Benefits of Living in Cyprus
'EU member state; the euro is the lcal currency'
'One of the most beneficial tax regimes in Europe'
'Mediterranean & stress free lifestyle'
'Low crime rate-one of the safest countries in the EU'
'English language widely spoken'
'Low tax environment on personal/ corporate income'
'Employment and Pension Income benefits'
'Highly developed infrastructure and services'
'High healthcare and education standards'
Cyprus Permanent Residence (Immigration Permit)
Foreign nationals may obtain an immigration permit on the basis of one of the categories referred to in Regulation 5 of the Aliens and Immigration Regulations 1972. An immigration permit will not be granted unless the immigration control board recommends to the Minister of Interior that such person belongs to one of the following categories:
Category A - Person who intents to work as a self-employed in agriculture, cattle breeding, bird breeding or fish culture in Cyprus, provided that they have in their possession adequate land or a permit to acquire it; they have fully and freely at their disposal a capital of €427,150; and that such an employment does not negatively affect the general Cyprus economy.
Category B - Persons who intend to work as self employed in mining enterprises in Cyprus, provided that they have in their possession the relative permit; thay have fully and freely at their disposal capital of €341,720; and such an employment does not affect negatively the general Cyprus economy.
Category C - Persons who intend to work as self employed in a trade or profession in Cyprus, provided that they have in their possession the relative permit; thay have fully and freely at their disposal capital of €256,290; and such an employment does not affect negatively the general Cyprus economy.
Category D - Persons who intend to work as self employed in a profession or science in Cyprus, provided that they have academic or professional qualifications for the special profession or science for which there is demand in Cyprus. Possession of adequate funds is also necessary.
Category E - Persons who have been offered permanent employment from a local employer in Cyprus, which will not create undue local competition.
Category F - Persons who possess and have fully and freely at their disposal a secured annual income, enough to provide for a decent living in Cyprus without having to engage in any business, trade or profession. The secured annual income required should be at least €9,568 for a single applicant and at least €4,613 for every dependent person. Most applicants under this category are pensioners or retired persons.
Family members need to apply for the alien registration certificate and residence permit to reconcile with the individually obtained immigration permit under one of the above categories in Cyprus.
Preferential Treatment Option
As measure to boost the local economy, the Council of Ministers decided to adopt a preferential treatment scheme on applications for immigration permits under the aforementioned Categories A-F by foreign nationals who own a private residence in Cyprus. Under this oprion, the application will have favourable treatment and is expected to be completed within 6-9 months.
To become eligible for the preferential treatment scheme, the individual should have purchased property in Cyprus with a price of over €300,000 excluding VAT. Care should be taken to ensure that the applicant and the dependants are not absent from Cyprus for more than two consecutive years as this will nullify their permanent residency status.
New and Accelerated Procedure Option (Fast Track)
The Ministry of Interior has recently announced the 'Fast Track' option that it significantly simplified time consuming procedures and reduces the time frame to 1-2 months for acquiring permanent residence. To be eligible for the new accelerated procedure, the foreign individuals need to meet the following requirements:
€30,000 secured annual income from abroad for the applicant; increased by €5,000 for each of the dependants (spouse and children under the age of 18 or children up to 25 years old if studying at a recognised tertiary educational institution). The Immigration Permit is still valid if the holder has exceeded the age of 25 years old
Acquisition of a new Cyprus property directly from the developer with a minimum price of €300,000 excluding VAT and proof of payment of at least €200,000 excluding VAT. The payment for the dwelling shall be settled in an account in a financial institution in Cyprus.
Confirmation from a Cyprus financial institution on applicants 3-year fixed deposit of €30,000 (source of the deposit from abroad)
Statement of Intention for both spouses - no intention to work/ engage in any form of business in Cyprus. The applicant and/or spouse may be shareholders in Cyprus registered companies and obtain dividends
Visit Cyprus at least once every 2 years
Clean criminal record
All the necessary documentation must be duly certified
Contact us for our schedule of fees.
Diclaimer: The above is intented to provide a brief guide only. It is essential that appropriate professional advice is obtained. XpertAdvice will be glad to assist you in this respect. Please do not hesitate to contact us.