Companies of Foreign Interest and Immigration Benefits

Companies of Foreign Interest and Immigration Benefits

Many Non-European foreign citizens can benefit from the great individual and corporate tax savings for themselves and their families. Many foreign individuals are also looking for a safe, sunny and growing country to live and enjoy.

Often for these foreign persons and their families, the biggest problem can be the thought of getting residence permits and being allowed to work in a country. In Cyprus there are many ways in which individuals can obtain the right to work and live on the island. One of the appealing options for those wanting to own and operate businesses in Cyprus is through registering companies as companies of foreign interest.

Owning a company of foreign interest in the Republic of Cyprus will allow for owners and their families to live in and work in Cyprus.

The main benefits of Companies of Foreign Interest are:

• Owners can apply for a work permit and residency through the company. This means that Non-European Union (EU) citizens can get the right to live and work in Cyprus. This is an excellent choice for business people of all kinds who wish to immigrate to an EU country.

• Families of people with work permits are also allowed to apply to live in Cyprus. This means that businessmen can relax knowing that their family will be able to move with them to the island and enjoy the beautiful nation of Cyprus.

• A company registered as a company of foreign interest can register up to 10 immigrant workers who are able to obtain a work permit through this special exemption. This allows owners to easily bring their workforce and their trusted advisors with them.

• After a period of 7 years (less under certain exemptions) all those that have been a resident in Cyprus, will be able to able to become Cypriot citizens. This will allow them to enjoy the full benefits of having a Cypriot passport, including the benefits of Cyprus being a member of the European Union.

• Owners who create companies of foreign interest also get to benefit from both the individual tax rate savings and the corporate tax savings available in Cyprus. Find out more about these here, including Non-Domicile status.

The main requirements for being eligible to form a Company of Foreign Interest and obtain the subsequent work permit are as follows:

• Be the ultimate beneficial owner of a company created and registered in the Republic of Cyprus.

• The foreign participant owner needs to be at least 50% shareholder in the company, although proportionate exemptions can be allowed where the foreign shareholder still meets the capital requirements for the company. A company may be the 50% shareholder but must show that their ultimate beneficial owner is a foreign citizen.

• EURO 170,860 (one hundred and seventy thousand eight hundred and sixty) needs to be invested into the company by the individual, supported by bank swift statement or similar documents. This money will then be fully available to the company to use in its normal course of business.

• At least EURO 41,006 (forty one thousand and six) needs to be shown in the bank accounts of the company at the time of registration. Once the company is approved this money can also be fully used by the company in the way it chooses.

• If the company is already operating in the Republic of Cyprus it will also need:
  
  • Audited company accounts
  • Tax clearance certificate (meaning that they have paid their taxes)
  • The company will need to have a rental agreement for a company office in the Republic of Cyprus.

• For work permits to be given all registered as workers will need to meet the health criteria regarding hepatitis B & C, Tuberculosis, and HIV. Furthermore all workers registered for immigration exemption will need to be on a minimum annual income of EURO 24,000 per year.

As can be seen by some of the various advantages of Cyprus, it is a great place to be a tax resident, form a business in, and enjoy. Somewhere you can enjoy both the great commercial benefits and the lifestyle from the island. Get started with us today and we can help you create the optimum personal, family, and business solution for your company and individual needs.