1. CYPRUS AND UAE RESIDENCY SCHEMES
Presented by Phani Schiza Antoniou
of Globalserve Consultants ltd
at ‘Changing Fiscal and Banking International Environment’ Seminar
Moscow October 2017

2. Cyprus permanent residency schemes
Accelerated category : Through acquisition of residence from developer as first time sale valued €
Category F: Rent or buy a house as a resale
In both the above categories of permanent residence permits applicants cannot work in Cyprus and have to prove that they have enough funds abroad and income to support themselves in Cyprus without the need to work on the island
BCS VISA: For employees of companies of foreign interests in which the majority of the shares are held by third country nationals
Start up visa scheme for technological entrepreneurs

3. Category F permit
Can enter the country freely and can live on the island
Addressed to individuals who are not going to work in the Republic and have enough income from abroad and funds to cover their accommodation costs in Cyprus with minimum
€ 9658 per annum which can be proved that it is transferred from abroad ( He can be director of cyprus company without salary)
No need to renew it
Within 2 years the individual must be at least for 48 hours on the island
Rent or buy flat or house even a resale
Present bank statement to cover licensing expectations
Present proof of income from abroad ( eg employment contract, pension,dividends etc)
Copy of passport, CV, non criminal record, health insurance , marriage and birth certificate of children
Takes 12 months to obtain it

4. Accelerated category
Improvement of Category F but with additional criteria
Cannot work in Cyprus
Can be obtained in 3 months
Purchase of house or flat of valuation at least € ( first time sale not resale)
Blocked deposit of funds transferred from abroad from Cyprus financial institution confirming the blocking of € for 3 years
Secured annual income of at least € per annum
Passport, CV, health insurance , non criminal record, marriage and birth certificate of children

5. BCS VISA
For Employees of companies of foreign interests ( majority shareholding)
Employees work in Cyprus and have to register with social insurance for income earned in Cyprus and must pay taxes in Cyprus
Temporary and renewed every 2 years
Affidavit by the owner of the company at the court in Cyprus
Minimum salary at least € 2000 per month
Company must maintain offices in Cyprus
Company must present the following documentation

6. BCS VISA
Original certificate of the company which will proof that the foreign participation in the company is more than 50% of the total share capital. In case that the participation in the company is less or equal to 50% , the participation in the share capital must be equal or more than €
Description of the nature of the activities of the company
Deposit funds from abroad to a bank account of at least € This amount should be introduced directly or indirectly from the Ultimate Beneficial Owner of the company. Please note that this amount is not blocked and can be used by the company to cover its expenses and finance its set up in Cyprus.
Recent bank statement of the company with balances at least € out of the amount of € which must be invested.
Copy of valid passport of the beneficial owners
Company’s Memorandum

7. BCS VISA
Rental or Sale Purchase agreement or purchase of offices for the co in Cyprus.
Statement regarding the employees of the company including third country personnel
Financial Statements for companies which already have activities in Cyprus
Tax Clearance (for companies which already have activities in Cyprus)
Receipt of payment Levy for the company
The Individual employee should present to the authorities: Passport, CV and diplomas, non criminal record
Guarantee letter from a financial institution valid for 10 years (The amount depends on country of origin of the applicant e.g. For Russian it is €550
Blood analyzes and chest radiography for tuberculosis
Rental or purchase Agreement of a house or apartment for the employee
Employer’s Liability Insurance
Original Employment agreement
Certificate of Medical Insurance.
Copy of the page of the passport in which is appears the last time the applicant has came in Cyprus

8. Start up visa scheme for technological entrepreneurs
Cyprus aims to attract top talents from all over the world with fast track visas program for technological entrepreneurs
Provides place with lower operational costs and attractive life style
Successful candidates initially get the right to live and work in Cyprus for at least a year and after two years can be extended for infinitive time if successful with potential to become job creating business
Open to sole founder of a start up or team of 5
Founder must have access to € in capital
Company and head offices to be registered in Cyprus

9. Why UAE?
Strategic Location :closest proximity to top European and Asian markets: Access to 2.2 Billion Consumers
World-class free zones: State of the art infrastructure
100% foreign ownership of business
100 per cent repatriation of capital and profits
Zero corporate profit taxes and personal income taxes.
No minimum capital requirement to establish a limited liability company.
Advantageous Tax Treaties with 71 Countries
Stable Political Environment
Strong Banking Sector
World Bank ranked UAE 23rd for Doing Business in 2013
Confidentiality
Offshore location with zero taxation with the exemption of foreign banks and oil exporting cos

10. UAE Residency
The fastest and easiest way to become a UAE resident is with the purchase a Free Zone company. Such company can be registered in one of the Free Trade Zones in UAE and grants the right to apply for residence VISA in the UAE for the owner (investor VISA) but also for the employees (employment VISA) of such a company.
The number of visas that can be issued to a company depends on the scale of operation, office size, type and size of company, type of license and the business activity.
There are different types of visas namely:
Residency/Investor’s VISA which can be issued to the owner of the company)
Employment VISA (this can be issued to the managers or employees of the company)

11. UAE Residency advantages
The residency visa in UAE has many advantages:
It can be obtained in a relatively short period of time. The whole procedure from the date of incorporation of the company to obtaining the VISA can take approximately 6 weeks.
Its validity lasts for 2-3 years and it is renewable for unlimited times
The residency VISA in UAE does not entail any additional tax consequences in the Emirates as there are no taxes in UAE for individuals having the status of tax residents in the country
The UAE provides exemption from both income taxation of private persons and corporate taxation of companies. There are no taxes on income, taxes on income from capital, taxes on the selling of the properties, inheritance taxes and etc
Safe and comfortable living for residents and members of their families
Great perspectives for business development and etc.

12. Free zone company
To apply for a UAE VISA, you must first incorporate a free zone onshore company established by any of the Free Trade Zones ( FTZs) in the UAE
The Free-trade zones in the United Arab Emirates are areas that have a special tax, customs and imports regime and are governed by their own framework of regulations (with the exception of UAE criminal law). The UAE has over 40 free zones and they offer
Each Free Zone is designed around one or more business industry categories and only offers licenses to companies within those categories. An independent Free Zone Authority (FZA) governs each free zone, and is the agency responsible for issuing FTZ operating licenses and assisting companies with establishing their business in the FTZ.
Some free zones offer both International business companies (offshore) and Free Zone companies.

13. Free-Zone company Registration advantages
100% foreign ownership
Can do business with companies in the free-zone or outside the country
Can do business locally only through a local distributor being a company registered in the mainland
Different licenses are issued in accordance with line of business such as trading , consultancy/services , manufacturing
Residence permit issued
Employee + Investor VISAs are eligible to apply
No taxation; Corporate tax exemptions for up to 50 years
No foreign exchange restrictions
Application of double tax treaty benefits
100% repatriation of capital and profits
No personal income taxes

14. Procedure
The procedure for the establishment of a Free Zone company is simple and fast. We cooperate mostly with Ras Al Khaimah and Ajman free zones due to their fast and flexible procedures. Step 1 The client must visit Dubai for the establishment of the Free Zone company and sign the relevant forms at the free zone’s authority. The Free Zone company can be established very fast, within 2-3 working days. The client can then visit the banks for an application for bank account during this first step. Step 2 Following the incorporation, the client must exit the country and our local employee will continue the process for the issuance of the visa. The establishment card, necessary for the VISA application will take approximately 10 days to be issued. Once we get this card, the application for the VISA will be submitted and it is expected to be received within 5-6 working days. Step 3 Once the VISA is issued, we will notify the client to enter UAE again and we will deposit his VISA at the airport. During this second visit, the client must undertake the necessary medical exams and fingertips report to the police. For this 3rd step the client will need to stay in UAE for approximately 3-4 days.

15. Costs
The costs involved with the incorporation procedure and issuance of the VISA will be as follows (Ajman Free Zone): Incorporation fees with Commercial trading license (one activity) €5000 Flexi desk fees (compulsory requirement to rent an office) € (price per year) Note: The flexi desk allows for the issuance of up to 2 VISAs. For more VISAs under the same company, the client must rent a bigger office than a flexi desk and the amount of rent will be higher. Bank account opening fee €950 Capital: AED 185,000/- or $ 50,000/- or EU 38,543/ (This must be paid in a bank account to be opened after the establishment of the company. Thus free zone authority will have to see this amount in the bank account at a later stage). Cost for the issuance of each VISA €1500 Note: There is also a refundable deposit to be paid for the VISA which amounts to (2000 AED) Annual fees as from second year for the management of the company: License renewal for the Commercial trading license (one activity) €3000 Flexi desk fees (or office accordingly) € Visa renewal fees every 2 years

16. for your attention! Questions ????
Thank you
for your attention! Questions ????
Phani Schiza Antoniou