We perform the company administration and secretarial services for International Business Companies, including:
Our team of professionally qualified accountants provides extensive and customized accounting and taxation services:
In cooperation with our tax associates we consult on the development of a viable International Tax Strategy, in conjunction with an overall corporate strategy, including:
Establishment and administration of Trusts in Cyprus and other jurisdictions
Significant amendments were introduced to the Income Tax Law for the term “Cyprus Tax Resident Individual” on 14th July 2017 by House of Representatives in CyprusRead the newsletter's information
The Council of Ministers announced a new scheme with reduced investment for granting a Cypriot (EU) Passport / Citizenship to non-EU citizens. More details on how Fiduciana can assist you throughout the whole procedure for obtaining your Cypriot (EU) Passport can be find in our brochure below.Download the brochure in English language
All information can be found on the portal of the Ministry of Interior of the Republic of Cyprus. www.moi.gov.cy
This section provides information for Non- EU nationals.
In case you plan to live in Cyprus on more or less permanent basis you should apply for a residence permit. Cyprus offers probably the best conditions in the European Union for this.
See below the procedures for obtaining permanent and temporary residence permits.
Permanent Residence (PR) permit.
Fast-track Procedure of Obtaining
Obtaining of PR permit by fast- track procedure offers a lot of benefits:
Applicant must also demonstrate an additional minimum income of €5.000 a year for any dependent family member (spouse and children). The additional minimum income of €8.000 a year should be shown for any applicant and applicant's spouse parents Deposit at least €30.000 into a Cypriot bank for a 3-year period Submit a certificate of having no criminal record and of being under no investigation for criminal offences attested by relevant authorities of his/her country The maximum period for granting PR permit according to the simplified procedure comprises 2 months. The status of a permanent resident does not impose any restrictions to the period of your stay in Cyprus. The only exception is that you should visit Cyprus at least once every 2 years.
See below the procedures for obtaining permanent and temporary residence permits.Requirements for Applicant
To accomplish obtaining of PR permit by fast-track procedure the applicant will have to:
Permanent residence permits are granted to the following applicant relatives.
If the Principal Beneficiary of the PR permit passes away, then his/her spouse and dependent children may apply to acquire the Principal’s PR permit without investing in additional real estate. Any individuals who acquired the PR permit without having to invest personally in real estate or depositing money in a Cypriot bank account (Euro 30,000), will not be entitled to include on their own Permanent Residency Permit their spouses, children or parents.Note 1. Purchasing Two Properties
In order to obtain PR permit it is not mandatory for an applicant to purchase one property. He/she can purchase the following two properties:
Total value of the both properties shall be at least €300.000 (not to include VAT). The properties could be separate (not connected/joined) from each other. They should be purchased from the same developer. This is a compulsory condition.Note 2. PR Permit for Two (Several) Families
Suppose an applicant who has adult financially independent children over 25 years old wishes to obtain permanent residence permit not only for his/her family but also for the families of his/her adult children. In case the applicant has one adult child he/she shall purchase property amounting to at least €600.000 (net of VAT). Property value rises to €900.000 for two children. Each family shall deposit €30.000 and state annual income of at least €30.000 (plus €5.000/8.000 per each dependent family member).Permanent Residence Permit. Normal Procedure of Obtaining
Suppose you are not entitled to obtaining permanent residence permit according to simplified procedure. For example:
In those cases one can resort to the standard procedure of obtaining permanent residence permit. Besides documents for property, you have to prove sources of income outside of Cyprus and availability of funds in a Cyprus bank. The law does not stipulate precise figures of income and cash assets. Allegedly they should be sufficient for applicant’s decent living in Cyprus. A Cyprus lawyer who will help you to prepare documents will advise you approximate figures in your specific case. The timeframe for processing your application for permanent residence permit is again not stipulated. In practice it takes up to 12 months. During that period you should have status of temporary resident of Cyprus (more information related to it is available in the next section).Temporary Residence Permit
Perhaps you do not wish or cannot claim the status of a permanent resident of Cyprus but at the same time you have to stay in Cyprus for the most part of your time. In this case you can achieve a status of a temporary resident for the period of one year, so-called Pink Slip. This immigration status assumes stay in the country up to 365 days a year. Pink Slip may be extended for an unlimited number of times. To accomplish this one should submit documents for extension one month prior to the expiration of the current Pink Slip validity. Your application may be considered for 1-3 months. Over this period you will be staying in the country on a legal basis. If for some reason or other you have to leave the country after expiration of current Pink Slip validity but before obtaining a new one you will have to obtain a single visa or to use a multiple visa obtained earlier to be able to enter Cyprus again. Temporary residence permit has two drawbacks as compared to permanent one.
In order to obtain Pink Slip one should submit the following documents to the Immigration Office:
Residence permit allows his holder all opportunities for accommodation, leisure, education in Cyprus. And yet permanent residence permit has several drawbacks as compared to citizenship. Suppose you are a resident and not a citizen of Cyprus. Firstly you have no right to participate in elections of government authorities in Cyprus. Secondly you will need a visa to travel to other European countries. Though Cyprus is soon expected to join Schengen zone. Right after that you will be able to travel to Schengen countries without any restrictions. And finally the status of a permanent resident obtained as a result of purchasing property does not entitle you to work in Cyprus (more detailed information is available on the page Work in Cyprus). Regarding the ways of obtaining Cypriot citizenship - please visit the page Citizenship. And finally we will note that it is desirable not to have your immigration status in Cyprus registered on your own but to apply to a professional lawyer who specializes in immigration issues. Legal companies – associate members of Alliance have a great experience in solving immigration issues and will willingly provide you all the required support.