I am interested in relocating to Cyprus and incorporate a CY company

A call meeting between the prospect client and CYAUSE took place before the exchange of email communication.

The prospect client was asking information and related fees for the incorporation of a CY company, opening of a local bank account, accounting /audit, etc.

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Dear Sir,

It was a pleasure having a meeting with you!

As per our discussion, please find below useful information and the relevant costs:

1. Incorporation of a CY company Cost: Euro 850 + VAT + Disbursements to the Cyprus Registrar of Companies* (one-off) Timeframe: 1 month from the submission date
   • Disbursements are approximately Euro 400
2. Opening of business bank account Cost: Euro 900 + VAT (from Euro 1,000 + VAT) (one-off) Timeframe: 1 month from the submission date
3. Nominee Services Cost: Euro 1,500 + VAT for the first year (recurring) Timeframe: N/A; The effective date is the incorporation date of the company Services Included: Provision of director, secretary and registered office (virtual, as per our discussion) Note: From Year 2 and onwards, the fees will be Euro 1,800 + VAT
4. Accounting, Audit and Tax Services The cost usually depends on the volume of transactions, the number of employees, the number and currency of the bank accounts, nature of business, if the company is VAT registered etc. Hence, please refer to our online calculator to get an idea of the approximate cost. We will be able to provide a more accurate offer once we have more information about the company's activities (as above).
5. Visa Application The most appropriate visa-residence permit for the time being is the Long-term visitor, which has 1 year duration. Kindly note that we have taken into consideration that you will only need the issuance of a visa for you for the time being (as per our discussion) and that you will not be employed in Cyprus. Once the family is ready to relocate, we will explore more options, based on your needs. Cost: Euro 1,475 + VAT (from Euro 1,650 + VAT) + Disbursements (one-off) Timeframe: Approximately 2–3 months from the submission date. Kindly note that the timeframe depends on the client, as various documentation needs to be collected (and may require translation, apostille, etc.). Same applies for the above services.

Keep in mind: In case your wife exceeds 90 days in Cyprus during a calendar year (January–December), she will have to issue a residence permit (e.g. tourist visa). In addition, you will need medical insurance in Cyprus until your visa application is approved by the Immigration Office.

6. Non-Domiciled Application Cost: Euro 800 + VAT (one-off) Timeframe: Approximately 3 weeks from the submission date

Important note: You need to be considered a Cyprus-taxed resident to benefit from this status. This requires: • Spend at least 60 days in Cyprus and no more than 183 days in any other country OR • Spend at least 183 days in Cyprus (during a calendar year) AND • Spend fewer than 90 days in the UK Suggestion: Keep track of the days spent in each country (as discussed, including tickets, etc.)

7. Other information • Driving Licence in Cyprus: I will revert on this • Gesy: NHS Frequently Asked Questions • Corporation Tax Rate: 12.5% • Gesy on Dividends: 2.65% • IP Box: Kindly provide us with more information (e.g. detailed description of activities) so that we may respond in a separate email and then schedule a call.

Please let us know if the above fees are accepted so we may proceed with the issuance of the relevant invoices and commence with the next steps.

In the meantime, I am at your disposal for any further information or clarification.

Hi,

If I become a non-dom based on the 183-day rule, please can you explain the cost and conditions?

I am relocating for sure, and I think this will suit best.

Hi,

This is great news!

If you will spend 183 days in Cyprus, you will definitely need a visa (the maximum stay without a visa is 90 days per calendar year). Tax regulations in other jurisdictions where you spend time must also be taken into consideration (as discussed verbally).

In addition, you will not need nominee services (point 3), as you will be able to be appointed as the director of the company, and the company will be considered Cyprus-taxed.

The cost for the non-domiciled application remains the same in both cases.

Conclusively:

If you will be a Cyprus-taxed resident based on the 60-day rule: • Point 5: Visa application is not required if you will be in Cyprus for fewer than 90 days per calendar year • Point 3: Nominee Services are advisable to ensure the company is considered Cyprus-taxed

If you will be a Cyprus-taxed resident based on the 183-day rule: • Point 5: Visa application is mandatory • Point 3: Nominee Services can be omitted

If you would like to be an employee of the CY company, please let us know, as this will affect the visa application and other key requirements (costs are significantly higher in such cases).

At your disposal for any further clarification.

Kind regards