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Efstathios K. Efstathiou > Articles
25 September
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Work Permit Applications in Cyprus – What You Need to Know

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Introduction Cyprus, known for its vibrant economy and favorable business environment, attracts individuals from across the globe, seeking employment opportunities and career growth. However, before embarking on your professional journey in Cyprus, it is essential to navigate the work permit application process. In this article, we'll provide an overview of the key information you need to know about work permit applications in Cyprus. Understanding the Work Permit System in Cyprus: To legally work in Cyprus as a foreign national, you must obtain a work permit or a temporary residence permit with work authorization. The permit system is designed to regulate the employment...

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25 September
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What You Should Know About Investment-Based Permanent Residency Permit in Cyprus

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Introduction Cyprus, with its thriving economy and favorable business climate, offers a range of investment opportunities for individuals looking to establish long-term residence in the country. One such option is the investment-based permanent residency permit, which grants the holder an indefinite stay in Cyprus. In this article, we explore the key things you should know about obtaining an investment-based permanent residency permit in Cyprus. Investment Categories: There are several investment categories available for obtaining a permanent residency permit in Cyprus: a) Real Estate: One of the most popular options, this category requires a minimum real estate investment of €300,000, which must be maintained...

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25 September
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Stay Ahead of the Curve: Incorporation of a Cyprus Company in 2023

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Introduction The incorporation of a company in Cyprus has become increasingly popular among entrepreneurs, investors, and multinational corporations. In 2023, changes in legislation will further enhance the country's corporate governance and compliance regulations, making it an even more attractive jurisdiction for business incorporation. This article explores the benefits of incorporating a Cyprus company in 2023 and the upcoming changes to the country's legal framework. Why Incorporate a Company in Cyprus? Cyprus is a well-established jurisdiction that offers various advantages for businesses, such as: a) Favorable tax regime: Cyprus has one of the lowest corporate tax rates in Europe at 12.5%, making it an...

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25 September
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Sale and Purchase Agreement in Cyprus: What You Need to Know

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Introduction When engaging in a property transaction in Cyprus, it is crucial to have a comprehensive understanding of the sale and purchase agreement. This legally binding contract outlines the terms and conditions of the property sale and ensures the protection of both the buyer and the seller. In this article, we will discuss the key elements of a sale and purchase agreement in Cyprus, providing you with the information you need to navigate the process effectively. Understanding the Sale and Purchase Agreement: The sale and purchase agreement is a legally binding document that sets out the terms and conditions of the property...

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25 September
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Demystifying Tax Residency in Cyprus: A Comprehensive Guide

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Introduction Cyprus, with its favorable tax regime and strategic location, has become an attractive destination for individuals seeking tax residency. Understanding the concept of tax residency is crucial for those considering establishing themselves in Cyprus. In this comprehensive guide, we aim to demystify tax residency in Cyprus and provide essential information for individuals interested in this aspect. Definition of Tax Residency: Tax residency refers to the determination of an individual's tax obligations based on their residence status in a particular jurisdiction. In Cyprus, tax residency is determined by the number of days an individual spends in the country during a tax year. ...

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25 September
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Complete Guide to Permanent Residence Applications in Cyprus

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Introduction Cyprus, known for its desirable lifestyle, Mediterranean climate, and thriving business environment, attracts individuals seeking permanent residency in a welcoming and prosperous country. This article serves as a comprehensive guide to help you navigate the process of Permanent Residence Applications in Cyprus. Permanent Residence Permit Categories: Cyprus offers several pathways to obtain permanent residency. Understanding the available categories can help determine the most suitable option for your circumstances: a) Category F: This category is designed for individuals who wish to retire in Cyprus. Applicants must meet specific financial criteria and demonstrate a stable annual income from sources outside Cyprus. b) Category 6(2): Individuals...

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25 September
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Company Due Diligence in Cyprus: 5 FAQs

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Introduction Due diligence is a process that helps businesses minimize risks and make informed decisions when entering into partnerships or business transactions. Conducting due diligence in Cyprus is crucial for businesses to ensure regulatory compliance, verify financial information, and identify potential legal or reputational risks. In this article, we answer five frequently asked questions about company due diligence in Cyprus. What is company due diligence? Company due diligence is the process of assessing a company's financial, legal, and operational aspects to evaluate its stability, reputation, and compliance with regulatory requirements. Due diligence involves gathering and analyzing information to mitigate risks and make...

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25 September
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5 Things to Know About Obtaining Employment-Based Permanent Residency Permit in Cyprus

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Introduction   Cyprus, with its thriving economy and favorable business climate, offers attractive employment opportunities for individuals seeking to establish long-term careers in the country. If you are interested in obtaining an employment-based permanent residency permit in Cyprus, there are important factors to consider. This article presents five key things you should know about the process. Eligibility Criteria: To be eligible for an employment-based permanent residency permit in Cyprus, certain criteria must be met: a) Valid Work Permit: You must first obtain a valid work permit, demonstrating your employment status in Cyprus. b) Years of Continuous Employment: Typically, individuals must have been employed in Cyprus...

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27 September
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Cyprus Tax Residence status for individuals by the 60 Days Rule

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The Parliament of Cyprus has approved by common consent the proposal of amending the rules for determining the tax residency of individuals in Cyprus - 60 days tax residency Cyprus Under the currently existing law, individuals are considered tax residents in Cyprus if they were physically present for at least 183 days per year. Under the new revised conditions an individual is considered a Cyprus Tax Resident if the following three criteria are cumulatively met: 1. They remain in Cyprus for at least 60 days a year of assessment. (60 days tax residency cyprus) 2. They carry out any business in Cyprus; and/or work...

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27 September
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The Cyprus Non-Domiciled Tax Status

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An individual enjoys the Cyprus Non-Domiciled Status whether they are a tax resident of Cyprus or have not been a tax resident of Cyprus as per the Income Tax Law for a period of 20 consecutive years prior to the introduction of the law (16 July 2015). An individual is considered a resident for tax purposes of Cyprus if they are physically present in Cyprus for an accumulated period exceeding 183 days during a calendar year or 60 days under the 60-day rule, maintains a permanent residential property (owned or rented), does not reside in another state for an accumulated period...

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