Copyright 2023 Global World Citizenship
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
- Clear copy of valid passport
- Two passport size photos (jpeg format)
- Contract of employment signed and sealed by the stamp registrar
- Original criminal record certificate from the country of origin or country of residence
- Original certificate of health insurance and medical certificate issued from the country of origin or country of residence
- Diploma duly attested by Apostille
- 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
- Clear copy of valid passport
- Two passport size photos (jpeg format)
- Contract of employment signed and sealed by the stamp registrar
- Original criminal record certificate from the country of origin or country of residence
- Original certificate of health insurance and medical certificate issued from the country of origin or country of residence
- Diploma duly attested by Apostille
- Rental agreement or sale agreement of a house/apartment
- Bank guarantee/ bank statement and proof of transfer from abroad
- CV
| 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 | |
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
| 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 |
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
Who can apply?
- Entrepreneurs
- Retired
- Homemakers
- Student
What are the activities cover?
| 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 |
What does it mean to be a Digital Nomad?
How to Become a Digital Nomad?
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
info@globalworldcitizenship.com
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