The combination of warm weather, quality of life, favourable taxation and advanced business infrastructures are some of the most considerable advantages which motivate business people to relocate and choose Cyprus as the base of their business projects.
Cyprus government aims at attracting foreign investment and boost the economic activity of the country. According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, non- European business people who meet certain criteria may acquire a Cyprus permanent residency for them and their family.
Acquire a Permanent Residency in 2 months:
The procedure is simple and straightforward as the application will be examined and approved within two months from the submission date.
Eligibility and Investment Requirements:
- Clean Criminal Record: The applicant must have a clean criminal record.
- Visit Cyprus every two years: The applicant must visit Cyprus at least once every two years.
- Purchase of a real estate of at least €300.000 plus VAT: The sale contract must be officially submitted to the Cyprus Department of Land and Surveys. The application form must be submitted together with a sale contract or title deeds in applicant’s name and proof of payment of at least €200.000 plus VAT. The payment of the whole amount must be deposited in a Cyprus bank account. The property can be purchased by a company legally established in Cyprus or other EU member-state as well, provided that the company is registered in the name of the applicant or in the name of applicant and spouse, and they are sole shareholders.
- A fixed deposit of €30.000 into a Cyprus bank: The applicant must submit a confirmation letter from a Cyprus bank stating that he/she has transferred from abroad at least €30.000 into an account. This amount will be pledged for at least three years and will be released by the end of this period. The minimum capital of €30.000 must be derived from sources other than employment in Cyprus.
- Secure annual income of at least €30.000 deriving from abroad: This income may include salaries from employment, pensions, rents, deposits, dividends from shares etc. The spouse’s income is taken into account while calculating the total annual income. Note that the annual income is increased by €5.000 for each child and by €8.000 for each parent or parent-in-law.
- Investment of a higher value for the inclusion of adult children: A Cyprus Permanent Residency can be granted to children who are not financially dependent on the applicant, provided that the market value of the purchased real estate property attributed to each adult child is at least €000 plus VAT. For instance, if the applicant has an adult child and wishes to obtain a permanent residency, then the value of the purchased property must be at least €600.000 plus VAT, if he has two adult children, then the value of the purchased property must be at least €900.000 plus VAT etc. In this case, a payment confirmation for the 66% of the property market value must be submitted together with the application. Moreover, each child must submit the necessary documentation with his/her application, such as a proof of a secured annual income of €30.000 and a deposit of €30.000 in Cyprus bank blocked for three years.
Personal and Business Benefits:
- Culture and quality of life.
- Low criminality.
- English is widely spoken.
- Geographical location between Europe, Africa, Middle-East and Asia.
- Cyprus is an EU member-state while maintaining all the benefits of a tax haven.
- Well-established business infrastructures.
- Lifelong validity without the need to renew it.
- Economic and political stability.
- No residency requirement. However, the applicant must visit Cyprus every two years.
- Cyprus is a common law jurisdiction.
- No inheritance tax.
- Favourable taxation and double tax treaties.
- Zero taxation on dividends and interest income, provided that the investor is non-domiciled in Cyprus.
- Zero taxation on profits derived from the disposal of securities, including shares and bonds.
- Zero taxation on total taxable income up to €19.500.
- No estate duty, wealth, gift or inheritance tax.
Contact Rah Legal and acquire a Cyprus Permanent Residency:
The team of Rah Legal has a thorough knowledge of the related procedures, so it is guaranteed that you will have the necessary administrative and legal support in every step of the application process. Our multilingual professionals are able to provide you with custom-made support adapted to your business and personal needs. If you need more information on this topic, then please contact our legal department.