About Cyprus

 

  • Multicultural population, where English is considered a second language
  • Cyprus is one of the safest countries in the world with political stability
  • Sun 365 days a year!
  • One of the business and financial hubs due to the low taxation
  • Has a strategic importance due to its unique geopolitical position

 

Advantages of Cyprus Residency

 

  • Full member of the European Union
  • Cyprus does not have inheritance tax or tax on international dividends
  • Approval within two-three months
  • Lowest taxation rate in Europe
  • Possibility to apply for citizenship by naturalization after 7 years of residence in Cyprus
  • No need to make any investments except bank deposit
  • Residents will get a TIN (Taxpayer Identification Numbers) in Cyprus
  • Schengen visa is easier to get with Cyprus residency

Tax Benefits for Individuals Taking Up Tax Residence in Cyprus

 

  • Zero Rates of Tax Enjoyed by Non-domiciled Cypriot Tax Residents
  • As a result of previous tax legislation and the exemption from the Cyprus Special Contribution for Defence Tax (“SDC”), introduced in July 2015, non-domiciliaries benefit from a zero rate of tax on the following sources of income:
  • interest
  • dividends
  • capital gains (other than from the sale of immoveable property in Cyprus)
  • capital sums received from pensions, provident and insurance funds
  • Benefit of zero rates of tax - even if income is remitted to Cyprus
  • The zero tax benefits detailed above are enjoyed even if the income has a Cyprus source and is remitted to Cyprus
  • In addition, there are NO wealth and NO inheritance taxes in Cyprus
  • Individuals who were not previously resident in Cyprus, take up residence in Cyprus for work purposes, and earn over €100,000 per annum, are entitled to the following tax benefit: 50% of employment income earned in Cyprus is exempt from income tax for a period of 10 years

Requirements for the EU citizens

 

  1. Clear copy of valid passport
  2. Two passport size photos (jpeg format)
  3. Contract of employment signed and sealed by the stamp registrar
  4. Original criminal record certificate from the country of origin or country of residence
  5. Original certificate of health insurance and medical certificate issued from the country of origin or country of residence
  6. Diploma duly attested by Apostille
  7. CV

 

Note: The permit is granted primarily for 1 year. Subsequent renewals are for 2 years. The applicant will be obliged to be a physical resident of Cyprus at least for 60 days within a year in order to be considered as a tax resident and may not be continuously absent from Cyprus for a period of more than 3 months.

Requirements for the Non-EU citizen

 

  1. Clear copy of valid passport
  2. Two passport size photos (jpeg format)
  3. Contract of employment signed and sealed by the stamp registrar
  4. Original criminal record certificate from the country of origin or country of residence
  5. Original certificate of health insurance and medical certificate issued from the country of origin or country of residence
  6. Diploma duly attested by Apostille
  7. Rental agreement or sale agreement of a house/apartment
  8. Bank guarantee/ bank statement and proof of transfer from abroad
  9. CV

Costs calculation

Approximate Prices of Residence Unit, Office and utilities:

Particulars Price
First year
Price
Annually
Work permit for an employee EUR 5,000
EUR 5,000 + 3% yearly turnover
Additional costs apply for dependents and family members and vary with the age of a person
Particulars
- Residence unit-
Prices in EUR
Apartment yearly rental (1 bedroom) From 5,000 to 7,000
Utilities expense per year (approx.) 1,000.00
Utility service deposit (electricity, water) 300.00
Note: subject to availability
• PART 2: UAE Residency

Obtain Residency in United Arab Emirates and Work as a General Consultant Globally

General Requirements:

 

  • Clear coloured copy of passport
  • Most recent utility bill ( not older than three months)
  • Most recent and comprehensive Curriculum Vitae
  • Passport size photo in a white background (jpeg format)

Additional Requirement:

 

  • Opening of local personal/salary bank account

Option 1: Visa Fees – Ras Al Khaimah

Particulars Cost in USD (exclusive of 5% VAT)
Annual Fees 7,500.00
Total Annual Fees 7,500.00
Visa Fees – once in two years Cost in USD
- Visa Application 2,500.00
- Miscellaneous 500.00
- Service Fee (per visa application) 1,000.00
Total Fees every three years 4,000.00
Total First Year Fees 11,500.00

Option 2: Visa Fees – Dubai

Other Fees:

Particulars Cost in USD (exclusive of 5% VAT)
Annual Fees 10,000.00
Total Annual Fees 10,000.00
Visa Fees – once in three years Cost in USD
- Visa Application 3,500.00
- Miscellaneous 500.00
- Service Fee (per visa application) 1,000.00
Total Fees every three years 5,000.00
Total First Year Fees 15,000.00

Advantages of having UAE Residency:

 

  • No personal income tax
  • No capital gains tax
  • No social security contributions, withholding tax or many of the other taxes that are mostly common in other major economies
Annual Health Insurance (approximate only) 1,500.00
3 % service fee of turnover if services are invoiced from Arvis Advisory
  • Has a large network of double tax avoidance treaties which includes many major economies
  • One of the major business and financial hub because of its “lack of tax” nature, and its career and business opportunities
  • UAE is home to many nationalities from across the world, because of its high demand for skilled workers
• PART 3: Freelance License in Abu Dhabi

Who can apply?

 

  • Entrepreneurs
  • Retired
  • Homemakers
  • Student

What are the activities cover?

 

Freelance activities cover 48 business activities and

some consultancy works.

List of the Activities:

Fashion Design Clothing
Natural and aesthetic flowers arrangement Photography studio
Event Photography Videography
Event management Gift packaging
Jewellery design Web design
Project design and management services Translation
Calligraphy Drawing
Statistical consultations Agricultural guidance
Marketing operations management Computer hardware and software
Property Legal consultancy
Public relations Standardization and quality management
Pest control Project development
Procurement Fine art Artworks
Technical installations Architectural drawings Sculpting
Green buildings Maritime services Handicrafts
Information technology Lifestyle development Printing services
Economic feasibility studies Marketing studies Photocopying
Human resources Parliamentary studies Gardening and landscaping
Tourism Banking Printing on textiles or clothes
Heritage Marketing services Plastering
Entertainment Energy Engraving
Administrative studies Space Decoration
Food safety Fitness Soap making
Goods designs Logistical consultations
• PART 1: Cyprus Residency for Digital Nomads

Here is where your journey begins

What does it mean to be a Digital Nomad?

 

Many people dream of views like these. But for a digital nomad, a beach at the Mediterranean  can serve as a work place.

They can set up a workplace anywhere, anytime – all they need is a laptop and internet access.

 

Being a digital nomad means to embrace remote work as a lifestyle choice, using technology to make a living that enables them to be as mobile as they want.

 

How to Become a Digital Nomad?

 

Thanks to the technological innovation of the last 20 years, a laptop and the cloud offer us all the tools we need to work better both independently and collaboratively.

 

There are no specific skills that you need to be a digital nomad. You just need to be good at what you do and be able to sell your services or products, or whatever it is, entirely online.

Advantages and Disadvantages pf Digital Nomadism

 

Advantages

 

  • Work wherever and whenever you want
  • The ability to travel non-stop
  • Freedom
  • No longer trading time for money
  • Inspiration
  • Unexpected opportunities
  • No office politics

 

Disadvantages

 

  • People may not understand it
  • Missing home country
  • Managing your own time

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• PART 2: UAE Residency
• PART 3: Freelance License in Abu Dhabi
• PART 1: Cyprus Residency for Digital Nomads