Open any business in Cyprus in 30 days with the Fast-Track Business Facilitation Unit.
All foreign companies can establish a business in Cyprus and benefit from this new scheme.
Cyprus has always been ideally suited for international business...
Open any business in Cyprus in 30 days with the Fast-Track Business Facilitation Unit.
- It sits at the crossroad of three continents, offering an ideal location for expansion into Europe, Asia and Africa.
- Cyprus is a member state of the European Union and
- One of the safest countries in the world offering a high-quality lifestyle and low cost of living.
But now, with the Government’s recent announcement of a new action plan aimed to attract foreign investment.
Cyprus is set to become the preferred European International Business Centre.
Eligible companies
- Foreign interest companies operating in the Republic of Cyprus or foreign interest companies intending to operate in the Republic of Cyprus and operating independent offices in Cyprus, which are housed in suitable premises, separate from any other private residence or office
- Cypriot Shipping Companies
- Cypriot High Technology/Innovative Companies
- Cypriot Pharmaceutical Companies or Cypriot Companies active in the fields of Biogenetics and Biotechnology
Fast Track Business Facilitation Unit
You can open a business within 30 days with the new business facilitation unit that will assist with:
- Company Registration
- Name Approval
- Employee Registry & Social Insurance
- VAT & Income Tax
In addition – the unit will facilitate the issuance and renewal of residence and employment permits for all employees
New Digital Nomad / Freelance Visa
For the self-employed or employees who work remotely with clients/employers outside of Cyprus:
- Validity of 1 year with the option of a 2-year renewal.
- Includes third country nationals
- Visa holders can obtain residence visas for their family members
Requirements: Income level of €3500 p/m, medical insurance coverage and clean criminal record. Spouse not allowed to work.
Streamlined Acquisition of Cypriot Citizenship
The right to apply for citizenship:
- After 5 years of residency instead of 7 years.
- Reduction to 4 years if you hold a recognized certificate of proficiency in Greek.
Residence and Employment Permit update
For companies of foreign interest currently operating or wanting to establish a physical presence in Cyprus – independent of their private residence:
- Eligible companies can now employ third country nationals in key positions and as support staff.
- Work Permits can last up to 3 years
- Employees’ spouses are permitted to work.
- Family reunification rights included in revised policy.
Requirements: Applicant must possess university diploma/title or equivalent 2-year qualification of experience. Two-year minimum contract and min salary of €2500 pm gross for key positions. Support staff salary and contract to be approved by relevant authority/legislation.
Simplified and speedy process to grant work permits
New accelerated process for granting immigration and work permits under Category E to persons offered permanent employment in the Republic.
- Permits issued within 1 month and lasting for 3 years.
Tax benefits and exemptions
- Income tax exemption of 50% to new residents/employees with income of €55,000.
- Possible extension of tax exemption to 50% for investment in innovative companies by corporate investors
- Increased discount on research and development expenses (equal to 120% of actual).
With these new competitive advantages, the island will soon be considered the ultimate destination for business sustainability, boosted economic growth and enhanced foreign investment.
