Cyprus Permanent Residency

Cyprus Permanent Residency

 
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 a 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:

-purchase of property or investment with a value of €300.000 (plus VAT) as per the table below
-provide certified copy of valid passport of the applicant
-provide curriculum vitae which includes academic qualifications
-provide evidence of the secured annual income from aboard 
-provide official statement that the applicant not intend to work or be engaged in any form of business in Cyprus
-provide certified copy of clean criminal record
-provide a health insurance certificate for medical care covering inpatient and outpatient care
-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.
 
Cyprus Permanent Residency features  
Visa Type Permanent Residence Permit 
Time Frame 2 months
Requirements
  • Purchase of a house or apartment by a land development company, which must be for a first of sale of at least €300.000 plus VAT and register the sale agreement at Land Registry; or
 
  • Purchase of other types of real estate such as offices, shops, hotels or similar developments or a combination thereof with a total value of €300.000 plus VAT. (properties may also involve resales); or
 
  • Invest in the initial share capital of a new company of €300.000 or share capital increase of €300.000 in an existing company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus and has a proven physical presence in Cyprus and employs at least (5) people; or
 
  • Invest €300.000 in units of a Cyprus Investment Collective Investment Fund whose investments should be carried out in the Republic of Cyprus and  
 
  • Preparation of residence documents
Minimum Investment Property/Investment requirements as above
Taxation 12,5% corporation tax for profits of any Cyprus entity and 0% tax on Cyprus dividends and all other worldwide income  
Years to qualify for Citizenship 7 years residence but can apply at any time under the Individual Investor Programme (Citizenship by Investment)
Language for Citizenship n/a
Permanent Residence Yes
Other requirements None
Dual Citizenship Yes

Investments in Real Estate

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Protaras (Cyprus)

This fully renovated house is located in the peaceful area of Protaras.
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Paphos (Cyprus)

Olea Residences is rested on a hilltop in one of the most picturesque locations in Pafos.
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Limassol (Cyprus)

Harmony Suites is a four-storey building housing only 10 two-bedroom apartments.

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