According to the latest figures announced by the Cyprus Government, the newly-introduced Fast-Track Business Activation Mechanism has been very successful and has attracted great interest from both new and established businesses.
This mechanism has already been used by many prominent companies to set up operations in Cyprus and demand has exceeded all expectations. The success of the new Mechanism has been unprecedented.
The Fast-Track Activation Mechanism make it easier to set up a business in Cyprus and start operations within just a few weeks.
The scheme is open to both established and new international businesses and is accompanied by a revised immigration policy allowing for additional employment permits to be granted to employees and their families.
- Residence permits – of indefinite duration – issued to foreign employees who are into the Senior Management level or into the Specialized Staff
- Simplified Set-Up Procedure
- Simplified Procedure to Obtain Entry & Work Permits
- Foreign employees have the opportunity to live with their family (Spouse and under age children) in Cyprus
- Minimum turnover €500,000/year for 3 out of the last 5 years, or a business plan showing intention to invest this amount in the new Company
- To benefit from this program, companies will be required to create a physical presence in Cyprus, including leasing of independent offices
- Corporate Tax of 12.5%
- No withholding tax on Dividends paid to non-tax resident individuals
- Access to the EU market
- No Inheritance or Wealth Taxes
The Ministry of Labour, Commerce and Industry is the Competent Authority for the approval or rejection of an application to join this scheme.
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