Business Relocation to Cyprus for Israeli Citizens: A Comprehensive Guide
In light of the escalating conflict in Israel, many businesses are considering relocating to ensure the safety of their employees and to ensure continuity in their operations.
Cyprus emerges as a strategic and practical choice for Israeli businesses considering the proximity, economic ties, and favourable business environment.
Procedure for Business Relocation to Cyprus
Moving your business to Cyprus is a relatively straightforward process that can be broken down into four primary stages:
Company Registration: This is the foundational step where your business entity will be officially registered in Cyprus.
Bank Account Opening: Essential for your financial operations, you'll be guided on how to set up a bank account efficiently.
Residence Permit Registration: This is critical for the owners, management, and employees to legally stay and operate in Cyprus.
Team Relocation and Adaptation: Once the foundational steps are completed, the relocation of your team and their subsequent adaptation becomes the focus.
At Kleanthous & Platis, we provide an all-inclusive relocation package, ensuring your transition is as seamless as possible. From handling all the paperwork to choosing the right location for your business operations and residence, we've got you covered.
Tax Benefits of Doing Business in Cyprus
Here's why Cyprus stands out as a business-friendly destination, especially for Israeli businesses:
IT companies with intellectual property can enjoy an effective rate of just 2.5%.
A corporate tax rate of 12.5%.
Dividend tax stands at 0%, making it lucrative for shareholders.
Personal income tax ranges from 0% to 35%, based on specific criteria before considering deductions.
The sale of shares and capital gains are both tax-free, standing at 0%.
Life in Cyprus: More than Just Business
Business Security: The Cypriot government ensures a non-interventionist approach with minimal state regulation, making it conducive for businesses to operate without undue interference.
Thriving IT Community: If you're an IT company, you'll be pleased with the active IT communities like Cyprus IT, TechIsland, IT Hub, and Founders CY. These communities foster innovation, collaboration, and offer tremendous networking opportunities.
Safety and Security: Ranked 30th among 129 states globally for safety, Cyprus boasts a low crime rate, ensuring both personal and business security.
Comfortable Living: With a generous 340 sunny days annually and proximity to the Mediterranean's breathtaking beaches, Cyprus offers an unmatched work-life balance.
EU Passport Opportunity: Living in Cyprus also offers the possibility of obtaining Cypriot citizenship after seven years, granting the perks of an EU passport.
Conclusion
For Israeli businesses and citizens seeking a fresh start amid the current turmoil, Cyprus offers a promising, secure, and business-friendly environment.
With a range of services to assist in your relocation, we are here to guide every step of the way.
The content of this article is valid as of the date of its first publication. It is intended to provide a general guide to the subject matter and does not constitute legal advice. We recommend that you seek professional advice on your specific matter before acting on any information provided. For further information or advice, please contact Klitos Platis by email at klitos@kleanthousplatis.com.