Relocating to Cyprus (personal or business)

Dear Client,

I hope this email finds you well.

Following a review on your details and description provided in respect to the incorporation of a CY company and relocating to Cyprus, we would like to inform you about the plan and our fees.

1. Incorporation of a CY company - It takes 1 month for the company to be incorporated especially if we receive all the necessary information.
2. Yellow Slip (EU citizens) - It takes 1-2 months in order to gather all the documents and go to the Immigration Department.
3. Non-domicile - 1-3 months upon the submission of the documents to the Tax Department.
4. The yellow slip and non-dom application is prepared and submitted at the same time.

In respect to our fees, please find the below for your reference and approval.

1. Incorporation of new company - 650 euros + VAT + Disbursements (The disbursements are paid once the company is incorporated and usually is between 300-700 euros and are related to extra costs paid by the legal team)
2. Yellow Slip application (for 2 people) - 1,200 euros + VAT (600 euros each)
3. Non-Domicile application (for 2 people) - 1,400 euros + VAT (from 1,600 euros + VAT)
4. Nominee services (Including Director, secretary and registered address) - 2,100 euros + VAT (Director fees (800 euros + VAT), secretary fees (500 euros + VAT) & registered address (800 euros + VAT))
5. Additional charges for services to be provided (mandatory) once the company is incorporated can be found in this link. The services are related to TAX registration, VAT registration (if applicable), UBO Declaration.
6. Accounting and audit services - Fees can vary based on the volume of transactions that the company will have. Since we do not have a clear picture on the accounting yet, kindly see this link for our range of fees based on the invoices that company will have. We assume that for 250-500 transactions the accounting and audit fees can be in the ''Normal'' column but we can reduce them accordingly.

In general your plan seems fine with us as it is structured and planned well. In respect to the Immigration, we can discuss it further once we proceed with the services if they are approved from your end.

If you have any questions, please do not hesitate to contact us.

Kind regards,

Hello CYAUSE,

Thank you very much for your offer. It looks good and is exactly along the lines of what we had in mind.

What would be the next steps in setting up the company so that we can ensure it is incorporated as quickly as possible? For banking, we would use Revolut, as we are already familiar with it on the personal side.

As mentioned in the previous inquiry, we would like to have the company set up as soon as possible, but we would only apply for immigration and non‑dom status starting from 2027 (or in late 2026). Is this arrangement acceptable for you? Therefore, we would need nominee services (including director, secretary and registered address) at least for 2026, and most likely all three also for 2027.

Regarding our business: The apartments we have are owned by private individuals in Finland – not by us. We have just rented the apartments (at the moment as individuals – in the future via our company) and have agreed with the owners about the sub‑leasing through Airbnb. Our understanding is that the Cypriot company would need to register for VAT in Finland and account for Finnish VAT on the Finnish Airbnb income. This is fully acceptable for us, and we are prepared to comply with Finnish VAT obligations – but obviously this has an impact on the accounting, as VAT reports need to be made in Finland too. What do you think, would you be able to offer this service as well, or should we take care of these VAT reports to Finland ourselves, based on the Finnish Airbnb income and related expenses?

Unfortunately, a subsidiary structure is not viable for us, because if our Cyprus company were to own a Finnish subsidiary, my partner and I would likely be considered the beneficial owners of that subsidiary. This could create a factual link to Finland, and the Finnish tax authorities might not view us as limited tax residents from the first year. Instead, they could require us to stay in Cyprus for three years before granting limited tax residency. However, if the Cyprus company simply operates some business in Finland, that kind of risk should not be present.

Best regards,

Dear Client,

Thank you for your email!

We will be glad to assist you as quickly as possible in respect to the incorporation of the company in Cyprus. The next steps and information needed is as follows:

1. My colleague (cc'd in this email) will send you the relevant invoices in order to proceed with the settlement.
2. Once the invoices are settled and we gather the below information, we will start the process as per the timeline given.

We will need the below information as part of the Incorporation phase.

• We will need 3 potential names for the name approval. The names will need to be in a preferred order and to be inventive.
• Kindly confirm the below:

1. Director of the company -> Will a nominee Director be chosen initially? (The fees for the nominee director will be 800 euros + VAT)
2. Secretary of the company -> Will a nominee Secretary be chosen initially? (The fees for the nominee secretary will be 500 euros + VAT)
3. Shareholder/s of the company -> Who will the Shareholder/s of the company be? What percentage will the shareholder/s have?
4. Registered address of the company -> We can use the address from the fiduciary company? (The fees for the registered address will be 800 euros + VAT)

• We will need a small description of the company's activities.
• The shares of the company will be the standard procedure with 1,000 ordinary shares for 1 EUR each.
• Will the certificates be issued in Greek or English?
• Should the M&A (Memorandum and Articles) be issued in Greek or English version? For the English version additional disbursements fees will be paid for creating a translation file because usually the Greek version is submitted in the Registrar of Companies.
• We will need the Shareholder/s KYC documents such as passports, recent utility bill (no more than 6-months old) and CV.

In respect to the arrangement for the nominee services, it is acceptable with us to use a Nominee for the year 2026 until you relocate in Cyprus and start the Yellow Slip and Non-dom application. Thereon we can proceed with the changes to the Registrar of Companies and remove the Nominee and add you as a Director etc under the Company.

According to the VAT question, the Cyprus company can receive the income from renting apartments in Finland and while the CY company is VAT and VIES registered in Cyprus, we can prepare the VIES forms which can be submitted and the EU system will be notified between the two countries transactions in VAT preparation. More details can be provided in a due course by the accounting team.

If you have any further questions, please do not hesitate to contact us.

Kind regards,

Hello CYAUSE,

Here are the answers to your questions:

• We will need 3 potential names for the name approval. The names will need to be in a preferred order and to be inventive.
  1. *********
  2.  *********
  3.  *********

1. Director of the company -> Will a nominee Director be chosen initially? (The fees for the nominee director will be 800 euros + VAT) - Yes we want a nominee director at least for the first year.
2. Secretary of the company -> Will a nominee Secretary be chosen initially? (The fees for the nominee secretary will be 500 euros + VAT) - Yes we want company secretary.
3. Shareholder/s of the company -> Who will the Shareholder/s of the company be? What percentage will the shareholder/s have? - ************ 100 % of shares. Initially, my partner will own 100% of the company. I will only join the business in 2027, at which point our ownership will be split most likely 50–50. For tax reasons, I do not want to hold any shares in the company in 2026, so that the Finnish Tax Administration will not treat me as an entrepreneur during that year.
4. Registered address of the company -> We can use the address from the fiduciary company? (The fees for the registered address will be 800 euros + VAT) - Yes, we want the registered address provided by you. Limassol would be preferred as that's the city we'll relocate to at the end of 2026.

• We will need a small description of the company's activities. - The company operates short‑term rental activities in Finland and, in the future, also in Cyprus and perhaps other countries. It may additionally engage in investment activities, including but not limited to listed shares, ETFs, bonds, funds, commodities, cryptocurrencies and other digital assets. The company can also provide event production and freelance services, and undertake other side projects.
• The shares of the company will be the standard procedure with 1,000 ordinary shares for 1 EUR each. - This is ok.
• Will the certificates be issued in Greek or English? - English.
• Should the M&A (Memorandum and Articles) be issued in Greek or English version? For the English version additional disbursements fees will be paid for creating a translation file because usually the Greek version is submitted in the Registrar of Companies. - English. How much are the translation costs?
• We will need the Shareholder/s KYC documents such as passports, recent utility bill (no more than 6-months old) and CV. - Do you mean electricity bill or something similar? Do we send passports etc to you via email or use some secured channel?

Regarding VAT: To my understanding VIES is not sufficient and in fact may not be needed at all, because this is accommodation income linked to apartments located in Finland, thus we need to register directly to the Finnish VAT register as a foreign company. VIES is only a B2B control system for cross‑border intra‑EU trade (monitoring 0% VAT and reverse charge), and my understanding is that it does not apply to real‑estate‑related services or B2C sales such as Airbnb accommodation. Therefore, a foreign company must register for Finnish VAT and report and pay Finnish VAT from Finland's Airbnb income. However, let me know if I've misunderstood something here.

Looking forward to your response,

Dear Client,

Good morning and hope you are well.

Thank you for your email and the information provided.

My colleague has sent you the initial invoices in order to proceed with the payment.

In respect to your questions, please find below our response:

• M&A (Memorandum & Articles) - The English version translated file will have a cost 300 euros + VAT. Usually we submit the Greek version to the Registrar of Companies and we provide a draft English version to the client for an easy review.
• KYC information - Yes, an electricity bill will be fine with us. In respect to the passports, kindly send them to us through the email.
• In respect to the VAT matter, I will inform the accounting team and they will revert back.
• The invoices that were issued as per my previous email can be used as expenses under the company once the company starts the accounting process. Mrs ******** can pay it from her personal account and the invoices can be reflected under the company, there is no issue with this option. This transaction will mean that the company will owe Mrs ******* the fees that will be paid.

Kind regards,

Hello CYAUSE,

• M&A (Memorandum & Articles) - We don't need a translated draft for 300 € for our review, it's not a problem for us to do it ourselves. If you want to submit an English version to the Registrar of Companies, then it's fine for us to pay 300 € for your translation work. Otherwise we'll translate the submitted Greek versions ourselves.
• KYC information - We'll send these to you via separate email.
• Finland's VAT - Sounds good. We have especially 2 questions for your accounting team:

1. Can your accounting team do Finland's VAT reporting for us along with Cyprus' VAT reports, or do we need a Finnish accountant for the monthly VAT reports in Finland?
2. If your team can assist us on the Finnish VAT reporting, how would this affect the annual accounting pricing? We assume now that we'll pay approx 3000 € / year according to your pricing and normal level of activity (approx 250-500 transactions per year).

Best regards,

Dear Client,

Good morning and hope you are well.

Please find our response below:

• The charges on the translation of the English M&A version are only active if we submit the English version to the Cyprus Registrar of Companies instead of the Greek version. If we draft an English version just for a review, there is no charge on that. On a separate note, kindly bare in mind that in order for an official english m&a (needed in the future) to be obtained, the greek m&a must be translated by an authorised person (translator or lawyer) who will be sworn to court and then be submitted to the registrar to be obtained. Is just a reference for a future request if needed. At the moment we will proceed with the Greek version.
• We have received the KYC records.
• I will forward them and my colleagues will follow up on a separate email.

Kind regards,