Obtaining a permanent residence in European Cyprus
Permanent Residency Cyprus (South)
Permanent residency in Cyprus through investment (purchasing property of value of €300, 000.00): Your gateway to Europe
Cyprus has recently been ranked as the 5th best place in the world by the international lifestyle. Review (Source: Wealth Report 2018, prepared by Knight Frank, an independent global real estate consulting firm). Cyprus was the only European country next to Switzerland in the top five in terms of trade and leisure, ahead of London, Madrid, and Monaco. Cyprus also scored high due to its favorable tax regime for new residents. With at least 320 days of sunshine a year, Cyprus is classified as the sunniest place in Europe and is an ideal destination for permanent residence for non-EU nationals, enabling you to travel around Europe without a strict visa.
In line with the Cypriot government's goal of increasing foreign investment, the Ministry of Interior has recently simplified the procedure for issuing permanent residence permits to non-EU nationals wishing to invest in Cyprus.
Why apply for permanent residence (PR)?
• Regulation 6 (2) permanent residency permit grants a non-EU national the right to permanently reside in Cyprus with no renewal requirements;
• Lifts traveling restrictions and elaborate visa requirements(i.e. Visitor’s Visa) across the EU, facilitating access to the Schengen zone;
• Once granted, the permanent residency permit covers the whole family: the main applicant and spouse, their parents and dependents up to the age of 24.
• Fast track application procedure – all applications are reviewed by the Civil Registry and Migration Department and the Ministry of Interior grants final approval within 2 months from the date of filling;
• The application can be processed in the applicant’s absence and filed on their behalf;
• Application for a Cyprus permanent residency permit (PR) can be first step towards gaining Cyprus Citizenship;
• If a Cyprus tax resident, the PRP holder is exempt from tax on worldwide dividends and interest income for a period of 17 years. In addition to this, a Cyprus tax resident is exempt from tax on gains on disposable of securities. This is recognized as the most attractive personal income tax regime in the entire onshore tax world.
• Visit Cyprus every 2 years
• Valid for life