Obtaining permanent residence in Cyprus provides several important advantages that attract foreigners. Here are the key ones:

1. Visa-free travel within the European Union
Holders of a Cyprus PRP can travel under the simplified visa regime to countries in the Schengen area for up to 90 days within a 180-day period. Although Cyprus is not a member of the Schengen area, permanent residence status makes it easier to travel around Europe.

2. Low taxes
Cyprus offers a favorable tax system:

• Tax incentives for new residents: Individuals moving to Cyprus for the first time can benefit from a preferential tax regime which allows them to pay taxes only on income earned in Cyprus.
• No tax on dividends, inheritance and wealth: there is no capital gains tax in Cyprus (except for the sale of real estate in Cyprus) and no inheritance tax.

3. Convenient location and transport accessibility
Cyprus is strategically located, making it a convenient point for travel between Europe, the Middle East and North Africa. It is an attractive place for business and travel.

4. High standard of living
Cyprus combines a good climate, clean nature, beaches, high quality medicine and education.It also has a high level of security and a low crime rate, making it a comfortable place to live with a family.

5. Business and investments
PR status in Cyprus allows the owner to open and develop a business with favorable conditions for corporate taxation (one of the lowest corporate taxes in the EU - 12%). Cyprus is also attractive for creating holding structures and conducting international business.

6. Possibility of obtaining citizenship
After 7 years of residence in Cyprus (or 5 years in some cases), PR holders can apply for citizenship. This opens access to the full rights of EU citizens, including freedom of movement, residence and work in any EU country.

7. Education and medicine
Cyprus provides quality education (many schools and universities teach in English) and a good healthcare system that combines both public and private healthcare facilities.

8. Simplified procedure for obtaining PRP
In Cyprus, there are a number of programs for obtaining PRP through investment in real estate (including the Fast Track program), which allows you to obtain PRP fairly quickly - in a few months.

PRP and TRP in Cyprus have significant differences in a number of criteria, including the duration of stay, rights, obligations and conditions for obtaining. Here're the main differences:

1. Expiration date and renewal

• PRP (Permanent residence permit):

It's issued on an perpetual basis, i.e. there is no need to renew it at certain intervals. However, if the PR holder is absent from Cyprus for more than 2 consecutive years, this status may be cancelled.

• TRP (Temporary residence permit):

A TRP is issued for a limited period, usually 1-2 years, with the possibility of extension. A TRP requires regular renewal depending on the type of program.

2. Work permission

• PRP

A PRP holder can live in Cyprus permanently, but "does not have an automatic right to employment". The exception is working in your own company or participating in business management. A work permit may be required for work in hire.

• TRP

For some categories of RP (for example, work visas) the right to work is provided by default. In this case, a residence permit is granted for a specific employer or type of TRP, such as visas for financially independent persons, work may be prohibited.

3. Requirements for staying in Cyprus

• PRP

There are no strict requirements for the number of days of stay in Cyprus, however, in order to maintain PRP, it's necessary to visit the country at least once every two years.

• TRP

To maintain a TRP you must stay in Cyprus for a certain period of time, which depends on the type of visa. For example, for some types of visas there is a requirement to stay in Cyprus for at least 183 days per year.

4. Obtaining citizenship

• PRP

PRP holders can apply for citizenship after 7 years of residence in Cyprus (provided that during the last 7 years they have been physically present in the country for at least 5 years).

• TRP

A temporary residence permit does not directly grant the right to citizenship, but long-term residence on the basis of a TRP (subject to its regular renewal) can subsequently open the way to PRP, which in turn will provide an opportunity to apply for citizenship.

5. Requirements for the financial position

• PRP

To obtain PRP under the investment program, a significant financial investment is required, for example, purchase of property worth at least 300,000 euros. It's also necessary to confirm the presence of stable income from abroad.

• TRP

Income and financial requirements may be simpler than for permanent residence, but they vary depending on the type of RP. For example, financially independent individuals need to prove that they have income to cover their living expenses with no need to work.


6. Access to social services

• PRP

The PRP holder has access to most social services on an equal basis with citizens, including medical services, education and social programs. The rights are close to those of Cypriot citizens.

• TRP

The TRP holders can also access to the health and educational services, but their rights may be partially limited depending on the type of TRP.

7. Family benefits

• PRP

A PRP may also be granted to a spouse, children under 18, and even children over 18, if they are full-time students.

• TRP

A TRP can usually also be extended to family members, but the rules and requirements may vary depending on the type of temporary residence.


8. Procedure for obtaining

• PRP

Usually, obtaining permanent residence requires meeting stricter conditions (for example, investing in real estate). Nevertheless there is a simplified procedure (Fast Track) that allows to obtain permanent residence faster if all requirements are met.

• TRP

The procedure for obtaining a TRP is less complicated, but may also require fulfilling a number of conditions, such as having sufficient funds in the account to live on, housing rental, etc.


Thus, a TRP is a temporary solution for living in Cyprus, which requires regular renewal and imposes certain restrictions, while PRP provides a more stable status with expanded rights and freedom of residence.

We are always happy to help with any question you have related to relocation to Cyprus. Submit your request and Aurora Group of Companies specialists will contact you.

1. Purchase of real estate

• It is necessary to buy "real estate worth at least 300,000 euros (excluding VAT)". The property must be new, purchased from a developer, i.e. resale housing is not eligible for this program.
• It is possible to buy up to two properties (for example, two apartments or a villa and an apartment), but they must be purchased from the same developer.

2. Proof of income
It must be proven that the applicant and his family have a "stable income from abroad", covering living expenses in Cyprus. This income must be:

• minimum 30,000 euros per year for the main applicant;
• plus 5,000 euros per year for each dependent (spouse, children under 18 or students);
• plus 8,000 euros per year for each parent of the main applicant or spouse (if they are also included in the PRP application).

3. Deposit in a Cyprus bank

• It is important to have a bank account in Cyprus with sufficient funds to cover initial expenses and to demonstrate financial stability. This amount usually ranges from 20,000 euros.

4. Unavailability of employment

• The applicant is prohibited from being employed in Cyprus. However, he can be the owner of a company and receive dividends or income from his business.

5. Visits to Cyprus

• To maintain permanent residence status, it is necessary to visit Cyprus at least once every two years.

6. Impeccable reputation

• The applicant must provide a certificate of no criminal record in the country of residence.

7. Medical insurance

• It is mandatory to have medical insurance covering the costs of treatment in Cyprus.

8. Family members

• It is possible to include to the program a spouse, children under 18 and children over 18, if they are financially dependent (for example, students under 25).

Submission of documents:
All the documents must be submitted to the Department of Citizenship and Migration of Cyprus. It is important to prepare documents confirming financial independence, income certificate, information about real estate and other necessary documents.

Consideration time:
Under the Fast Track program, you are granted PRP within 4-8 months.

Basic documents for the application:

• International passport;
• Income Certificate;
• real estate purchase and sale agreement (for Fast Track program);
• certificate of no criminal record;
• medical insurance;
• Bank statements (deposit).

How to open a company in the UAE? Opening a company in the United Arab Emirates (UAE) has a number of advantages, including low taxes, simple registration and the ability to do international business.
Here are the basic steps to help you open a company in the UAE:

1. Selecting a Jurisdiction
The UAE offers three main types of jurisdictions for business registration:

• Local market (onshore): registration in the mainland UAE allows you to conduct business in the country, but requires a UAE citizen partner (minimum 51% shareholding)
• Free economic zones: provide 100% foreign ownership, tax benefits and do not require a local partner. But those companies from free zones cannot operate on the mainland without a special license.
• Offshore: Offshore companies are used for international trade and operations outside the UAE. These companies cannot conduct business in the country itself, but they offer a number of tax advantages.

2. Selecting a Business Type
Popular types of business in the UAE include:

• LLC (limited liability company): requires a local partner to operate on the mainland;
• Free Zone Company (FZC): 100% foreign ownership, allows work only in the free zone;
• Offshore company: for international business without the possibility of working within the country.

3. Obtaining a license
The license depends on the type of activity of the company:

• Commercial: for trading goods;
• Industrial: for manufacturing and industrial business;
• Professional: for consulting, marketing and other services;
• Tourist and medical licenses: for specific areas.

4. Finding a suitable place to register
Each free economic zone has its own advantages and benefits for various industries. Popular zones include DMCC, DIFC, IFZA, RAKEZ, Sharjah Publishing City and others.

5. Opening a bank account
After registering the company, you must open an account in one of the local banks. To do this, you will need the statutory documents, license and personal data of the founders.

6. Registration in the state register
After registering a company, you will need to obtain:

• the Emirates ID for all foreign founders;
• Resident visa that gives the right to live and do business in the UAE.
• Business address and office rent (required in many areas).

7. Obtaining a resident visa
The company's founders and their employees can obtain a resident visa, which also requires passing a medical examination and obtaining the Emirates ID.

8. Taxes & Reporting
There is no corporate tax for most companies in the UAE, however, companies operating in certain sectors may be subject to taxation (for example, in the oil and gas sector and branches of foreign banks). Since 2023, there was introduced a 9% profit tax for the companies with income above a certain threshold, but benefits for small and medium-sized businesses in free zones still available.

Choosing the right free zone in the UAE depends on many factors, including the type of business, the licenses required, as well as budget and infrastructure. Here are the main aspects that will help you choose a zone:

1. **Business type and licenses**
The UAE has zones that specialize in specific industries. For example:

• DMCC (Dubai Multi Commodities Centre) - suitable for trading commodities and precious metals;
• DIFC (Dubai International Financial Centre) - an international financial centre with regulations suitable for banking and financial business;
• RAKEZ (Ras Al Khaimah Economic Zone) - universal and suitable for companies in the manufacturing and trading sectors.

Selecting a zone that suits your type of business will help you get a license faster and easier.

2. **Location requirements**
Depending on the type of business, a physical presence near specific markets or transportation hubs may be required:

• Companies engaged in international trade often choose areas close to sea ports and airports, such as JAFZA (Jebel Ali Free Zone) and KIZAD (Khalifa Industrial Zone Abu Dhabi).
• Companies focused on the financial sector often choose DIFC in Dubai due to its proximity to financial institutions.

3. **Budget and rental cost**
The cost of licenses and rent in Dubai is usually higher than in other emirates such as Sharjah and Ras Al Khaimah. For example:

• RAKEZ and Fujairah Free Zone offer lower rental and licensing costs, attracting startups and small businesses.
• In DIFC and DMCC the costs are higher, but they provide more developed infrastructure and a prestigious address.

4. **Opportunities for international expansion**
If a company plans to operate in international markets, it is worth considering zones with a good reputation at the global level and simplified processes for conducting international business. DMCC and DIFC are often preferred by companies looking for international growth.

5. **Benefits and incentives**
Some free zones offer additional benefits and tax incentives, as well as simplified procedures for licensing, visas and employment. For instance, SHAMS and Ajman Free Zone are known for their accessibility and ease of registration.

6. **Ease of doing business and registration processes**
In some free zones, the process of registering a company and obtaining a license is faster and easier.For example, in DMCC and RAKEZ you can open a company in just a few day while in other emirates the process may take longer.

7. **Office Space and Work Visa Requirements**
Different zones offer a variety of office solutions, from virtual offices to warehouses and production sites. The number of visas for employees also depends on the rented office space. DMCC and RAKEZ, for example, offer a wide range of office solutions and flexible visa conditions.

The experts of the Aurora Group of Companies will help you choose the most suitable zone for the smooth implementation of your company's activities.
Leave a request and get professional advice!

In 2024, the tax system of the United Arab Emirates (UAE) retains its attractive conditions for business and individuals, although the country has gradually introduced certain taxes in recent years.

1. Personal Income Tax
There is no tax on personal income in the UAE, including salaries and investment income.This means that individuals working and residing in the country do not pay income tax on their income, including dividends and capital gains.

2. Corporate tax
The UAE introduced a corporate tax for companies from 1 June 2023. In 2024, the main provisions remain as follows:

• tax rate: 9% on net profit of companies.
• exemption: companies whose annual income does not exceed 375,000 dirhams (approximately 100,000 US dollars) are exempt from paying corporate tax.
• free zones: companies registered in free zones can benefit from tax exemption, if they do not conduct business in the UAE mainland.
• 0% rate on international income: if companies earn income outside the UAE, then in some cases, no tax will be applied to that income.

3. Value Added Tax (VAT)
VAT was introduced in the UAE in 2018 and remains at the following levels in 2024:

• tax rate: 5% on most goods and services.
• exceptions: some categories of goods and services are exempt from VAT or are taxed at a zero rate (for example, education, healthcare and some categories of real estate).

4. Property tax
Although there is no property tax (ownership tax) in the UAE, there is a registration fee when purchasing a property (around 4% of the property value in Dubai, paid in half by the buyer and seller).


5. Excise taxes
The UAE applies excise taxes on certain categories of goods to reduce their consumption:

• 100% on tobacco products
• 100% on electronic cigarettes and smoking devices
• 100% on carbonated drinks and drinks with added sugar
• 100% on energy drinks

6. Inheritance tax
There is no inheritance or gift tax in the UAE, making the country an attractive place to pass on assets through inheritance. However, inheritance laws are governed by Islamic Sharia for Muslims, which may affect the distribution of inheritance.

7. Customs duties
Customs duties in the UAE also remain at a moderate level:
5% on most imported goods
exemption from customs duties on goods imported from the member countries of the Cooperation Council for the Arab States of the Gulf (GCC).

8. Social contributions
There are no social taxes or social security contributions for expats in the UAE, although the UE citizens are required to contribute a certain percentage to the social security fund.

The Aurora Group of Companies provides accounting services, registration with various authorities and preparation of any documentation for passing inspections on time, quickly and without fines.

There are several types of residence visas in the UAE available for different categories of people who wish to live and work in the country. Types of residency include:

1. Working visa
It's issued on the basis of an employment contract with a company in the UAE. The employer, whether the company in a free zone or on the mainland, is the visa sponsor. Work visas are most often issued for a period of one to three years with the possibility of extension.

2. Investor visa (including for business owners)
Provided to founders or investors of companies in free economic zones and on the mainland. In free zones, a visa can be obtained if the founder owns the company or a significant share in it. The visa is usually issued for three years with the possibility of extension.

3. Visa based on real estate
Available to foreigners who have purchased real estate in the UAE for a certain minimum amount (usually from 1 million dirhams). Such visas can be issued for up to three years and require property ownership with no or minimal mortgage.

4. Family visa
UAE residents with a work or investor visa are allowed to sponsor visas for family members, including spouses, children and in some cases parents. A resident must prove a minimum level of income to be eligible for a family visa.

5. Student visa
Issued to international students admitted to accredited higher education institutions in the UAE. A student visa can be sponsored either by the university or by a parent who already has a resident visa. The visa is usually issued for the duration of the study and can be extended.

6. Golden Visa
A special type of long-term resident visa (for 5 or 10 years) designed for outstanding professionals, investors, scientists, medical professionals and talented students. The Golden Visa provides greater opportunities to live and work in the UAE without being tied to an employer or sponsor.

7. Freelance visa
In some free zones (such as Fujairah Creative City, Dubai Media City), you can get a freelance visa to work for yourself without the need for a formal employment contract. This visa is suitable for freelancers working in the media, IT, marketing and other services.

8. Resident visa for pensioners
Available to expatriates over 55 years of age who meet certain financial requirements (e.g. owning property, savings or income in the UAE). The visa is usually issued for 5 years and can be extended.

These types of visas provide foreigners with the opportunity to legally reside and work in the UAE with different rights and conditions that depend on the type of visa and sponsor.

For questions on the smooth registration of any immigration status, you can confidently contact the Aurora Group of Companies for advice. Our experts in the field of relocation and business management will help you with any issue from the mentioned areas.

Personal account

Opening a personal bank account in the UAE is quite a popular process, especially among foreign residents and non-residents, as the country offers convenient and secure financial services. Here are the basic steps and requirements:

1. Choosing a bank
The UAE has both local and international banks offering various service packages for residents and non-residents. Popular local banks include Emirates NBD, Abu Dhabi Commercial Bank (ADCB), Mashreq Bank and First Abu Dhabi Bank (FAB). Among International banks, HSBC, Standard Chartered and Citibank are often chosen.

2. Account Types
Banks offer accounts for residents and non-residents:

• residential accounts: for those who have a UAE resident visa. These accounts typically have no transaction limits and are offered with debit and credit cards.
• accounts for non-residents: usually opened with some restrictions. For example, such accounts may only be available as savings accounts and often require a minimum balance.

3. Required documents for residents
Residents have to provide:

• International passport;
• emirates ID (UAE Resident Identity Card);
• resident visa;
• proof of residential address (for example, a lease agreement);
• letter from the employer or proof of income (pay slip as an option).

4. Required documents for non-residents
Non-residents typically have to provide:

• International passport;
• letter of recommendation from a bank in the country of residence (in some banks);
• confirmation of origin of funds (some banks may request a statement from another account);
• minimum deposit, the amount of which varies from bank to bank (usually higher than for residents).

5. Minimum balance
Depending on the bank and account type, there may be a minimum balance required, usually between AED 3,000 and AED 5,000. If the account balance falls below this limit, additional fees may be applied.

6. Currency accounts
Most banks in the UAE offer the option to open accounts in various currencies such as Dirham (AED), US Dollar (USD), Euro (EUR) and Pound Sterling (GBP). This is convenient for foreign citizens making international payments.

7. Service and fees
Monthly fees may vary depending on account type and bank.Some banks offer free service as long as you maintain a minimum balance, while others may charge a fixed fee if your balance is below a set minimum.

8. Using accounts abroad
UAE accounts are convenient to use abroad. Many banks provide debit and credit cards suitable for international transactions, and also offer mobile and internet banking services.

With the support of the Aurora Group of Companies, opening a bank account in the UAE can be a quick and straightforward process. Our specialists will assist you in resolving any issues in the shortest possible timeframe.