Cyprus Permanent Residency – FAQ

FAQ

1. What are the benefits of the Cyprus Residency Program for Permanent Residency?

• The Permanent Residency Status enables your family to live freely in Cyprus and offers excellent education opportunities.
• Permit Holders can own a business and/or set up as an intermediary for export trading around the world thus taking advantage of Cyprus’ Business and Tax advantages.*
• Permanent Residency Holders can secure much easier travel visas to EU and other western countries.
• The Residence Permit covers the whole family and dependents up to 25 years old. *
• There are no renewal requirements.
• Visit Cyprus at least once every 2 years.
• You can apply for Cyprus citizenship after 5 years’ residency. *
  
  

  * Fast Track Residency only

2. What is the process for a Cyprus Permanent Residency permit?

There are two ways to secure Cyprus Permanent Residency:

• Fast Track Residency (Under regulation 6(2))
• Normal Process (Under regulation F Category)

How can I get Cyprus Permanent Residency?

3. Why proceed with the Fast Track Residency Scheme instead of the Normal mode?

The Fast Track procedure provides a GUARANTEED Cyprus residency within 2-4 months (unlike the normal approach) and covers the main applicant, his spouse and their children up to 25 years old.

4. What are the requirements for Fast Track Residency?

With the purchase of a property of only 300,000 Euro + VAT (of which an initial 200,000 Euro have been paid) you are eligible for the Fast Track Residence Permit Scheme. A deposit of 30,000 Euro needs to be maintained for 3 years in a Cyprus bank and must emanate from abroad.

5. Do I have to fulfill any other criteria?

Yes. The main applicant must:

• Have a clean criminal record
• Declare that he does not intent to be employed in Cyprus.
• Ensure the residential property was a first-time sale.
• Visit Cyprus at least once every two years.
• Ensure that the applicant in not included in the EU’s list of peoples with frozen assets.

6. What additional benefits are there to residing in Cyprus?

Comfortable Island Living

• Strategic geographical location at the crossroads of 3 continents
• Easily accessible by air – Major airports in Paphos and Larnaca
• Western style democracy
• Legal system based on English Law
• Stable economy

Safe and Family Friendly

• Relatively low cost of living
• Crime rate is low
• Education available at all levels (from kindergarten to university)
• Reliable telecommunications network
• High-standard banking facilities
• Good Healthcare system

Amazing lifestyle

• Fantastic Mediterranean climate
• Stunning beaches and coastline
• Cleanest bathing waters in Europe
• Most “Blue-flag” beaches per coastline in the world
• High quality tourist facilities
• Enjoy local and international cuisine

Favourable Taxation

• Double Taxation agreements with over 60 countries
• Cyprus tax rates
  • 0% Inheritance Tax
  • 0% Property Tax
  • 0% Tax on dividends for Non-Domiciled individuals
  • 5% Tax on pensions for amounts exceeding 3,420 EUR
  • 12.5% Corporate Tax on profits

Are you considering moving to Cyprus? Contact us today to see how we can help you.