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What is the procedure of setting up a business as an RBI application of Cyprus?

Can I set up my business after I become a permanent resident of Cyprus through its investment immigration program? If so, what are the procedures? Are RBI applications subject to any specific restrictions?


Answers
  • Vasiliou Law
    March 26, 2020

    You can establish your business in Cyprus, the restriction is that you cannot be an employee of the company, however, you can be the 100% shareholder.

  • CA Advocates (Pourgoura & Aspri LLC)
    March 06, 2020

    International business companies are entitled to hire third-country nationals. A company may apply to the Migration Department to obtain permission for hiring third-country nationals if it has a strict ownership structure and transparent capital sources; it has a fully operative administrative office in Cyprus; it has stable financial growth confirmed, by annual accounting records; it has deposited at least 170,860 euros in a Cyprus bank account, which originates from overseas; at least 41,010 euros is maintained in a fixed deposit in a Cyprus bank.

  • Costas Indianos & CO – Advocates & Legal Consultants
    March 06, 2020

    Applicant cannot engage in a direct business in Cyprus and is limited to investing in company shares and receiving dividends, and he/she must secure annual income of at least 30,000 euros deriving from abroad from sources other than employment in Cyprus, including certificates of dividends, certificates of fixed deposits, pension statements, rents or salary advice. Furthermore, the applicant must secure a deposit a minimum capital of 30,000 euros from sources other than employment in Cyprus that must be transferred from an international bank to a local Cypriot bank and it should be pledged for at least a period of three years.