Cyprus presents the ideal location for both EU and non EU nationals looking for the perfect balance of business and pleasure. With its Mediterranean lifestyle offering a variety of pleasant amenities, high quality standard of living, lowest crime rates in EU, favorable tax regime and key location at the crossroads of three continents, Cyprus is becoming a prominent choice for relocation among businessmen and entrepreneurs.
To become a permanent Cyprus resident, as in accordance with The Permanent Residence Permit – Regulation 6 (2), a non-Cypriot individual needs to obtain a residence in Cyprus minimum worth of €300.000, to provide sufficient evidence of sustainable income and proceed with the immigration application. In detail, following the fast-track process the individual needs to follow the below steps:
- Acquire a residential property in Cyprus of a minimum value of €300.000
- Obtain a Criminal Record Certificate issue from their country of origin
- Gather necessary documentation to provided as proof that the individual has a secured minimum annual income of €30.000
- Transfer the funds to a Cypriot Banking Institution in a three year Fixed Deposit Account
- Submit application along with accompanied documentation:
- Title deeds or contract of sale for the property
- Proof of payment for at least €200.000
- Annual Income documentation evidence
- Proof of Funds Transfer
- Criminal Record
- Notarized Copy of valid passport (expiration of at least two years)
- Medical Exams – Original blood analysis results showing that the applicant does not bear/suffer from HIV, syphilis, hepatitis B and C and a chest x-rays for tuberculosis (TB) from the country of origin
- Other documents to be used as evidence of the applicants claims
Additional Considerations
- If the applicant has a family the annual income amount requirement increases by €5.000 for each dependent child and €8.000 for each dependent parent or spouse
- A dependent child is any person under 18 years of age or a student under the age of 25. In case of student you need to provide evidence
- Property can be multiple assets (example house plus apartment)
- VAT rate for property is 5% for first residences and on the first 200 square meters of the property, provided that they are to be used as the primary and permanent place of residence for the next 10 years, and 19% for the anything above 200 square meters (current standard rate of VAT)
- Applicant must visit Cyprus at least once every two years
- For applicant seeking only permanent residence the preparation of an Affidavit stating that the applicant does not going to engage in any professional activity in Cyprus is needed. For applicants seeking residence due to work additional documents will be required depending on their work permit category
- Permanent Residence Permit is issued approximately two months from the date of submission of complete application
- Applicants may apply for Citizenship and become a Cypriot citizen after holding Permanent Resident status for 7 years and resided in Cyprus for at least 5 years.
Why Cyprus
- Cyprus Residence Permit is permanent and no need for future reconsideration. It is a lifetime permit.
- It can apply to the entire family (parents, children, grandparents)
- Once the Permanent Cyprus Residence Permit is obtained the applicant and his family included in his Immigration permit will be entitled to apply for a Schengen Visa through any Schengen European Embassy.
- Cyprus has a relaxed, stress-free lifestyle with the lowest crime rate in Europe
- No Inheritance Tax applies in Cyprus
- The education system in Cyprus is well known for the high quality and standards and offers an excellent schools and universities, evident is the highest number of graduates of secondary education per capita in Europe
- Modern infrastructure and healthcare
- Cyprus also provides favorable tax regime with 12.5% corporate tax rate, and double taxation treaties with almost 60 countries
- Risk free Freehold property ensures permanent property rights
- Warm climate with sunshine through the year
- The island has an advanced economy and a high human development index (HDI), with regards to living and quality of life
