Cyprus Permanent Residency

BENEFITS

• Fast track procedure requiring only 2 months.
• The investment required is only €300,000 plus VAT in property.
• Cyprus is expected to enter the Schengen zone in the near future, therefore, Cyprus residents will have the right to travel freely within the zone.
• The residence permit is granted to the main applicant, their spouse, dependent children up to the age of 25 and the parents of both spouses.
• Residence permits issued to dependent children are not revoked when they lose their dependant status or when they pass the age of 25.
• Permanent residence permit holders are free to enter and live in Cyprus as they please but are not obliged to relocate to Cyprus. Nevertheless, in order to maintain the permit they need to visit Cyprus at least once every two years.
• The possibility of becoming a Cyprus tax resident that has significant tax advantages.
• No transfer fees for properties which are subject to VAT.
• A 50% reduction of transfer fees for properties which are not subject to VAT.
• No inheritance tax.
• No SDC tax on rental income and no tax whatsoever on dividend and interest income for non domiciled individuals.

REQUIREMENTS

To obtain a Permanent Residence permit applicants should:

1. Purchase one or two new residential properties (from the same developer) of a total value of at least €300,000 plus VAT. Alternatively, the applicant may purchase one residential property and one shop of a surface area of up to 100 sq.m. or one residential property and one office of a surface area of up to 250 sq.m.
2. Pay at least €200.000 plus VAT towards the purchase before the application is submitted.
3. Provide evidence that the purchase is made with funds received from abroad.
4. Provide evidence that the applicant’s annual income from abroad, such as salaries, pensions and dividends, amounts to at least €30.000. This amount is increased by €5.000 for any dependant family member (spouse or children) and by €8.000 for any parent of the main applicant or their spouse.
5. Deposit in a Cyprus bank for a 3 year period at least €30.000 sourced from abroad.
6. Provide proof of a clean criminal record.
7. Visit Cyprus at least once every two years.