Cyprus

The Cypriot Permanent Residency (PR) Programme requires all Non-European nationals to purchase one or two properties (residential) in Cyprus for themselves and their family for a total value of €300.000 + VAT to acquire a PR permit.

This is a fast track programme whereby applications are processed within 2 months of filing.

 

THE COUNTRY

Cyprus is strategically located at the crossroads of three continents, Europe, Asia and Africa. Nicosia is the capital and the population is around 141,000. Cyprus has a modern, free-market, service-based economy, with an effective and transparent regulatory and legal framework for international investors and businesses. It is the hub of energy and shipping industries and is a popular international tourist destination. Cyprus became an European Union (EU) member state in May 1 2004 and has close ties to many member states of the EU. Cyprus is also hoping to join the EU Schengen zone in the near future although a set date for this transition is not yet in place.

Over 80% of the population speak fluent English and there are excellent education facilities including several UK universities with campuses on the island. It boasts the lowest crime rate in the EU and is the 5th safest country in the world. There is also a high standard of healthcare facilities available.

Property acquired is freehold and VAT on property can be reduced to just 5% (subject to conditions). It also has the lowest corporate tax rate in the entire European Union – currently standing at 12.5%.


RESIDENCY PROGRAM

Requirements:

  • Purchase immovable property worth a minimum of €300,000 plus VAT.
  • A Bank deposit of €30,000 in a Cypriot Bank, pledged for 3 years.
  • The applicant should prove at least €30,000 income for himself and plus €5,000 for each dependent included.
  • An applicant may purchase up to 2 residential units (apartment or house), or 1 residential unit and 1 shop with an area of up to 100m² or 1 residential unit and an office with an area of up to 250m2
  • Properties may be independent of each other but both must be sold by the same company.
  • The property must be new (not a resale).

Conditions

  • All investment funds must be proved to have emanated from abroad.
  • A declaration is signed by the applicant/spouse that there is no intention to be employed in Cyprus. The applicant and/or their spouse can be shareholders and directors in a company registered in Cyprus.
  • All applicants must visit Cyprus at least once every 2 years.
  • Have a clean criminal record.
  • Unmarried children between the ages of 18 and 25 can be included, provided they are students and financially dependent on the applicant. They can submit their own application to obtain the Permanent Residency Permit on the basis of the main applicant’s investment.

BENEFITS

  • Residents are welcome to live in Cyprus and can more easily apply for Schengen Visa travel.
  • No need to reside in Cyprus, just a visit once every two years is needed.
  • Fast track process, only 2 -3 months to acquire Cyprus PR permit.
  • High quality private and state schools offering a vast array of courses.
  • A popular worldwide tourist destination and therefore there is a high demand for rental properties with very reasonable property prices.
  • It is a highly developed country which enjoys a high quality of life, political stability, a beautiful natural environment and a sunny Mediterranean climate all year round.
  • No inheritance tax; Cyprus has one of the lowest corporate tax rates in the world and double taxation treaties with over 43 countries.
  • Investors can easily open bank accounts and expand investments worldwide.

DEPENDENTS

Residency applies to the whole family (applicant, spouse and children under 18 years old). Dependent children between 18-25 and parents of the applicant are also eligible.

TAXATION

In 2015 the Cypriot government introduced measures to encourage international investment and residency from high net worth investors. Non-domiciled Investors (those who get residency but choose not to live in Cyprus) will be exempt from taxation in Cyprus for personal investment income including dividends and interest. They will pay zero tax in Cyprus irrespective of whether the income is earned in Cyprus or abroad. There is no inheritance tax and Cyprus also has one of the lowest corporate tax rates in Europe at just 12.5%.

APPLICATION PROCESS

  • A typical application involves an initial consultation with us followed by a 3 -7 days visit to Cyprus to view properties, meet with lawyers and open a bank account.
  • Once a property(ies) has been selected through our team, the appointed lawyers will handle the entire application process including the conveyancing and legal work against the purchase.
  • The application will then be examined by the Civil Registry and Migration Department and will be submitted to a permanent secretary of the Ministry of Interior for a decision within two months. Once approval has been granted, the applicant and all the members of the family must visit Cyprus within one year to obtain the actual permit.
  • When in Cyprus, a visit is organized to the migration office in Nicosia in order to capture the biometric data for all members of the family. The biometric data can be submitted either with the submission of the application for residence, during the application process, or immediately after approval.

FEES

The majority of additional fees are made up by the VAT against the property purchase which is usually 19% (can be reduced to 5%) and legal/administrative fees. Please contact us for a full breakdown of the fees.

Our experienced consultants and immigration lawyers will manage the entire application process with document preparation and validation and all government formalities. We partner with the best real estate developers and agents and will arrange for the client to view the properties and get the best possible investment opportunities. Please contact us and our team will be delighted to assist you.

BECOME A world citizen

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