Description of the Firm:
The firm was established with the mission to become the definition of advisory services that are addressed to regulated and supervised companies within the financial services industry.
The Firm positions itself among the leading advisors and aims to state of art provisions of advice and consultancy that will enable it to be recognized among the best advisors. During the provision of services the Firm commits to confidentiality, reliability, transparency and efficiency, given that these values are within the inherent characteristics of its members of staff.
Services to be provided:
1. Regulated markets compliance consulting
- Operations Compliance Consulting
- Legal Compliance Consulting
- General Compliance Consulting
2. Licensing for regulated markets
- Licensing services EU
- Licensing services UK
- Licensing services other jurisdictions
3. Advisory services
- Board and management Advisory Services
- Advisors to the Board
4. Regulators relationships
- Establishing relationship with regulators
- Understanding the regulatory framework
- Communication with regulators
5. Professional Directors Services
6. Accounting and regulatory reporting services
A team of consultants and advisors will provide dedicated services, that are tailormade to your needs and that will provide value added services, recognizing the culture, attitude and business character of each client.
7. Taxation Services
- Tax Compliance Services
8. Legal Services
- Contractual Agreements
- Operational Agreement (T&C)
- Employee agreements
9. Assurance and due diligence services
- Legal Due diligence services
- Operational Due diligence services
- Financial Due diligence services
- Assurance Services
10. Company Formation Services
11. Operational set up guidance and assistance
- Bank account opening
- Staff and employee guidance and advises
12. Real Estate & Immovable Property Law
We at Finopus, developed a dedicated team of experienced lawyers offering competent, practical and cost effective legal advice to clients assisting them to achieve their goals, whether they are purchasing residential or commercial property in Cyprus.
We regularly advise and assist on the following, acting as closing lawyers:
• Investigation/ assessment of the status of immovable property and the seller’s company
• Acquisition and disposal of property in Cyprus by EU and third-country citizens
• Legal advice on real estate transactions
• Assessment, assembly, and preparation all the required due diligence information and documentation required by the banks for the transactions
• Undertaking advanced legal due diligence in order to ensure the property’s status
• Negotiating, drafting and/or reviewing of Reservation Agreements, Sale and Purchase Agreements, as well as Lease, Assignment and Rental Agreements
• Representing our clients before the Inland Revenue (for stamp duties calculation and payment) and before the Land Registry (for registering the contract of sale)
• Property Transfers and Assignments
• Assessment of tax implication in the case where there is a restructuring of assets
• Assessment of any VAT matters in relation to the transaction
• Indicating the relevant direct and indirect taxes and levies such as transfer fees, and land registry filing fees.
13. Immigration Law
Our dedicated and experienced team is providing services in the area of immigration by providing support and legal assistance to investors and individuals as well as their families. If you are intending to relocating yourself or your business to Cyprus the following options are available:
a) Cyprus Perananent Residence
In accordance with the Regulation 6(2) of the Aliens and Immigration Regulations allows a non-EU investor to apply for permanent residency in Cyprus assuming he/she meets certain criteria.
The main requirement is one of the following investment options:
• Purchase of new immovable property of a total market value of at least EUR 300,000 plus VAT.
• Purchase of up to two new or used immovable non-residential properties (offices, shops, hotels, or other developments) of a total market value of at least EUR 300,000 plus VAT.
• Share capital of EUR 300,000 of a physical company registered and operating in Cyprus, which employs at least five people.
• Units of EUR 300,000 in the Cyprus Investment Funds Association’s collective investments (AIF, AIFLNP, RAIF)
The applicant must provide supporting evidence of a secured annual
income of at least EUR 30,000 deriving from abroad (an additional EUR 5,000 is required for each
dependent spouse and adult child, and EUR 8,000 for each parent).
b) Yellow Slip – Eu National Empoyment
The Registration certificate, commonly known as ‘Cyprus Yellow Slip’, as it is printed on yellow paper, is available to European (EU and EEA) citizens who wish to stay and work in the Republic of Cyprus, in accordance with the implementation of Law no. 7(I) of 2007 “The Right of Union Citizens and their Family Members to Move and Reside Freely within the Territory of the Republic of Cyprus Law of 2007”.
There are three forms to be completed depending on the status of each individual:
• MEU1 form: for Citizens of the European Union and their family members who are also citizens of the European Union.
• MEU2 form: Once the main applicant receives the yellow slip the family members who are not European Union citizens can apply with the MEU2 form.
• MEU3 form: EU citizens living in Cyprus for a continuous period of 5 years are eligible to apply for a permanent residence certificate, which will confirm their right to permanently live in the country.
c) Domestic Working Visa
In accordance with the Civil Registry and Migration Department of Cyprus, the below certain criteria must be fulfilled for employment of a domestic worker:
• Families with a child under the age of 12 when both parents work and contribute to the Social Insurance Fund.
• Families with no children when both husband and wife, work and their annual declared taxable income is more than €52.000.
• Single parent families granted the custody of a child under the age of 12, provided that the parent works and contributes to the Social Insurance Fund.
• In cases where one of the two parents works, the annual declared taxable income should be at least €86.000.
• Single working persons provided that their annual declared taxable income is more than €52.000 and that they are contributing to the Social Insurance Fund.
d) Registration of a company in Business Facilitation Unit (BFU) and work permit of Non-EU National in the Migration
If the majority of the Cyprus company’s shares are owned by third-country nationals in order to employ non-EU national, then the company shall be registered in the Business Facilitation Unit of the Ministry of Energy and Commerce.
Once the company is registered in the BFU a third-country national who wishes to work in Cyprus, must be first registered in the Migration Department. Kindly note that the minimum salary is EUR 2.500 for key personnel and EUR 4,000 for Director. The minimum employment period is for 2 years.
e) Nomad Visa Scheme
On the 15th of October, 2021, the Council of Ministers approved the introduction of the Digital Nomad Visa Scheme in Cyprus, with a ceiling of 500 residence permits to be issued.
The “Cyprus Digital Nomad Visa” Scheme allows nationals from non-EU and non-EEA countries, who can perform their work location-independently using telecommunications technology, to reside temporarily in Cyprus and work for an employer registered abroad or perform work through telecommunications technology for companies or clients located abroad.