Real Client Quotation - Need to relocate to Cyprus for the US

They are into the gaming industry, need to create a company and protect their IP rights

22 July 2021
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Real Client Quotation - Need to relocate to Cyprus for the US

Dear George,

Please find my answears to your questions below in red colour

A FINHUB ACCOUNTANT!

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Dear Sir,

My wife and I own and operate  a growing video game studio together and are considering moving ourselves and our business to Cyprus  for a mixture of tax and lifestyle reasons.

We and the business are currently located in the USA and are the only employees or owners (though we do have a number (around a dozen) of independent contractors, as well). I'm American (by Birth and nationality), and my wife is Dutch (also by birth and nationality.)

We're looking to move sometime in November, so that we and the business will be tax resident in Cyprus when our next game, Kitsune Tails, releases, since we're very optimistic about the likely sales of the game.

We're interested in assistance with moving our business to Cyprus, as well as immigration (which shouldn't be too difficult, since my wife is from the EU), applying for Non Domicile status, and with tax compliance in Cyprus.

A few questions we have are as follows:

-Is this something you are willing and able to assist us with? Yes
-Is there a minimum salary that we, as owners of the business need to be paying ourselves? 870 Euros per month
-Is the timeframe of having the company and ourselves moved by january 1, 2022 realistic (from an immgration and business transfer standpoint)? Yes
-How difficult it is likely to be to get the IP box tax rate of 2.5% corporate tax? Not a problem as your game falls within the tax regime!
-And, of course, what, approximately, would you charge for such services? It depends from many things. It is best to explain them over the phone to you; preliminary
 
- Company Creation - Euro 1,700 + VAT
- IP Tax Ruling -  Euro 2,500 + VAT
- Accounting & Audit Services - See our pricelist attached (it varies on volume, complexity and risk exposure we get as well as number of employees etc)
- Immigration Services: Euro 600 + VAT per applicant
- Non Dom - Euro 800 + VAT
 

This article is brought to you by Finhub, a marketplace for professional services in Cyprus. Finhub connects businesses with vetted, reputable, and licensed professionals offering legal, audit, tax, and immigration services.

Through the platform, businesses can easily find service providers tailored to their specific needs. By submitting an enquiry along with their budget and required expertise, they receive competitive offers from qualified professionals—streamlining the process of finding the right partner.

Finhub is trusted by hundreds of businesses relocating to Cyprus, helping them access the right experts for every stage of their relocation journey. Feel free to try it, it is entirely free for businesses. Simply visit www.finhub.com.cy

 

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