Cyprus ‘60-Day Rule’– Conditions
Why Cyprus? – Tax Benefits
5 Steps to Tax Residency in Cyprus
The applicant must be employed in Cyprus – either on his/her own account or by a non-related company. If the former, then the first step is to incorporate a Cyprus company. Both the applicant and the Cyprus company must open a bank account in Cyprus.
The Cyprus company must sign an Employment Agreement with the applicant. This will be used to register with the Social Insurance Authority – both the company as an employer and the applicant as an employee. Before proceeding further, the employee must receive payment of salary at least for two months.
In order to obtain a non-domiciled status, an application for a registration certificate – Form MEU1, also known as the ‘Yellow Slip’ – must be filed at the Ministry of Interior by an EU citizen. The applicant will also be required to attend an interview.
Having obtained the ‘Yellow Slip’, an application can be filed at the Tax Department to register the applicant into the Cyprus tax system and obtain the unique individual registration number.
The applicant can then submit all this documentation to the Tax Department and apply for the Individual Tax Residency.
Typically two to three months from the date of the incorporation of the Cyprus company.