Residency of European Nationals in Cyprus

Are you a European Union member and you are planning to stay, work or even remain as a visitor in Cyprus?
If yes, our office can assist you in applying for a Registration Certificate (“Yellow slip”) to the Civil Registry and Migration Department. A Yellow Slip is technically a residency permit, which provides you the same rights as a Cypriot citizen.

Why could this be applicable to you?
It is required for European nationals to apply for a Yellow Slip within four months from the date of entry to the Republic of Cyprus and failure to comply with this registration requirement imposes a fine of EUR 2,562.90.

Therefore we recommend starting the process of the application as soon as you arrive at the Republic of Cyprus as you will require to show the Yellow Slip in various places such as local banks or Social Security Services.

What Documents are required for the application?
Main Applicant supporting documentation:
1. Valid Passport or Identity card;
2. Confirmation of engagement by the employer or certificate of the employer (if applicable);
3. Certificate of registration to the Social Security’s Services as self-employed (if self-employed);
4. Two passport-sized photos;
5. Marriage Certificate (if applicable);
6. Children birth certificates (if applicable);
7. Rental Agreement (if applicable);
8. Bank statements in Cyprus or from abroad (if applicable).

For European Family members:
1. Valid Passport or Identity Card;
2. Proof of family relationship (marriage certificate or birth certificate);
3. Two passport-sized photos.

For Non-European members:
1. Valid Passport;
2. Proof of family relationship (marriage certificate or birth certificate);
3. The Registration certificate of the Union citizen whom they are joining;
4. Two passport-sized photos;
5. A document issued by the relevant authority in the country of origin certifying that they are dependants or members of the European Union citizen, or proof of the existence of serious health grounds which render the personal care of the family member by the European Union citizen absolutely necessary.

How long will the application process take?
The Yellow Slip is issued immediately or within a maximum of 5 days. For European Union citizens it does not expire, while for non-European family members it is valid for 5 years, with the right of renewal.

The content of this article is intended to provide a general guide to the subject matter and does not constitute legal advice.
For any additional information, please contact us at [email protected] or at +357 22 42 11 90.

Temporary Residency for Non-European Citizens (Pink Slip)

If you are a Non-European citizen and you wish to stay in Cyprus for more than three months, without having employment rights, we may assist you in applying for a pink slip (Visitor Visa), under one of the below categories:
1. Being married to a Cypriot Citizen.
2. Applying for an extension of your temporary residence, provided that you have sufficient financial resources.
3. Applying for an extension of stay, due to plans of marrying a Cypriot citizen.

Basic Requirements for Non-European citizens under Category B:
1. Need to show that you have an adequate income from abroad to cover your living expenses in Cyprus without the need to find employment.
2. Proof of suitable accommodation (title deed or lease agreement).
3. Original bank guarantee, issued by a Bank of Cyprus.
4. Health Insurance.
5. Proof of income from abroad (for example, pension, bank statement, dividends, rental agreement, etc.).
6. Extract from a Bank of Cyprus confirming the availability of funds.

What does adequate income mean?
The term adequate income means a minimum deposited amount of EUR 10,000 for every adult and EUR 5,000 for every minor, per year. These amounts are proven by bank statements and swift confirmations.

How long does the process of obtaining the permit take?
The Temporary residence permit can be obtained within 3 months and is issued for a maximum period of 1 year, with a right of renewal.

The content of this article is intended to provide a general guide to the subject matter and does not constitute legal advice.
For any additional information, please contact us at [email protected] or at +357 22 42 11 90.

Cyprus Investment Programme

In accordance with the Cyprus Investment Programme (the “Programme”), non – Cypriot Nationals, can acquire the Cyprus Citizenship by Naturalisation (on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2017), by complying with the economic criteria and conditions set in the relevant Council of Ministers Decisions, as well as the Code of Conduct of the Cyprus Investment Programme and subsequent relevant Council of Ministers’ Decisions of January 2018 and May 2018.
The Cyprus Citizenship Programme is currently the most popular in Europe and we are able to assist you with the preparation and filing of a Citizenship application.

The following is a list of the main services we provide pertaining to a Cyprus Citizenship application:
1. Provision of advice in relation to the financial criteria, the terms and conditions of the scheme and the application procedure;
2. Assist the applicant with identifying the most suitable Investment option;
3. If the applicant chooses to proceed with real estate investment, assist with identifying the most suitable property, based on the investment criteria and personal taste of the applicant, via our network of reputable real estate agents and property developers, and ensure the applicant is presented with properties that are good value for money;
4. Legal advice on the preparation and drafting of any agreements connected with the purchase of property in Cyprus, including privately owned residences;
5. Valuation and Financial, tax and legal due diligence of properties and corporate entities;
6. Draft and assist with the collection and filing of all required documents (Application Preparation & Submission);
7. Monitoring the status of the application and follow up, including personal meetings where deemed necessary;
8. Regularly update the applicant on the progress of their application;
9. Upon granting of the Naturalization Certificate, our office can assist with the issuance of the Cyprus passports and ID cards.

BASIC DETAILS OF THE CYPRUS INVESTMENT PROGRAMME
1. Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation:
a) At least €75.000 Investment to the Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation. This obligation is lifted if the applicant:
• Has invested at least €75.000 in a certified innovative enterprise or social enterprise;
• Has invested 20% of the main investment in a Cyprus company with operations in the primary/secondary sectors of the economy or in the sectors of research and development, education, health and renewable energy.

b) At least €75.000 to the Cyprus Land Development Corporation for the financing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount, under certain criteria, may be used for purposes of supplementing the total amount of the investment made.

2. Investment Options:
At least €2 Million Investment in one of the following options:
a) Purchase or Establishment or Participation in Cypriot businesses and companies. Investments in the shipping sector are eligible on the basis of measurable criteria that will be determined jointly by the Ministry of Finance and the Shipping Deputy Ministry;
b) Investment in Cyprus Alternative Funds (AIF’s) or financial assets of Cypriot organizations licensed by the Cyprus Securities and Exchange Commission;

c) Real estate, land development and infrastructure projects. It is noted that investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. It is understood that investment in land that is situated in a building zone of zero development, is excluded; or
d) A combination of the above investments.

TERMS AND CONDITIONS
• Private owned residence in the Republic of Cyprus of minimum value €500.000 excluding VAT. The residence must be kept for life.
• If the applicant is applying on the basis of investment in residential property/ies which have previously used for the purpose of the CIP then the total investment amount must be at least €2,5 million.
• The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months.
• Adults applicants must be holders of Schengen Visa, excluding third-country nationals that do not require an entry visa for travelling in European Union Member States, as well as citizens of European Union Member States.
• The applicant should have a Clean Criminal Record from the country of origin. Furthermore, his/her name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.
• The applicant prior to his/her naturalization as a Cypriot must hold a residence permit.
• The Investments must hold at least five years from the date of naturalization. If the investor wish to change the investment within the 5 years then he/she first obtain an approval from the Ministry of Finance.

APPLICATION PROCEDURE
STEP 1: Investment:
• Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation.
• Investment of minimum €2,000,000.
• Purchase of main residence €500,000.

STEP 2: Preparation of Application.
• Citizenship application.
• Permanent residency application.
• Supporting Documentation.

STEP 3: Submission of the Application.
• The applicant must visit Cyprus in order to give the biometric data.
• Collection of Permanent residency card.

STEP 4: Processing time by the Ministry of Interior and Ministry of Finance (approximately 6 months).

STEP 5: Issuance of Naturalization Certificate (Cyprus Passport and ID card).

WHO IS ELIGIBLE
1. Any investor who is 18 years and above;
2. Spouse and financially dependent children of the Investor up to the age of 28;
3. Parents of the Investor provided that the hold a permanent owned residence in Cyprus of at least €500,000 excluding VAT.

The content of this article is intended to provide a general guide to the subject matter and does not constitute legal advice.
For any additional information, please contact us at [email protected] or at +357 22 42 11 90.

Registration of Trademarks in Cyprus

We register your Trademark in Cyprus, within Europe, or internationally. We can assist you with:

1. Provision of advice in relation to the criteria, the classes and all the supporting documents for the filling of the application;
2. Monitoring the status of the application and follow up, including personal meeting where deemed necessary;
3. Advise on the grounds of refusal to register a trademark;
4. Renewal of license, upon its expiration.

What is a Trademark?
A trademark is a “brand name” for your business, graphically represented (usually in words, images, letters, numerals, the shape of a product or its packages or a combination of the above), that distinguishes your goods and services apart from others.

Benefits of Trademark registration:
• Registration ensures that you can safely use your trademark without worrying about any infringement on third party’s trademark.
• It offers a valuable corporate intellectual property asset that contributes to your business’ goodwill and market value;
• After registration, trademarks can be used as advertising tools to build your brand image and brand awareness.
• Registration ensures that your trademarks can be licensed, assigned and sold.

Registration of Trademark in Cyprus:
A petition for the registration of a trademark in Cyprus needs to be submitted by a practicing lawyer. Trademarks are registered for an initial period of seven years and can then be renewed for a period of fourteen years.
As per the Cyprus law, a mark cannot be registered as a trademark for the following reasons:
• It has a descriptive character (it describes your goods or services or any characteristics)
• It’s offensive, deceptive or against the law;
• If it has become customary in the line of trade.

Registration of Trademark within the European Union:
The registration of the European Union Trademark (EUTM) is the most popular option as it guarantees the protection of your trademark in one single registration. Its distinctive attribute is that the registered trademark in this platform is subject to protection within all European Countries and it is a sufficient benefit if you would like to conduct business within the European Union. Once registered, a EUTM can be renewed indefinitely every ten years.
Registration of Trademark Internationally
You have the possibility with a single application, to have your trademark protected in numerous countries, simply by designating in which countries, under the Madrid Agreement or Protocol, you would like to receive protection.
To be able to file an international trademark registration, under the Madrid Protocol, you must be a national/domiciled, in one of the member countries of the Protocol or have an industrial or commercial substance in one of the member countries.

The content of this article is intended to provide a general guide to the subject matter and does not constitute legal advice.
For any additional information, please contact us at [email protected] or at +357 22 42 11 90.

Cyprus Tax Residency for Physical Persons

How can you be qualified as a Cyprus Tax Resident?
On 14 July 2017, the Cyprus parliament voted for a Cyprus tax law amendment adding a second test –the “60 day rule” – for the purposes of determining Cyprus tax residency for individuals.
Therefore you can now be considered as being a Cyprus tax resident provided that you either satisfy the “60 day rule” or the “183 day rule”.
Under the “183 day rule”, you need to spend at least 183 days a year in Cyprus, whereas under the “60 day rule” you should meet the below criteria.

How to become Cyprus Tax Resident under the 60-day rule?
You should meet the following criteria, for each fiscal year:
• Remain in Cyprus for at least 60 days during the tax year in question; and
• Not reside in any other single state for a period exceeding 183 days, and
• Not be tax resident in any other state; and
• Carry out business activities in Cyprus and/or work in Cyprus and/or be a director in a company that is tax resident in Cyprus at any time of the tax year in question; and
• Maintain a permanent residence in Cyprus (either owned or rented).

How to calculate the days of residency in Cyprus?
• The day of departure from Cyprus is considered as a day outside of Cyprus;
• The day of arrival in Cyprus is considered as a day in Cyprus;
• Arrival in Cyprus and departure from Cyprus within the same day is considered as one day in Cyprus;
• Departure from Cyprus and return to Cyprus within the same day is considered as one day outside of Cyprus.

What are the applicable tax benefits?
• A Cyprus tax resident individual but non-domiciled in Cyprus is exempt in Cyprus from taxation on his/her worldwide dividend and ‘passive’ interest income.
• Profit from the sale of securities is exempt from tax in Cyprus.
• An individual who will be employed in Cyprus and his/her income will exceed €100.000, and, provided that he/she has not been a tax resident of Cyprus prior to the commencement of his/her employment in Cyprus, he/she will enjoy a 50% discount on his/her income tax in Cyprus, for a period of 10 years.
• Income from employment carried out outside Cyprus is exempted from Cyprus income tax, provided that the employment exercised outside Cyprus exceeds 90 days per tax year.

The content of this article is intended to provide a general guide to the subject matter and does not constitute legal advice.

For any additional information, please contact us at [email protected] or at +357 22 42 11 90.