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.
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 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.
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%.
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.