A law firm based in Limassol, Cyprus, NICOLAS EROTOCRITOU & CO LLC offers tailor-made solutions to international and domestic clientele regarding the formation, maintenance, and administration of Cyprus legal entities and international corporate structures.
The founder and Director of the firm, Nicolas Erotocritou is a qualified lawyer in Cyprus. Having graduated from a U.K. university with an LLB qualification he then continued his studies in Cyprus obtaining an LLM. He specialises in commercial and corporate law disputes, contract drafting and reviewing, real estate law, immigration law, shipping law, trust and estates as well as international and domestic taxation.
Areas of Expertise
• Corporate & commercial law
• International tax planning
• Multi-jurisdictional company formation
• Administration, accounting, and tax compliance
• Advising high-net-worth individuals on relocation and residence planning.
Furthermore, we advise our clients on Cyprus IP Box Regime, yacht registration, funds, and more. Our firm is a member of many international and domestic associations, such as ITPA and INTA.
Relocation to Cyprus
Thanks to its strategic geographical position and beneficial tax regime, Cyprus is an attractive destination for business. Besides 340 sunny days per year both individuals and companies get multiple tax incentives including:
• Low Tax on income. The non-domicile tax regime effectively applies for a maximum of seventeen years.
• Non-Domicile tax residents are specifically exempt from tax on dividends, interest, gain from sale of shares and other qualifying titles, capital gains not involving Cyprus situated real estate and trust distributions of a passive or capital nature.
• Tax incentives for both individuals and companies: Personal income tax band rates with the first €19,500 tax exempt. Then band rates ranging from 20% up to 35% for over €60,000.
• 50% tax exemption for Cyprus sourced salary over €100,000 per year.
• 100% exemption on remuneration for salaried services rendered outside Cyprus for more than 90 days in a tax year to a non-Cyprus resident employer.
• 100% exemption on lump sum life insurance payments or from approved provident funds.
• Foreign pension taxed at a flat rate of 5% (with first €3,420 being tax exempt).
• Double Tax Relief for any foreign tax.
• No inheritance tax.
• No wealth tax.
• Cyprus under certain requirements, offers the “60 days rule” to the tax residents, to be taxed on their worldwide income.
• Intellectual Property (IP) Box Regime. Cyprus IP BOX regime offers a tax benefit of up to 80% by way of notional expense deduction on the qualifying IP profit from the exploitation and disposal of a qualifying IP.
• Low Corporate tax, 12.5%
• Notional Interest Deduction (NID) on new capital (restricted to a maximum of 80% of the taxable income generated by the new capital introduced into the company)
What we offer
Our lawyers assist and consult businesses on their relocation needs and offer specific advice on matters such as localisation in Cyprus, incorporation of International Business Companies, renting/purchasing property, family relocation, obtaining of Cyprus residence/citizenship.
Our team also advises businesses and individuals on:
- Education options in Cyprus
- Interaction with authorities in Cyprus
- Cultural and language training
- All immigration matters
- Insurance requirements
- Obtaining of professional licenses.
+357 25 355 165