If a person wants to enter the European Union State but wants to avoid tax pressure, then Cyprus is a very good choice.
Cyprus is an island that is situated in the southernmost corner of the Mediterranean.
Unfortunately, there had been a banking problem, and the financial crisis of 2013 damaged the reputation of Cyprus.
For that, those who had their money on the Cypriot account have been taken over to save the banking system.
However, it has overcome their banking issues, and the current situation of Cypriot banks is improving, but the smartest thing to do is keep the money outside the country.
However, the country has overcome all its crises, and now it has the highest level of European economic growth.
The intelligence of the Cypriot government is now a perfect place to launder Russian black money and an attractive place to maintain business and fiscal residences.
Obtain the Second Nationality in Cyprus
Cyprus is a part of the European Union, which makes it more beneficial to obtain nationality from Cyprus.
Being part of the EU, you’ll be able to settle in any EU country you want.
You will have unlimited time to reside in any EU country of your desire.
At the end of the day, you will have complete freedom in doing a world tour.
But having nationality in Cyprus means you will lose your non-dom, also called non-domiciled.
To get the passport, you have to make a good investment.
By yourself, you need an investment of €5 Million, and for shared investment, there needs to be an investment of €2.5Million per person.
Besides the investments, you need to have €500,000 on you.
Excluding that, the procedure is pretty easy and simple.
If you have no disposable cash to meet the requirements for nationality, you can select the nationalization.
If you live in Cyprus for six years, you will be able to make an appeal for nationality in Cyprus.
Another good option is to get married in Cyprus.
You will get nationalized after three years of being married and living here.
In obtaining a second nationality, it is the best option compared to the other countries of the EU.
Set Up a Business in Cyprus to Optimize Taxes
When you are going to set up a company in a different region, you need to be aware of its local laws.
Generally, it does not interrupt with rules and requirements on foreigners who want to start a business.
However, there are the following decisions you need to make when you want to set up a business:
- Managing a type of business or industry
- Nationality of the main office/individuals
- Existing trade deals and relationships
Location is another part because different cities and regions have different rules, costs, and availability, so it’s important to consult with experts, legal advisors, accountants, and other professionals depending on your needs.
FinExpertiza Cyprus is an accounting service where you can get solutions for your accounting and finance needs when setting up a business here.
Company Options in Cyprus
At the present time, there are three different types of foreign companies situated in Cyprus.
These businesses have their own advantages and disadvantages, various activities, and minimum capital requirements.
There are three options you can choose from to set up a business:
- Branch Office
- Representative Office
The corporation is an easy and inexpensive process for foreigners to start a business.
Therefore, Cypriot legislation is only for lawyers who are allowed to apply for registration in the Cypriot organization.
Only Cyprus legal lawyers can prepare an agreement, articles of association, and sign the HE1 declaration form.
For that, foreigners need to rely on licensed legal lawyers to set up a company.
There are two main types of corporations you can set up: Private Limited Corporation and Public Limited Corporation.
Foreign companies can operate a branch office in Cyprus without the need to incorporate it.
However, there is some advice to incorporate rather than simply setting up a branch office in Cyprus because there are many disadvantages to having an office.
However, foreigners who want to set up a branch in Cyprus are allowed to do some activities.
This is the easiest and least expensive way for foreign investors to set up their business, and there will be no required capital requirements.
A representative office is not considered to be a separate legal entity and has no permission to part in economic activity in Cyprus.
A representative office is a limited business and is generally prohibited from any kind of profit-seeking activity.
Investors can only legally engage in pure marketing or commercial, financial activities, and economical matters but cannot manage a real business.
There are other arrangements that are needed to operate a business in Cyprus such as partnership, international trust, and a European company.
Living in Cyprus Tax-Free
Living in Cyprus gives you more advantages than any other country in Europe.
You can pass your day by swimming, skiing, and doing many other activities.
Also, you can live cheaply and save money from taxes.
In Cyprus, the tax programs are approved by the EU, which is much greater than in the Malta tax program.
Malta’s businessmen are becoming stricter, so you get more legal security in Cyprus for the 2 months of minimum stay as well as the beneficial Cypriot tax programs.
Cyprus gives the most satisfying 2 months’ stay in the country with a taxed home. You are free to spend your money whenever you want.
The climate in Cyprus is beautiful.
You have complete freedom over your money.
The pleasure is all yours to take in the two-month stay in Cyprus.
In the end, when you want to leave Cyprus, you don’t have to pay an exit tax, and for this reason, you don’t have to worry about deposing your money.
You can spend it wherever you wish. For example, you can spend the money in real estate if you want.
At the same time when spending money, you don’t have to worry about taxes.
You will be so satisfied with the tax advantage that you will think twice before flying away from Cyprus.