Permanent residency status in Cyprus can be obtained through the Permanent Residency Programme.
Cyprus has recently expanded the types of qualifying investments for non-EU nationals to obtain PR status under the ‘fast-track’ route from residential real estate to include commercial real estate.
The Investment – brief criteria
Purchase a property at the value of a minimum of 300.000 + VAT
- An income certificate is required
- A clear criminal record is also required
- Proof that funds came to Cyprus from abroad
- Favourable tax system benefits
- May be eligible and apply to become a Cyprus Tax Resident with the advantage of favourable tax benefits
Procedure and timeframe
- 2-3 MONTHS
The application typically gets approved within 2-3 months from the application submission. Once approval has been granted, the applicant and family members must visit Cyprus within one year to receive the permit.
The permanent residency permit validity
- THE RESIDENCY PERMIT IS VALID FOR LIFE
A visit to Cyprus once every two years is required. Children up to 18 years of age are considered dependants but must reapply following their 18th birthday; thereafter the permit is valid for life.
- NO VISA REQUIREMENTS
The Cyprus permanent residency holder and their family are free to enter/depart Cyprus at their leisure, even during times of travel restrictions such as the recently experienced Covid-19 pandemic, permanent residency holders and their families were able to come and go as required.
Eligibility for citizenship (European Passport)
A Cyprus Permanent Resident has the right (subject to conditions) to apply for a Cyprus passport.
Other benefits of Cyprus Permanent Residency Programme include:
- 100% approval rate
- The parents and spouse (where applicable) of the applicant may apply for the Permanent Residency Permit
- Stable and secure jurisdiction based on UK and European standards
- The applicant is permitted to form a company in Cyprus
- Free education at a public national Greek school or select an International Private School (fees to be paid by the family).
- This programme includes dependants under the age of 25 years old with proof of full-time education (University).
- Dependants must hold a ‘Single’ marital status (must not have been married)
- Permits are issued within a short timeframe, usually 2 to 3 months.
- Lowest tax rates in the Europe. Corporate taxation currently at 12.5%
- Low crime rate. Rated one of the top 5 safest countries in the world
- Excellent education system
- Excellent national and private healthcare
- No inheritance tax
Request a Consultation
and support required to fast-track your enquiry.
Contact us to assist you with any questions
you have regarding purchasing property in Cyprus.
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