In its effort to increase the number of high-tech and innovation headquartering, the Cyprus government has announced new visa and tax incentives to attract them, which are voted in January 2022.
In summary, the new measures include the following:
Period: 12 months, with the right to renew it for another two years; i.e 3 years
Conditions:
- Act as focal point of contact for existing companies relocated to Cyprus or new ones wishing to operate from Cyprus
- Specific areas of economic activity:
Wokring Permits
Easy facilitation of working permits for high skilled employees from third (non-EU) countries
Family Members
- Will be allowed to relocate together
- Employees spouses / husbands will also have access to the country’s labour market
Tax Exemptions
- Apply only to to foreign high skilled employees
- Will be extendent for a period of 17 years (from 10 years)
- Existing 50% tax exemption on annual salary tax for new employees in the republic earning more than Euro 100,000 is also extended to cover new residents-employees with a yearly salary from employment of €55,000 or more with a tax exemption of 50%.
- Eligible employees from 3rd countries will have the right to apply for a naturalisation after 5 years of residence in Cyprus, or
- After 4 if they have a recognised certificate of very good knowledge in Greek language
Retired employees will be able to enjoy pension from their country of origin and Cyprus; an employee will not "loose" social securities paid in Cyprus or in their homw country as they will be transferred to the country of its retirement
Cyprus is currently in the process to conclude bilateral agreements with third countries.
Call me directly on +357 22 336 309 to walk you through the requirements.