Category Archives: News

New Partnership with Security Token Alliance

Our Law Firm just signed an MOU, partnership agreement with Security Token Alliance. Our mutual aim and goal are to support the future of the Digital Securities Industry within the Blockchain Industry.

STA aims to lead this legal-first movement in the digitized securities space and create a global voice that can affect security token legislation in the long-term.

More information can be found at:
https://medium.com/security-token-alliance/law-firm-simon-zenios-co-partners-with-security-token-alliance-f19c32474f10

Security Token Alliance

Our International Corporate Law Firm in Paris, France at Blockchain Summit 2019

Simon Zenios & Co LLC had the pleasure to be invited at the Paris Blockchain Conference 2019.

A conference placed in the heart of France, Paris, it was the first International event in France dedicated to cryptocurrencies and Blockchain technology.

The event hosted international key players of the Blockchain ecosystem including:

  • well-known influencers
  • investors
  • government representatives
  • blockchain developers
  • law firms and service providers among them Simon Zenios & Co LLC as one of the main sponsors of the event.

Paris Blockchain Summit was a unique opportunity for Simon Zenios & Co LLC to connect with international stakeholders who want to promote the industry, generate concrete leads, attend presentations with the actual application of the technology and experience hands-on learning from dedicated Workshops and Keynotes.

Many Blockchain experts had the opportunity to present a speech sharing their knowledge on the blockchain, among them Simon Zenios who had the opportunity to participate as a Keynote speaker with a 30-minute speech and afterwards opened a discussion with the participants that answered all their questions.

It was an interesting interaction with the guests of the event, beginners and more professionals to discuss and share knowledge with each other.

As a conclusion, Paris Blockchain Summit 2019 was an educational event and Simon Zenios & Co LLC had the pleasure to meet new people and establish new relations and gain another amazing experience.

Email us now if you need any Legal & Corporate Services in relation to your ICO/STO and Blockchain Company.

Start a Company to Get Your Work Visa in Cyprus

When it comes to countries one might want to migrate to, Cyprus, tops all the lists. The small island country offers everything one can dream of, for a happy and safe life. The Cyprus taxes are low, business is promoted and the weather is amazing.

As with any successful country, the migration of foreigners into the territory of Cyprus is highly regulated. These regulations are meant to protect the rights and opportunities of the local population. However, there are enough routes available to live and work on the island for individuals with a significant potential to contribute to Cypriot society or economy.

The Cyprus government even offers the citizenship by investment program following which after making an investment for a set minimum amount, a person is almost guaranteed to be granted the Cypriot citizenship, thereby becoming an EU citizen too. This requires a steep investment in the country’s economy through – 2 Million EUR, and another 500,000 EUR for residential property. Thus, mostly inaccessible for small business owners or skilled employees.

This is by no means the end of the road as there are several other options for company owners and employees to get a work visa or residence permit in Cyprus.

Immigration Permit

The most common way to get a work visa for in Cyprus is to apply for an immigration certificate. Like all popular ways, this is a crowded option which makes getting a successful allocation harder. The main body responsible for overseeing the immigration and work regulations in Cyprus is the Civil Registry & Migration Department. Immigration permits are also only granted after the recommendation of the Minister of Interior who only acts after a similar recommendation from the Immigration Control Board. To get the Certificate one must fall under the categories provided under the Aliens and Immigration Regulations of 1972.

    • Category A – For individuals self-employed in agriculture and other such related activities. Who have legally acquired the required land and have a minimum set amount of capital – 430,000 EUR. With no negative effect on the Cyprus economy.
    • Category B – For individuals self-employed in the mining industry with a permit for the same and disposable capital of 350,000 EUR. No negative effect on the economy.
    • Category C – for individuals interested in being self-employed through trade or business in Cyprus having a permit for the same and a minimum capital of 260,000 EUR with no negative effect on the economy.
    • Category D – For individuals who wish to be self-employed in a profession or science with provable academic qualifications for the same. There needs to be demand for the same in Cyprus and they also need to show proof of necessary capital.
    • Category E – For individuals who have been offered permanent employment in Cyprus at the condition that such employment would not create an undesirable competition locally.
    • Category F – For retired individuals with enough resources, who aren’t allowed to work in Cyprus.

Utilize the company to get a work visa in Cyprus

A person aspiring to open a mining or agricultural company; or having been taken a permanent position in a Cyprus company, can apply for a work permit under the aforementioned categories. There are also available, much faster options for entrepreneurs who have foreign companies in Cyprus.

Setting up your own company in Cyprus paves a seamless way of acquiring work permits in Cyprus. This option is accessible for Executive officers like directors, middle management positions in the company, and other key personnel which wouldn’t be readily available in Cyprus.

  • To be able to access this option a company’s majority shareholding should lie with a person or other company located outside Cyprus, i.e., a foreign national. In case the shareholding lies with a company this is to be declared so that fulfillment of conditions can be verified by the responsible authority.

The option is still available to companies where the share of foreign entities is less than 50% if the foreign share capital in the company is valued at 171,000 EUR or more. It is also mandatory to have a proper physical presence for the company in Cyprus in the form of independent offices in relevant districts.

Classification and limitations of employees which can be brought via the work visa

Executive Directors

  • Includes Consulting Directors, Partners, General Managers etc
  • An employee with a salary of 41,000 EUR or more.
  • Only 5 visas are allowed under the provision for Directors.
  • They are exempt from restrictions on the period of stay in the country.

Middle Management

  • This includes any Directors who do not qualify as Executive Directors.
  • Also included are other managerial, clerical and staff positions.
  • The eligible salaries are between roughly 20,500 EUR – 41,000 EUR.
  • 10 visas are allowed under this category.
  • The Civil Registry & Migration Dept. may decide to increase this after considering the nature of the company’s operations and its needs.

Staff Positions

  • This category covers any technical, clerical or supervisory positions not covered in the first two categories.
  • It is expected of companies to hire under this category only when there are no good options available to hire personnel from within Cyprus.
  • The applications are only allowed when it is clear that no personnel were available in Cyprus meeting the technical, or skill demands of the company.

Visa by Start-up in Cyprus

The latest scheme favoring entrepreneurs in Cyprus has been the Start-up Visa program. Under this program, a founder or team working on a start-up are eligible to get a work visa in Cyprus if they meet all the conditions and bring their start-up, which must have high growth potential, to Cyprus.

In case of a founder –

  • They must have access to at least 50,000 EUR in funds from any legal means of their choice.
  • They must also have required educational qualification and functional knowledge of English or Greek language.

In case of a team –

  • There must not be more than 5 members applying for the visa.
  • There must be at least one founder and they should have access to a minimum of 25,000 EUR in funds. In the case of two or more founders, the minimum funds would be 50,000 EUR.
  • At least one member of the team must hold the required educational qualification and all members must be fluent in English or Greek.

Documents Required

  • Passport
  • Application Form
  • Certificate of Incorporation of Company
  • An explanation as to the role of the employee
  • Residence Proof
  • Proof of Investment (where applicable)
  • Proof of the sale of property
  • Cyprus Bank Account
  • Proof of Financial Status like Tax Returns
  • Confirmation Letter from Bank proving deposits (where applicable)
  • Clean Criminal Record
  • Relevant Fee

We Help with All Aspects of Immigration to Cyprus

It can often be confusing to find out which option is the best guarantee of getting you the work permit or visa that you have been waiting for. Everyday innumerable applications are rejected in the emigration offices in Cyprus, many because of lack of technical knowledge and technical errors. This is where the professional services of an expert can make all the difference.

Our law firm in Cyprus has the necessary experience and knowledge to see your application through, from the first step of acquiring the forms to the last one of collecting your visa. Right after you give us green light to work on your case, you can kick back and relax. We will take care of the rest.

After years of experience in dealing with the immigration applications, we know exactly what would be the best category for your application. We boast an approval rating of 95% for the clients we choose to represent.

Areas of Specialised Assistance

    • Assistance deciding the best category to apply under.
    • Acquiring and filling forms.
    • Advise on financial information to be provided.
    • Guidance on the most beneficial investment options as per the need of the client.
    • Sort documentation and ensure meeting of all criteria according to the regulations.
    • Assistance with acquiring the right kind of property, where needed.
    • Fill forms and manage applications for all members of the family.
    • Assistance with submitting documents and drafting applications.
    • Regular follow-up on the status of the application.

For any other queries relating to work visas, immigration or any other legal matter under the sun – we are always available to help. Contact Us Here.

Participation at the Decentralized 2018 in Athens

Simon Zenios & Co are happy to have attended Decentralized 2018 in Athens. The summit included 70+ speakers from 50 countries, exchanging business ideas and knowledge to an attendance of 1,000 people.

This year’s summit focused on the impact of blockchain technology in various sectors. Also, the impact of regulation and legislation on the industry.

It was great to be selected to participate in a panel discussion for GDPR & Blockchain, alongside Law Professor Achilles Emilianides, Anna Plevri, Ian Gauci, Andreas Ioannou, and Marcus. Thanks to Nick Assimenos, Soulla Louca, and UNIC – MSc in Digital Currency for organising Decentralized regulations lawyers.

decentralized 2018

How to Own Your Dream Property in Cyprus

Real estate is one of the oldest dreams of mankind. To have a piece of land to call your own gives an unmatchable sense of security and accomplishment.

Real estate is also one of the safest investment bets and housing prices seldom go downwards in the long term regardless of any economic instabilities and crises. Islands with significant touristic fervor are some of the most sought-after investment destinations.

Cyprus a Cut Above the Rest

Cyprus offers a truly unique combination of opportunities to anyone wanting to invest in immovable property. It is conveniently located at the tri-junction of the proximity between Europe, Asia, and Africa. Cyprus has some of the lowest tax rates in the world along with also being a reputed EU member and in the OECD Whitelist. It has a deeply skilled human resource and some of the lowest crime rates all over the world. The cuisine is unforgettable and the sun shines to heart’s content.

Other than the obvious lifestyle advantages the Cyprus government has worked for decades to make business and investing straightforward and simple in Cyprus. The administrative procedures and formalities in obtaining immovable properties or incorporating companies are fairly time-efficient and business friendly.

Real Estate Laws in Cyprus

In order to protect the rights of the citizens of the Republic, the rights of non-Cypriots to own immovable property in Cyprus were strictly limited. However, after Cyprus became an EU member the citizens of all EU countries are treated equally to the Cypriots regarding all matters concerning immovable property, its sale or lease etc.

For non-EU citizens, the process of owning immovable property in Cyprus is a bit lengthier. If a non-EU citizen wants to purchase an immovable property; or lease an immovable property for more than 33 years; or purchase shares in a Cypriot company which owns any immovable property in Cyprus, then they have to get the approval of the Council of Ministers for the same. This is a simple procedure and only a formality most times, but it can also be circumvented by buying the property through a limited company in which case there is no need to apply for the permission from the Council.

Some of the laws dealing with immovable property in Cyprus are–

    • The Immovable Property (Tenure, Registration, and Valuation) Law, Cap. 224 of 1946 is the main piece of legislation governing all aspects of dealings in immovable properties. It also makes the registration of such properties mandatory if the owner has to have rights in the property. Cap. 224 lays down the laws regarding registration, sale, lease holding, tenure etc.
    • The Sale of Immovable Property (Specific Performance) Law of 2011 makes legislation to further protect and facilitate the purchaser of the property making it easier for them to sell their property to another buyer without having to complete cumbersome procedure with the original seller of the property.
    • The Acquisition of Immovable Property (Aliens) Law, Cap. 109 deals with the aforementioned limitation on non-EU citizens for buying real estate in Cyprus. Since 2009 all EU citizens have the same rights as Cypriots in this matter.
    • The Compulsory Acquisition of Property Law of 1962, deals with the acquisition of immovable property by the Cypriot government in public interest. This applies equally to both Cypriots and non-citizens. The acquisitioned property which is not put to use in 3 years must be returned. There is also provision for reasonable compensation which is free from capital gains tax.
    • The Immovable Property (Transfer and Mortgage) Law of 1965.
    • Immovable Property Tax Law, Cap. 322
    • Rent Control Law of 1983

The Process, Taxes & Duties

Stamp Duty

The Stamp Law of 1963 lays down the requirements and fees relating to stamp duty in the country. Stamping of contracts and documents is necessary if they are ever to be used in court proceedings or they are to be submitted to the land registry in order to transfer the ownership the property in land records. The time limit for payment of the stamp duty is 30 days within the execution of the contracts. However, this can also be done within six months, and if that is missed, even after that, but the due amount in fees is significantly higher with each missed deadline.

The stamp duty is nil on contracts involving consideration less than 5000 EUR; 0.15% when consideration is 5000 EUR to 170,000 EUR; and 0.2% when consideration is more than 170,000 EUR. The upper ceiling to the final amount due is 20000 EUR.

Transfer Fee

Under the Immovable Property, (Transfer & Mortgages) Law of 1965 transfer fee is to be paid to the Land Registry Department. The amount due is based on the purchase price of the property. Up to the value of 85,000 EUR, the transfer fee is 3%; for a price in between 85,000-170,000 EUR it is 5%, and for all properties higher than 170,000 it is 8%. There are ways to get this reduced as one can fall under lesser rates of the transfer fee if there are joint owners of the property as then the value of the property is divided into two. Transfer fees are significantly reduced after the first sale of the property and in cases where there is VAT applicable, there is no transfer fee at all.

Capital Gains Tax

On selling an immovable property on the island or on disposing of shares in a company which owns property in Cyprus, the beneficiary must pay 20% Capital Gains Tax on gains accrued by such a sale. Inheritance and gifts are largely exempt from taxation and so is an exchange of immovable properties.

Things to Remember

    • It is always preferable to get your contracts and documents duly stamped and registered as these give better protection to your rights. Like in the case of tenants their rights are better protected on registering the leases which are longer than 15 years.
    • Registration of a property is fairly straightforward and can be done either personally or through a representative lawyer. The required documentation mostly comprises of identity proof and all relevant corporation documents in case the owner is a company, along with all the contracts and documents related to the sale of the property.
    • The information of the purchaser provided in the records after registering the property is private and cannot be accessed publicly. However, the information about the property is publicly available.
    • All sales and leases must be submitted in writing and notarization should be done where needed for certification purposes.
    • The seller must disclose all relevant information about the property a violation of which is criminally punishable and makes the contract voidable for the purchaser.

Citizenship by Investment

The Cyprus government offers a chance to get Cyprus, a member of the EU, citizenship by investing in the country. There are options to invest in real estate in the country, which can also be for residential purposes, to ensure passports for the investor and their family. This has become a hugely popular option for many investors and entrepreneurs from Middle Eastern and Asian countries.

We Can Assist you in Finding the Perfect Fit

Investment in real estate often involves huge sums and can be a crucial, life-changing decision for many people. Thus, one must make sure to do all the due diligence and necessary research to make sure the best possible and errorless outcome. It is often of great import to enquire and validate the authenticity of contracts, documents, the owner of the property, the seller and to fully understand the rights and obligations of executing the given contract. This is where professional expertise can make all the difference. Simon Zenios Co has extensive experience in various aspects of real estate dealings in Cyprus.

The knowledge of our skilled personnel has helped our clients in the past to find the best possible fit for themselves – custom cut to their exact needs. We help you to reduce taxes and duties along with finding ways to meet the requirements of strict regulations. Like splitting ownership in two to reduce the transfer fee rates or to own the property through your company to skip the mandatory permissions for non-EU citizens.

Some areas in which we provide exclusive assistance are –

    • Registering Immovable Property in Cyprus
    • Reselling Property
    • Property Taxation in Cyprus
    • Property Purchase for Non-EU Citizens
    • Correspondence with The Cypriot Council of Ministers, If Applicable
    • Contract Drafting
    • Contract Negotiations
    • Due Diligence & Verification
    • Estate Planning
    • Citizenship by Investment
    • Residence Permits
    • Sale Agreements
    • Property Acquisition in Cyprus For EU and Non-EU Citizens
    • Planning and Administering Estates
    • Wills and Probate

For any queries regarding your real estate ambitions or any other legal matter under the sun contact us here.

The Beginning of the End of Secretly Stashing Wealth in Switzerland – Cyprus the Remaining Safe Haven

The wealthy populations of the future with greedier intentions will always look back to October 2018 and wonder how the rich had it easy before that time. If you were rich enough, you could sneak mountains of wealth right under the nose of your government and your country, and there was nothing anyone could do about it. Such was the impregnable protection of the Swiss banks. However, the Swiss secrecy has finally succumbed to years of constant pressure from the world at large.

On Friday The Federal Tax administration, acting under the Ministry of Finance, for the first time, shared the data and details of over 2 million accounts with other nations. These included the members of The EU (except Cyprus and Romania), and other countries like:

      • Canada
      • Guernsey
      • Iceland
      • Isle of Man
      • Japan
      • Jersey
      • Norway
      • South Korea

The same would also be shared with France and Australia as soon as they share the data from their side. This is just the beginning as by 2019 the number of countries having access to Swizz data can be as high as 80. This is a part of a mutual agreement to exchange the data by these countries. An exception to the government peeping on your wealth is still offered to the citizens in Switzerland for their bank accounts within the country.

The channel of information is initiated at the banks and other financial institutions involved in wealth management which then submit all required details to the FTA. Organizations like the OECD and EU have left no stone unturned to ensure that nothing can be hidden any longer. The names, addresses including the country of domicile, Tax-IDs, the specifics of the account like the balance, date of commencement etc., everything has been pulled out from dark corners to be under open skies.

The Place of Cyprus in All the Mayhem

Under constant global pressure, the number of safe havens for people who seek additional privacy and safety is rapidly crashing. There are only a handful of countries which continue to provide absolute privacy to individuals.

As aforementioned Cyprus is only one of the two EU members who doesn’t have access to the data shared by the Swiss FTA. There is a clear and simple reason for this because Cyprus refuses to bend down and share the data of its own account holders breaching their privacy.

Of all the countries left which offer such privacy and safety to store one’s assets, Cyprus is like no other. Countries like Romania my offer some privacy but they are no match when it comes to the state of the economy, modern infrastructure, and extremely skilled personnel available in Cyprus. It offers a one of a kind combination of opportunities which can’t even be found in jurisdictions like Singapore and Hong Kong.

Despite its firm stand on data privacy, Cyprus is a member of both the EU and the OECD White-list which none of the competing jurisdictions can match. This has been possible because Cyprus is not a tax-haven but a low-tax jurisdiction meeting all requirements of OECD and EU regarding transparency and legitimacy. Furthermore, there can hardly be a jurisdiction with simpler corporates laws than Cyprus. Incorporating a company in Cyprus is an extremely straightforward process and can be accomplished within a couple of weeks and in a matter of few days with payment of an express fee.

Corporate tax is 12.5% and there are 55 double tax treaties offering ample protection from double taxation in dual jurisdictions. There’s no capital gain tax on disposing of an immovable property outside the jurisdiction of the country. There’s no tax of any sort on liquidation of a company owned by a non-resident. There’s also provision for a company to carry the losses forward for immediate five years for set-off. A corporate entity can transfer its domicile without incurring any tax liability at all. Finally, there is no tax on inheritances or gifts. More on Cyprus taxes here.

The geographical location offers proximity to enormous trade zones of Asia, Europe and Middle-East. Crime is virtually non-existence. Most people speak at least functional English and the human development index is extremely high.

There is no reason to not consider Cyprus when thinking about finding new shores for your trade or business. Read all about why Cyprus should be your first choice to incorporate your company. For professional advice from a Cyprus Lawfirm please contact us here.

Appeal Against the Republic of Cyprus for the Ministry of Health

Our Law Firm in Cyprus, Simon Zenios & Co, have just submitted an Appeal against the Republic of Cyprus (Ministry of Health). The case concerns an Applicant who applied at the Ministry of Health to fund his difficult Medical Operation in accordance with his religious beliefs that does not allow his conscience to accept a blood transfusion. The basis of the Application was due to the fact that Cyprus Hospitals do not have the required expertise and the necessary equipment to handle a medical operation following these standards.

The Government denied his application on the basis that it’s unlikely to need a blood transfusion during the Operation. Nevertheless, the decision was unjustifiable, vague and generic. The Government failed to examine all the legal facts of the Case.

The Applicant appealed against the Republic of Cyprus for the Ministry of Health at the Administrative Court within the Supreme Court of Cyprus.

Therefore, we shall await the Courts decision on the subject matter.

Our Law Firm has submitted already 4 Appeals against the Ministry of Health for 4 different applicants. It is worth mentioning, that the first Appeal has been settled with the Government after the submission. We, therefore, await the decision of the Cyprus Court on the Subject Matter.

Nevertheless, there is no legal precedent in Cyprus yet in this area. The first decision of the Court will create a precedent for future cases.

If for any reason we lose the case, we shall continue submitting appeals until we reach the European Court of Human Rights.

Cyprus Investment Program

If you are looking for great weather, modernized living, free travel, low taxes, and the big life, you might want to consider moving bases and becoming a Cyprus citizen.

Some of the lowest taxes in the EU make Cyprus a haven for many entrepreneurs who often come following their companies. The island is understandably a multicultural and diverse society with most people well-versed with at least functional English.

Advantages of donning the Cypriot hat –

  • Lowest taxes. No inheritance or gift tax.
  • Investors who do not reside in Cyprus after the investment do not need to pay any taxes.
  • Over 55 double tax treaties with other countries offering protection from double taxation.
  • Business-friendly regimen.
  • Lowest crime rates.
  • Slow and relaxed island life away from the hullabaloo of big cities.
  • Modernized living.
  • Affordable and excellent healthcare.
  • World-class education system.
  • Benefits of an EU passport in traveling and work abroad in Europe.
  • Visa-free access to over 155 countries globally.
  • Double citizenship is allowed by Cyprus.
  • Many other corporate benefits.

One of the most wholesome options, even for non-EU members, to utilize all that Cyprus has to offer is to become a citizen of the country through the Cyprus Investment Program. This programme was launched with the objective of facilitating Citizenship to all the people who invest significantly in the economy of the country.

The key features of the program

  • Cyprus has no required exams on the country’s history and languages like many other popular destinations for citizenship by investment like Latvia and the UK.
  • The processing time of the application is just under 6 months and is one of the shortest if not the shortest.
  • Along with the main investor, spouse and dependent children up to the age of 28 years, can also apply for the citizenship on the same application. Parents can also be added to the same application on meetings a few other requirements of investment.
  • There are virtually no requirements for the applicant to prove residency or physical presence in the country. The applicants are mandatorily required to be physically present in the country only once to submit biometric information.

Requirements

  • There is no restriction on any person of any nationality as long as they have no criminal convictions.
  • The main applicant needs to be at least 18 years of age.
  • The government processing fee is 7000 EUR along with an additional 7000 EUR for each family member.

Investment options

The minimum required amount of investment to be made by an applicant is 2 million euros. This can be done by investing in any, or all, or any combination, of the available investment options. The applicant must also possess a residential property in Cyprus valued not less than 500,000 EUR which is included in the total minimum investment required only if the applicant chooses to invest solely via a residential property. After 3 years the investment can be reduced to a minimum of 500,000 EUR and from thereon must be maintained for life.

  • Real Estate – Applicants can invest in residential or commercial immovable property depending on their needs. Residential properties are liable for lower VAT. Income from the commercial properties is allowed.
  • Cypriot Company – Applicants can buy, incorporate or participate in any other way, in a Cypriot company by pledging an investment of 2 million euros. The companies must have a physical presence in the country and must employ a minimum of 5 European citizens.
  • Financial Assets – One can invest the required minimum in Alternate investment funds, qualified securities, or other such financial assets.
  • Government bonds – An applicant can buy Cyprus government bonds to the amount of 500,000 EUR and include this to complete the 2 MIL EUR minimum investment requirement.

We can help

Simon Zenios & CO can help you with every step and process of getting your new citizenship including –

  • Advise on financial information to be provided.
  • Guide on the most beneficial investment options as per the need of the client.
  • Sort documentation and ensure meeting of all criteria according to the regulations.
  • Fill forms and manage applications for all members of the family.
  • Assistance with submitting documents and drafting applications.
  • Regular follow-up on the status of the application.

People whose needs are not met with the Citizenship Program, like in cases where they want to keep their original citizenship, also have the option to select the Permanent Resident by Investment program which is comparatively cheaper at 300000 EUR.

Cyprus Investment Program is undoubtedly the fastest and one of the cheapest ways to attain a passport of Cyprus – an EU Country

Accounting & Bookkeeping Services in Cyprus

Cyprus with its long list of business-advantages is often one of the very first on an ambitious entrepreneur’s record when it comes to moving to an offshore location.  Moving to newer territories comes with its own challenges even when the territory is as growth-inducing as Cyprus. One of the main challenges faced by new corporations and individuals is the lack of experienced teams in essential departments like accounting. Such troubles can often be easily warded off by hiring a reputed and reliable service provides according to the exact needs.

Simon & Zenios can take all your accounting and bookkeeping needs off your hands and place them in the reliable hands of expert accountants and bookkeepers.

We ensure that all your records are meticulously filed and are timely submitted. The services are guaranteed to be cost effective and can be custom-cut according to individual needs. We are always available to answer any queries and will do our best to solve all the challenges presented to us.

Below-mentioned is some aspects of your business that we can gladly assist with:

  • The statutory keeping of records and books for both international as well as resident companies.
  • Advisory roles in designing accounting systems according to the exclusive needs of a business or company.
  • Timely management accounts and reports as per the needs of the client.
  • International Financial Reporting Standards qualified financial statements.
  • Budget forecasts and cash-flow reports.
  • Payrolls and social insurance requirements.
  • Tax returns.
  • VAT services including record keeping and return filing.
  • Reconciliation with banks, debtors or creditors.

Simon Zenios also specialises in every step of the company incorporation process, visas, immigration, other tax matters, and citizenship by investment to name a few.

All our services are reliable and cost-efficient. We have multifaceted experience in this field and can ensure you a smooth process from start to end.

Cost of Living in Cyprus

Abundant sun, great global location, business-friendly regime, and some of the lowest taxes in the world – what’s not to like about the idea of moving for the rest of one’s days to Cyprus? The island nation has long been a haven for off-shore companies and with them, it has opened its doors to a diverse population of people looking for a better life. A list of all the uniquely better things that Cyprus has to offer to both, corporations and individuals, runs long. However, all good things come at a cost and cost is one of the first things which come to mind when considering moving bases.

How one feels about the usual costs of living a normal life in Cyprus is subjectively dependent on where they come from. We try in this article to make the picture as clear as possible for people everywhere and from all walks of life.

Your present domicile decides how you feel about your next

For decades retired people have flocked to Cyprus from countries like the UK as they got much more return for their money than they would, living in their previous countries. Cyprus has allowed people from many European countries to maintain the same standard of their lifestyles while spending considerably less. Bigger European countries are noticeably pricier than even the costliest cities in Cyprus making it an attractive destination for most Northern Europeans.

That said, if you are coming to the island from one of the developing economies from Asia of Africa then it can be safely said that the costs would seem a bit steep to you at first. As most migrants from such countries only head to Cyprus when they have reliable employment opportunities they soon become used to the prices due to the higher income potential offered by the economy.

What’s Economical

  • Housing – The rent rates, especially for people looking for longer commitments, are cheaper than most European cities. While the rents are the highest in the major cities like the capital Nicosia the southern part of the island generally offers relatively cheaper rates.
  • Healthcare is one of the cheapest in Cyprus even when it is provided through the private sector. Public healthcare is free of cost for EU citizens. Non-Eu citizens or people who want to skip the ques of the public system often opt for private healthcare insurances among which the local island-based insurances companies offer the cheapest terms. Those who don’t qualify for medical cards available only to EU citizens have to shell out 10-30 EUR depending on whether they visit a general practitioner or a specialist. The cost of emergency services is as low as 10 EUR.
  • Utility – As with many other things water and electricity bills are relatively cheap on the island. The cold season only lasts about 3 months so the heating needs are further reduced. Electricity is charged on two different rates on the discretion of the resident and would amount to an average of about 40-60 EUR/month for a medium sized house. The water billing rates increase with the increase in total consumption and normally amount to 40-50 EUR/month for a family of four with moderate usage. Internet along with digital tv is often offered as bundled packages making it cheaper. The average cost for unlimited-internet being less than 40EUR. One can expect about 200 EUR/ year of other municipality fees for essential municipal services.
  • Groceries & Eating Out – Fruits from the island can be bought for surprisingly low prices. Local beer and other spirits are inexpensive as well. Most, popular restaurants are much more economical than other bigger European cities like London or Berlin. There are plenty of options to eat-out which offer even cheaper prices.
  • Other services – Cleaners are available for rates which would seem unbelievable to many from Europe. The rates begin for as low as 5EUR/hour. Other services like lawn maintenance, car wash etc are also extremely economical.
  • Fuel Prices are equal to the European average of 1.3 EUR/ liter.

What’s Not

  • Imported Grocery items like milk are quite expensive due to the location being on an island and scarcity of resources to produce within the country according to the demand. Average cost is around 1.4 EUR.
  • As milk is costly all milk products are costly too.
  • Clothes are some of the most surprisingly expensive merchandise on the island. The prices are higher than most places in Europe. However, one can always use online shopping as a way to save.

Keeping real expectations

While Cyprus is a developed and modern economy with a promising future like any other country in the world it is not without difficulties. The country is recovering from the banking crisis of 2012 and the unemployment rate even though constantly decreasing is a bit higher than the that of EU. As an aftermath of the banking crisis, many people moving to Cyprus now prefer to store their money abroad.

The few obstacles are far outweighed by the innumerable benefits of making Cyprus your new home. Even with all the difficulties a qualified individual with suitable resource and skills would find Cyprus to be a fertile & thriving land for personal and overall growth.