Cyprus Residency by Investment
Time To Residency
Overview of Cyprus
Cyprus is part of the European Union, Euro zone, United Nations, the Commonwealth, the Council of Europe and the World Bank. Cyprus is in the process of joining the Schengen area soon.
Cyprus has a strong offshore banking system, the lowest EU corporation tax, no inheritance tax, foreign income tax, withholding tax on interest earned and has concluded 45 double tax treaties making it a strategic part of international tax planning.
Cyprus gives the option to Non- EU nationals to obtain a permanent Residency in the Republic which lasts for life. A PR holder can obtain the Cypriot citizenship via naturalization after 7 years of legally residing in the Republic.
To be eligible and obtain the Permanent Residency (PR) the investor should proceed as follows:
- Purchase up to two housing units OR one housing unit and a shop of up to 100 sq. m OR one housing unit and an office of up to 250 sq. m of a total value at least €300,000 plus VAT.
- A 3 year blocked deposit of €30,000 should be made in a financial institution in Cyprus.
- The applicant must show income from abroad of at least €30,000. This income should be increased by €5,000 for each dependent (spouse plus children) and by €8,000 for each parent/ parent in law.
PR permit can include the applicant, spouse and minor children up to the age of 18 years. A separate PR permit can be obtained for adult children up to the age of 25 years old provided they are single, financially dependent on the main applicant and students for at least six more months as from the day their PR application is submitted. The PR permit of the adult children is valid even after they have exceeded the age of 25 years old and even if they do not remain students and/or financially dependent on the main applicant.
Financially independent children are also eligible to obtain the PR permit provided the market value of the property the main applicant purchases is increased by €300,000 plus VAT per child. The children would also have to deposit a €30,000 three years fixed deposit. Parents and parents in law of the main applicant can also obtain the PR permit with the only requirement being that the PR holder presents an additional annual income of €8,000 per dependent parent.
|Nicosia||9,251 km²||1.17 million||Greek, English|
|CURRENCY:||EXCHANGE RATE:||GDP – PER CAPITA (2016):||GDP – TOTAL (2016):|
|Euro (EUR)||1 USD = 0.86 EUR||USD 23,324||USD 19.8 billion|
Compare Permanent Residency Program
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