Permanent Residency
The Island of Love
Cyprus is without a doubt an outstanding amongst other nations situated in Europe to live, work or retire in. Since becoming a member of the European Union (EU) state in 2004 and an individual within the Eurozone in 2008, the Republic of Cyprus offers a low individual tax collection framework, brilliant foundation, wonderful atmosphere, great airline associations, while likewise offering a safe haven for foreign investors and their families.
Country Benefits
Internationally regulated competitive tax system with network of agreements with 43 countries
Corporate income tax of 12.5%, one of the lowest rates in the Europoean Union
Foreign sourced dividends are exempt from tax
One of the safest and most stable countries in the world
Under European Union law and citizen of European Union State
English is widely spoken within the country
English standard legal system and common law
Perfect opportunity to operate and access European mainland
Friendly environment, excellent climate and tourist-friendly place
Fast-Track Permanent Residency
The Cypriot Ministry of Interior takes into account a quickened method to issue Immigration Permit (Permanent Residency Permit) of inconclusive span for foreign investors, who are third world nationals, applying under Regulation 6(2) of the Aliens and Immigration Regulations, gave that they satisfy the Financial Criteria
Key Points Of Eligibility
1
A non-Cypriot citizen, meeting the financial criteria explained in the next page
2
The spouse/cohabitee, the minor or financially dependant adult children and parents of the investor can also qualify
3
The definition of financially dependant adult children is: A. Student of up tp 25 years of age and B. Not studying to acquire professional title such as ACA, ACCA or Barrister
Prerequisites
Clearn Criminal Record from the country of residence. The investor cannot be blacklisted in European Union
Possession of residence(s) in Cyprus with a total net price of at least €500,000
Possession of a permanent residence in the Republic of Cyprus. The permit may be filed simultaneously with the citizen application
Financial Criteria
The investor is required to deposit an amount of €30,000 in a Cypriot Bank, pledged for 3 years and purchase or own a new residence of €300,000 + VAT
1
Applicant can purchase up to 2 residencial units or 1 residential unit and 1 shop which the total net value is at least €300,000 + VAT
2
Residences or apartments can be physically separated from each other but needs to be purchased from the same company
3
Upon submission of the fast-track application, the procedure will take up to 2 months given the completness of the application
4
Applicant can apply for reduced VAT rate of 5% instead of the standard 19% VAT on the purchase of the residences
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