Cyprus is in a relocation momentum the last four years, mostly because of the significant geopolitical unrests in eastern EU and the Middle East. While moving and working in Cyprus has been an attractive option for a while now, for legal, tax and other reasons, lately it's becoming the residence of choice out of sheer necessity.
Relocation advice: The various types of advisors
We're often asked whether we're immigration experts, in order to determine whether we're eligible to advise on the topic of 'relocation'. We don't purport to be immigration experts. Because our advice is commercially oriented and targeted. We are experts at getting difficult things done. And relocation happens to be an area we've advised extensively due to our support to international investors and their families. In our experience, with war looming, and many limitations threatening the safety of one's own person and their family, it's experts at getting difficult things done that are needed, more than anything else.
We could outline the requirements of successfully applying for permanent residency-visa by investment. Or the salary thresholds for a temporary residency permit as an employee of an international interests' business. Or what's required to extend your stay in Cyprus as a third-country visitor. But we prefer to leave these to self-proclaimed experts who can masterfully copy/paste the requirements from the Ministry of Interior's website ( https://www.mip.gov.cy/dmmip/md.nsf/companiesoffi_en/companiesoffi_en?OpenDocument ) and repeat them on request.
An alternative approach:
What we prefer is to listen. More often than not, a type of permit may not be appropriate to the circumstances of an applicant. One solution does not fit all cases. For example:
- Permanent residency:
When a wealthy investor is trapped in a city under siege, the last thing they want to do, is engage in a lengthy relocation process. Because time is working against them. In this case, an investment in real estate, for a EUR 300,000.00 may be a route to safety for them and their families and a sound investment for years to come.
- Temporary residency:
Equally, when a manager employed by a tech-company with offices in a country of war, but with headquarters in Cyprus finds it impossible to lead her team from abroad, moving to Cyprus by investing a high-ticket price, may not be possible. Because the money's not there. And the requirement to keep her employment is vital. In this case, the employment by a company of foreign interests in Cyprus may be the better option, which achieves safety of employment and safety of person.
- Headquartering in Cyprus:
Additionally, when a high-tech start up based in a country of political or economic instability decides to relocate, the last thing they want to do is lose their investment and human infrastructure by staying put. In this case, setting up a company of foreign interests in Cyprus and relocating personnel may be a solution that saves both, the investment and the product developed by the start-up.
When the going gets tough:
Examples of difficult relocation cases we've successfully handled so far:
- Restrictions on travel due to nationality;
- Elaborate KYC questions by the Cypriot bank receiving the investment made;
- Elaborate questions by the Embassy verifying the application to travel/relocate;
- Strict terms by landlords as regards a pre-paid and non-refundable tenancy period;
- Family re-unification obstacles due to shared custody of minors moving to Cyprus;
- Elaborate questions on the R&D intensity of a 'high-tech' foreign interests company applicant;
- Flight restrictions due to war conditions while applicants were due to Cyprus for the submission of their biometric details.
In a recent wealth and relocation expo we've participated, members of the audience raised the significance of the mental toll of the procedure of relocation on the applicants. It was discussed, and we agree that it is a process which extends beyond the letter of any applicable law, into the realm of human behaviour and resilience.
What helps:
Simplifying the process. Our clients are informed of the steps we're about to take on their behalf and in line with their instructions. Especially the ones that affect their investment, their employees' livelihoods and day-to-day operations. But still, we keep the process simplified taking away from them the stress of bureaucracy at government and banking level, allowing the applicants to take informed decisions; certainly not by removing key elements of the decision-making process. Choosing the location of your real estate investment, or the company in which you choose to be employed are certainly choices that could benefit consultation with locals. Personal preferences are also very relevant at negotiating the terms of a property purchase agreement or an employment contract, and with professionals with experience navigating complex situations, the process becomes smoother and easier to manage. This way, the applicant and their families can focus on nurturing those areas that are human-centric and individual for each person.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.