We offer general and specific advice on banking matters to provide the best choice for your circumstances. We also offer pre-
We offer a wide range of low and zero tax jurisdictions and will help you make the right choice.
We try to explore all the potential routes for reducing any tax burden.
Forming a company in the right jurisdiction(s) is an important decision as mistakes made now could be expensive to correct later.
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In brief, the scheme offers permanent residence in Cyprus with the added benefit of exempting certain types of income from tax. It is officially known as ‘Category F 6 (2) -
The Government of Cyprus (along with a number of other EU countries) wishes to attract high nett worth clients and have created conditions (low taxes etc) to make this attractive.
Subject to, inter alia, the purchase of a qualifying property (at least €300,000 ex VAT), a deposit of €30,000 to a Cyprus bank account (blocked for 3 years) and evidence of sufficient income (€30,000 p.a.); a permanent residence permit is granted.
Following receipt of this, an application to establish non-
In summary, certain classes of income (notably interest & dividends) are totally tax-
The definition of a ‘non-
Yes. This scheme mitigates the effects of CRS (Common reporting standard) that requires an increasing number of countries to report the balances held in both personal accounts and corporate accounts.
By changing tax residence to Cyprus (and notifying banks & other financial institutions as soon as possible), the reports will be sent to the Cyprus authorities rather than the country of former residence.
No, although you are welcome to should you wish.
As far as the Cyprus authorities are concerned, it is enough that you are a Tax Resident individual. At the very minimum, you must enter Cyprus once every two years.
Caution: In most countries the tax authorities will consider an individual to be tax resident if he/she resides there for more than 183 days in any financial year (1 Jan -
Yes, you will need to purchase a qualifying property in Cyprus.
In essence this must be a new (not resale) property costing at least €300,000 (excluding VAT).
€30,000 must be deposited from outside Cyprus to a Cyprus bank account, and must be maintained for 3 years.
Evidence of Income
The applicant must show evidence of an annual income of at least €30,000 p.a., with a further €8,000 for each dependent included within the application.
In summary, everything you will need!
As each element of the non-
Advice on the way to structure your residency.
Acquisition of a suitable property.
Opening of a personal bank account for the deposit of the required €30,000.
Connection of necessary utilities.
Application for Cyprus permanent residency.
Application for a Cyprus Tax number (TIN).
Application for non-
Once the house/flat has been purchased, i.e. the sale contract signed and filed at the Land Registry, the entire process should not exceed three months.
Our inclusive fee (including our lawyer’s costs) is €7,500
Property purchase costs including the various government fees are usually around 10% of the purchase price depending on both price, and whether the property is in a single name or joint names.
If you need to establish a company (from which to pay dividends), we can assist with you this.
We can also assist you with finding an appropriate property and help you manage it if you so require.
For further information, please use our contact form to outline your requirements and ask any questions.