Frequently Asked QuestionsUpdated on Thursday 28th April 2016
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Cyprus has emerged as very attractive destination for foreign citizens wanting to relocate or do business here. Often, many of them have questions related to moving or opening a company here. Our lawyers in Cyprus have answered some of the most frequently asked questions by foreign citizens.
1. What are the steps of business litigation cases in Cyprus?
Business litigation proceedings in Cyprus are resolved by the District Courts or by the Arbitration Court. Each case is tried separately which is why the procedures are also specific for each one of them.
2. What are the most important legal aspects I should know about company formation in Cyprus?
Opening a company in Cyprus does not take very long because foreign investors have the same rights are local citizens. Once you have decided the type of company you want to register, you must select a business name, prepare the documents of incorporation and submit them with the Cypriot Trade Register. Our law firm in Cyprus can guide you through the registration process.
3. What are the basic legal requirements for foreign investors wanting to invest in Cyprus?
There are no share capital requirements for most types of companies. You must deposit a minimum share capital of approximately 26,000 euros if you want to open a public company.
4. Will I need special permits or licenses for my new company in Cyprus?
Depending on the business activity you want to conduct, there are industries that require special licenses or permits. Our Cypriot lawyers can offer you more information on the matter.
5. What is the procedure of debt collection in Cyprus?
Debt collection agencies are usually entrusted with carrying out debt recovery proceedings in Cyprus. There are also cases that are tried by the Cypriot District Courts.
6. Do you need a visa to enter Cyprus? How can I obtain it?
Foreign citizens of non-EU countries are required to apply for a Cypriot visa depending on the purpose of their visit. Our law firm can guide you through the application procedure.
7. What are the steps I must follow in order to obtain citizenship in Cyprus?
You can acquire Cypriot citizenship by birth right, by naturalization, by marrying a national or by investment. Citizenship by marriage can be obtained after three years of marriage, while by naturalization can be acquired after living 7 years in the country.
8. What are the requirements regarding employment in Cyprus?
Foreign citizens of non-EU countries may apply for a residence or employment permit after their arrival in Cyprus. They must first register for social security and then seek employment.
9. Are there any special requirements for marriage and/or divorce in Cyprus?
Marriage registration in Cyprus consists in submitting both a common and a separate petition by both spouses. In certain cases a declaration of consent before a Cypriot District Court may be required. The marriage will be registered between 15 days and 3 months after the declarations have been submitted. Divorce cases are tried by Family Courts.
10. How are individuals and companies taxed in Cyprus?
The income tax in Cyprus is levied at rates varying between 20% and 35%, while companies are taxed at a flat rate of 12.5%.
If you have any other questions you can contact our Cypriot law firm. Our lawyers will also assist you in any legal proceedings you need help.