which is that an amount of €171.000 must be transferred from an overseas account of the beneficial owner to the bank account of the company in Cyprus.

As to the salary of the employee the following apply:

  • If the employee will have managerial position then his minimum gross salary is €3.873
  • If the employee will have middle-management position or administrative duties the minimum gross salary is €1.936. 

EU Nationals can be employed in a Cyprus company with no restrictions or conditions.

TAXATION INCENTIVES

Cyprus Tax laws provide attractive incentives for all stakeholders involved, being the owners, the companies and their employees. For an individual to be regarded as a tax resident of Cyprus must either:

  • Spend 183 days in Cyprus, or
  • Provided that an individual does not spend 183 in any other jurisdiction, to spend 60 days in Cyprus, be employed or be a director of a Cyprus company and own or rent a house in Cyprus

 (Please refer on our website for the chart)

How Kinanis Law Firm can assist

 

Our Firm is ready to assist clients with:

  • Preparation, completion and submission of an application for the Cyprus Investment Programme.
  • Obtaining work permits for third country nationals and other immigration issues.
  • Introduction of real estate agents in Cyprus for residential and commercial properties.
  • Registration with the Tax Department as a resident but non domicile individual.
  • Completion and submission of annual tax returns.
  • Opening of Bank accounts in Cyprus.
  • Assistance in relation to tax and legal matters.
  • Accounting and Payroll Services.

Our Firm

Kinanis Law Firm, is a Law and Fiduciary Firm with offices in Cyprus and Malta and a representative office in Shanghai China. The Firm advises for over 35 years international investors and private clients offering legal and consulting services since 1983.

The Firm employs approximately 80 lawyers, accountants and other professionals. 

Our clients benefit from a complete range of legal, accounting, tax, vat and advisory services from a highly specialized team of professionals.

This combination of legal, accounting, vat and tax services through our well qualified personnel and our involvement and participation in international transactions over the years, have established our firm as one of the key players in the field. Our involvement in international financial transactions has also provided us with the extensive expertise in representing groups, corporations, funds as well as the private client.

Kinanis LLC 

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