Bulgaria or Cyprus for company and residency?

[Loizos]

you need adress. It s a tourist attraction, so the cheapest chicken house , just for the adress costs 500 E and we are talking about chicken nest. People are relativelly well off and not very btave so you will not find easily somebody desperate enough to give you his adress unless you pay $$$$. The residency process is not that easy because Cyprus like Greece is infested with Taliban which they never mention so in immigration the waiting line is right outside the street. It is very difficult to find somebody to make for you the whole package . They only ogfer to proceed your papers with you at immigration for 200-250 euro so you will not be alone with the Taliban.

This is bulls**t. But if you want people that for $5 will jump up and down do not come to Cyprus, we do not need this kind of clients here.

 

[traveller79]

Did you get Bulgarian residence as well?

Not yet, I am looking into it later. Anyway, opening bank accounts was possible as a non-resident, which is maybe more interesting for the large public here.

 

[Joe Blasco]

This is bulls**t. But if you want people that for $5 will jump up and down do not come to Cyprus, we do not need this kind of clients here.

as I wrote the vast majority of cyprus accountants when you confront them with logical data about the absurd of their cost do not cut the crap, but with religious fever stick to their myth. It is like confronting a priest about the scientifical imposibility of miracles and resurection, you will get a lot of mumbo -jumbo and maybe an excomunication at the end as Mr Loizos did. In the food chain we are litetally their food and from the image they are selling comes their llifestyle. Anyway I urge everybody not to mess with Cyprus but instead go to Luxemburg it is much more chic, there the accountancy firm can even arrange for a limo to pick you up for the airport, a dressed valet will open the door when entering the building and everybody is going to wear 3 piece suits ( cypriots, buy a tie please) Ofcourse just for talking with them will get you at least 5000- 10000 E but it s only money, why care ?

 

[JustAnotherNomad]

Are there any good Luxembourg setups if you’re making less than a couple millions?
Like 200k per year?

 

[KJK]

Cyprus like Greece is infested with Taliban

Okay.

you will get a lot of mumbo -jumbo and maybe an excomunication at the end as Mr Loizos did.

And stupid me thought I can only be excommunicated from the Christian Church. Today I learned you can also be excommunicated by a Cypriot accountant! That is why I love coming to this forum, you learn something new every day.

 

[speedster]

Okay.



And stupid me thought I can only be excommunicated from the Christian Church. Today I learned you can also be excommunicated by a Cypriot accountant! That is why I love coming to this forum, you learn something new every day.

You will soon learn that language is liquid

 

[JohnLocke]

Are there any good Luxembourg setups if you’re making less than a couple millions?
Like 200k per year?

Please open a new thread or I will have to punish with warning points.

 

[georgio]

I decided to try Bulgaria this year, and so far, I have been quite happy. Setting up the company with bank account was about 500 euro, took one visit to the notary and second to open the bank account (process has two phases, the lawyer who did the company papers opened bank account for the capital with PoA, I went alone to open the actual current account, internet banking, debit cards), got a personal account the same time too.

Bulgaria has much nicer climate than the Northern Europe, prices are one of the lowest in the EU. Language is difficult, but if you know some Russian, not impossible.

There are no perfect options, it's always a compromise, but I wouldn't call Bulgaria a shithole. People are nice and friendly, English is widely spoken in cafes, restaurants, shops and Sofia feels like an easy place to live.

Did you rent something in Sofia? Did you get all the necessary papers to "unsubscribe" from the tax services of your home or previous country?

 

[traveller79]

Did you rent something in Sofia? Did you get all the necessary papers to "unsubscribe" from the tax services of your home or previous country?

No, not yet. My personal tax burden is not too high at the moment, so tax residency in Bulgaria is not needed.

 

[manwithtoupe]

- Cyprus city planning adheres to Anglo-Saxon model, where cities are built for cars, not pedestrians. Outside of very tiny old city quarters in Limassol, Paphos and Larnaca, you can't really walk anywhere. Streets are very wide; traffic is crazy and there's lots of it; parked cars block pavements; public transport options are weak. Most of European cities from West to East are quite walkable - Cyprus just isn't so, except for Nicosia.

In my opinion the cities, lifestyle, climate, food etc. in Cyprus are inferior to what can be arranged in e.g. Spain/Portugal/Canaries. I've lived in Cyprus for 1½ years now, and looking for an exit already.

We have the same concerns about Cyprus.

Any particular areas in Nicosia that are walkable?

 

[Joe Blasco]

We have the same concerns about Cyprus.

Any particular areas in Nicosia that are walkable?

Lydras basically it s where all the action is but you can walk in all the other towns also I mean Larnaca has a great promenade at the beach. What I think our friend wants to write is that cyprus lacks serious public transportation. There are no trains, few public buses and few taxes that are expensive. And it s a small place after 2 weeks you already know everybody except tourists that come and go. My 2 c

 

[OTR365]

What I think our friend wants to write is that cyprus lacks serious public transportation.

Yes, but it is not only that. For city people who are accustomed to just walking to shops, restaurants etc. and are planning to move to Cyprus, I suggest getting an apartment in the very (touristic) center of the city. Even just a short distance outside of these places, the grocery/cafe/restaurant etc. options are very limited without a car (which creates its own inconvenience). The city planning differs from most of old European cities.

This is a car-centered society, but one needs a background in other kind of society to understand that. There are a lot of people (esp. Cypriots themselves) who just don't know what I am talking about.

Larnaca has a great promenade at the beach.

In Larnaca a good place would be Finikoudes and areas right behind it. Those give an easy, walkable access to shops, restaurants and that great beach promenade you mentioned.

Any particular areas in Nicosia that are walkable?

I don't know Nicosia that well, but as mentioned, the old town around Ledras street is great (There, owning a car might be a problem due to parking etc.). Nicosia is more city-like, so the walkable area is relatively large.

(As to cars & driving, left-side driving is not difficult to learn, and the lanes are often separated. Renting a car outside of tourist season is dirt cheap. For example, right now an in-terminal rental, automatic gearbox, tiny Kia Picanto can be had for 6,5 €/day.)

 

[Marc M]

Romanian micro company is not suitable for consultancy, am I correct?

it is suitable. the new version of the law has eliminated several restrictions

 

[JohnLocke]

it is suitable. the new version of the law has eliminated several restrictions

Can you please be more specific to this, anything official you may be able to link to or other interesting information about it?

 

[Mr Magoo]

what I have heard is that the limitation of max 20% of activity can be consulting is taken away.

 

[Marc M]

Can you please be more specific to this, anything official you may be able to link to or other interesting information about it?

According to the gtai-webpage ("gtai" is funded by the German parliament):

https://www.gtai.de/gtai-de/trade/r...n-bei-besteuerung-und-sozialabgaben-mit-58682
from 01.01.18 on, microcompanies with a turnover below 1.000.000€ are taxed with 1% (with min. 1 employee, can be shareholder) or 3% (with no employee), based on turnover, not profit (!). All exceptions have been redefined. E.g. Consulting activities have no more limitation of 20% of turnover.

 

[Mr Magoo]

here is the official link to the law for micro enterprises. Just run it through Google translate:
https://static.anaf.ro/static/10/Anaf/legislatie/Cod_fiscal_norme_2018.htm#T3

 

[Marc M]

According to the gtai-webpage ("gtai" is funded by the German parliament):

https://www.gtai.de/gtai-de/trade/r...n-bei-besteuerung-und-sozialabgaben-mit-58682
from 01.01.18 on, microcompanies with a turnover below 1.000.000€ are taxed with 1% (with min. 1 employee, can be shareholder) or 3% (with no employee), based on turnover, not profit (!). All exceptions have been redefined. E.g. Consulting activities have no more limitation of 20% of turnover.

Exceptions have been almost completely eliminated. Only pensionfunds, etc. are exceptions. German version:

Die neue Regelung

Nach der neuen Verordnung bei Kunst. 47, nach Abs. (2) ein neuer Absatz wird eingefügt, Abs. (3) mit folgendem Inhalt:

"(3) Folgende rumänische juristische Personen fallen nicht in den Geltungsbereich dieses Titels:

a) den nach dem Gesetz eingerichteten Einlagensicherungsfonds im Bankensystem;
b) nach dem Gesetz eingerichteter Anlegerentschädigungsfonds;
c) die nach dem Gesetz eingerichtete private Pensionskasse;
d) den nach dem Gesetz eingerichteten versicherten Garantiefonds;
e) die steuerlich transparente Einheit mit Rechtspersönlichkeit “.

 

[dziter]

@georgio : Hi, I am interested to know what country did you choose for your tax residency?
Thanks for the heads up.

 

[sylwiasj]

I decided to try Bulgaria this year, and so far, I have been quite happy. Setting up the company with bank account was about 500 euro, took one visit to the notary and second to open the bank account (process has two phases, the lawyer who did the company papers opened bank account for the capital with PoA, I went alone to open the actual current account, internet banking, debit cards), got a personal account the same time too.

Bulgaria has much nicer climate than the Northern Europe, prices are one of the lowest in the EU. Language is difficult, but if you know some Russian, not impossible.

There are no perfect options, it's always a compromise, but I wouldn't call Bulgaria a shithole. People are nice and friendly, English is widely spoken in cafes, restaurants, shops and Sofia feels like an easy place to live.

I am digging some old threads and I am planning to move to Bulgaria (my residency & company) and do some traveling

Are you still there? How is it going? Or have you found a better option for yourself?
Just curious - thanks you