Cyprus, an EU member, is a major hub for international trade and offers its residents a high quality of life. The island has beautiful Mediterranean beaches with a year-round climate of sunshine. It offers a good quality of life for its residents, an excellent healthcare system, and diverse options for education with many private English schools and universities.

The Cyprus Permanent Residence Permit has been in existence for a number of years, and the requirements, as well as the process, have been amended to become simple. The Cyprus government has introduced recently a new procedure for granting the permit to applicants who are third-country nationals and intend to invest in Cyprus.

The tax burden on residents is low when compared to other countries. Although residence permit holders are not allowed to be employed in Cyprus, they are entitled to be a shareholder and receive income from the dividends of a company registered in Cyprus, and subsequently benefit from a low corporation tax of just 12,5% on net profits and 0% tax on dividends for non-tax residents.

The authorities aim to grant the permit within two months from the date of submission. According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the permit may be granted to third-country nationals who fulfill the following criteria:

(a) purchase of one or more properties in Cyprus, with a value of €300.000 (plus VAT)
(b) provide a clean criminal record certificate issued by the authorities of the country of origin
(c) provide a statement of no intention to work in Cyprus, and
(d)  visit Cyprus at least once every 2 years

There are many foreign families who decide to move permanently to the island to take advantage of the warm weather, high standard of living and EU residency, or might be their preferred jurisdiction through which to conduct international business.