The Cyprus Permanent Residence Program
Cyprus Tax Facts
Permanent residency status in Cyprus can be obtained through the Permanent Residence Program. Arguably the best fast track program in Europe that permits foreigners to acquire an Immigration Permit through property investment.
Cyprus is an attractive place in which to reside, has a warm and stable climate, and is in a convenient geographical position in the Eastern Mediterranean.
- The main requirement is the purchase of new immovable property of a total market value of at least EUR 300,000 plus VAT. The contract of sale must have been submitted to the Cyprus Department of Land and Surveys. The property can also be bought by a company provided that the company is registered in the name of the applicant or the applicant and their spouse. They must also be sole shareholders.
- The applicant must submit a confirmation letter from a Cyprus bank that they have deposited a minimum capital of EUR 30,000 from abroad into an account that will be locked for three years. After the expiration of this period, the money will be released without restrictions.
- The applicant must provide supporting evidence of a secured annual income of at least EUR 30,000 deriving from abroad. This income must increase by EUR 5,000 for the spouse and every additional child and EUR 8,000 for each dependent parent. The income may include, for example, salaries from employment, rents, pensions, and dividends from shares.
Procedures And Time Frame
The application will be examined by the Civil Registry and Migration Department and will be submitted to a permanent secretary of the Ministry of Interior, who will decide 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 to capture the biometric data for all members of the family applying. The biometric data can be submitted either with the submission of the application for residence, during the application process, or immediately after approval.
Benefits Of The Cyprus Permanent Residence Program
- FOR THE ENTIRE FAMILY: PARENTS – CHILDREN – GRANDPARENTS Cyprus Permanent Residence Permit covers the whole family including dependants and parents of the applicant and his/her spouse
- FAST TRACK: The application procedure is highly efficient, within two months.
- PROPERTY INVESTMENT: ONLY 300,000 EUROS Guaranteed fast track straightforward procedure. The property must be bought from a licensed development company (first sale property)
- FAVOURABLE TAX SYSTEM BENEFITS: Can be eligible to apply for becoming Cyprus Tax resident with the advantage of being exempt for worldwide dividend and passive interest income and from the profit of the sale of securities.
- VALID FOR LIFE: NO NEED FOR FUTURE RECONSIDERATION The Permanent Residence Permit is valid for Life. You need to visit Cyprus once every two years at least for one day
- EUROPEAN PASSPORT: YOU BECOME ELIGIBLE FOR CITIZENSHIP A Cyprus Permanent Resident has the right (under certain conditions) to apply for a Cypriot passport following their physical presence on the Island.
- VISA REQUIREMENTS: NO VISA NEEDED TO ENTER CYPRUS The Cyprus Permanent Residency holder and his family are free to enter Cyprus without the Cyprus Permanent Residency holder and his family are free to enter Cyprus without the need of obtaining a visa.
McMillan Woods Cyprus Can Help You Acquire The Permanent Residency
Here at McMillan Woods Cyprus we can offer a full range of services to non-European Citizens who are interested in obtaining a Permanent Residence Permit in Cyprus.
Our company provides the following services regarding Residence Permit:
- Advising on acquiring a property in Cyprus
- Advising on the application procedure
- Answering possible queries that may arise
- Preparation of the required application documents
- Submitting the application to the Cypriot authorities on behalf of the interested person
- Monitoring the progress of the application, a procedure which normally takes about two months