German Expats
Relocating to Cyprus for Better Tax?
A Quick Guide for European Entrepreneurs
Cyprus has become one of the most attractive destinations for entrepreneurs and business owners from countries such as Germany, Norway, Poland and other EU states or countries with high taxation system and low safety. With its favourable tax system, business-friendly regulations, high quality of life and safety, many professionals are choosing Cyprus as their new base.
If you are planning to relocate to Cyprus and benefit by low tax rate, enjoy the Mediterranean climate with 340 sunny days per year and live in a country with high degree of safety and low cost of life, there are a few practical steps you must complete in order to establish your tax residency.
- Secure a Rental Property – Proof of Residency in Cyprus territory
To register your residency and set up your business structure, you will need a valid long-term rental agreement in Cyprus. Valid rental agreement must meet some criteria to be acceptable by tax and immigration authorities.
This rental contract serves as proof that you are genuinely living in the country and is usually required when dealing with accountants, lawyers and government authorities.
- Transfer Utility Bills to Your Name.
Another important requirement is having local utility bills registered under your name. The most commonly used documents are:
- Electricity bill from Electricity Authority of Cyprus
- Water bill from your local municipality
These documents act as additional proof of residence when applying for tax registration and other official procedures.
Very important is to confirm with the Landlord that is acceptable to register utility bills in tenant’s name.
- Register to Tax Authorities – Secure Cyprus Tax ID
Once you have:
- A rental agreement (Properly signed including required signatures witnesses)
- Utility bills in your name (Every Utility Bill can be registered in one name only)
- A local address (Proof of Address in Cyprus Territory)
Your accountant or legal advisor can proceed with:
- Company Registration
- Tax number application – Tax ID
- Apply to Immigration Offices
Cyprus offers attractive tax advantages for entrepreneurs, including one of the lowest corporate tax rates in the European Union.
How We Can Help:
As a local real estate agency with more than 25 years of experience and assisting thousands of expats, we help entrepreneurs and expats find suitable rental properties that meet residency and tax requirements.
Our service includes:
Finding the right property for your relocation. We retain multiple options of properties for rent that can serve individuals, families, companies, etc.
Preparing a compliant rental agreement and make sure that fulfil all requirements.
Assisting with transferring utility bills to tenant’s name
There are no additional fees for this assistance when renting a property through us.
Also, we retain full transparency between tenant and landlord and be sure that both sides are happy and well informed.
Finally, our company is happy to offer “After Sale Service” in case there is an issue with the rented property and the landlord is unable to solve it.
If you are planning to relocate yourself, your family, and/or your business to Cyprus, feel free to contact us. We will make the property and relocation process simple and stress-free.