The Permanent Residence Permit (PRP)– Regulation 6 (2), enables applicants (EU and non EU) to apply for a PRP if they can demonstrate that they have an adequate level of income at their disposal to reside in the Republic of Cyprus, have a clear and reputable source of funds and can pass a due diligence review.
We will personally accompany our clients in their meetings with the Cyprus licensed service providers and coordinate all aspects of the applicant’s (and his/her family members) itinerary and agenda.
We are committed to delivering a high calibre of personalized service and ensure we do so with integrity.
Property viewing meetings will be set up with reputable real estate agents in Cyprus to identify and select appropriate Cyprus residential properties that are in line with the requirements of the Permanent Residence Permit regulations. We ensure that each designated property undergoes a thorough real estate due diligence.
In order to be eligible to apply the applicant must demonstrate that:
- They have income streams from abroad of a minimum of EUR 30,000
- This income must afford them a high calibre of life without them needing to be engaged in any business, employment or trade
- The applicant and any dependents must be able to prove a clear and justifiable source of income for their savings, assets, income
- A clean criminal record from the relevant jurisdictions they have resided in
- Birth certificates and marriage certificates (where applicable)
- An affidavit that they do not seek to be employed/in business in Cyprus
Should the applicant wish to include a spouse or child, the annual income increases by EUR 5,000 per dependent and for any of the applicant’s parents by EUR 8,000 per individual.
NOTE Dividends from a Cyprus Company, rents, pensions and salaries from abroad are permissible.
How to Apply
The key requirements for securing a Cyprus PRP by investment is to acquire a residential property that has a minimum market value of EUR 300,000 plus VAT. There are specific conditions governing the VAT applied but subject to meeting these, there is a reduced rate of 5% VAT on the first 200 square metres of the property’s area and 19% applied thereafter.
It is mandatory for the applicant to present that they have paid for a minimum of EUR 200,000 towards the residence. The applicant must also open a fixed deposit with a minimum capital of EUR 30,000 in a local bank for a period of 3 years.
Cyprus Tax Benefits
Once the applicant and his/her dependents (subject to eligibility) have secured their Permanent Resident Permit (PRP) then they may enjoy the following benefits afforded to Cyprus residents:
- No tax on any profits earned from the disposal of securities including shares and bonds
- No tax on dividend/interest income if the applicant is non-domiciled in Cyprus
- Ten-year tax exemption on 50% of gross employment income earned in Cyprus if the individual has a gross annual income from employment of more than EUR 100,000, considering they were resident outside Cyprus prior to starting their employment
- No tax on employment income earned for offering services to an overseas employer or to an overseas permanent establishment (PE) of a Cypriot employer for more than 90 days in a tax year
- No tax on any lump sum received as a retirement gratuity
- 5% tax on pension received from abroad exceeding EUR 3,420
- No inheritance tax, estate duty, wealth or gift tax
We assure all our clients they will only be liaising with reputable market leaders in Cyprus and we ascertain that all the groundwork is formally done from valuations, legal purchase contracts and transaction procedures to give our clients peace of mind. We deliver a complete immigration solution from cradle to grave.
If you would like to schedule a confidential consultation please drop us a line at firstname.lastname@example.org for a no-obligations FREE 60 minute assessment of your requirements.