The Cyprus Immigration Permit/Permanent Residency program is very attractive due to Cyprus’ strategic and cultural location at the crossroads of Europe, Africa and the Middle East. It is also an affordable European residency solution due to its accessible investment level of EUR 300,000.
Cyprus – The Jewel of the Meditteranean
Cyprus is ranked 1st for the safest place to live and visit among countries that have populations under 5 million. It is the ideal solution for non-EU investors looking to reside in a secure, socio-politically stable and modern European Union country (investment begins from EUR 300,000).FIND OUT HOW TO APPLY
Cyprus has been an EU Member state since 2004 and has been attracting evermore tourists from both the European Union and beyond. It offers its residents over 300 days of sunshine and is estimated to attract over 5 Million tourists per annum by 2020. It is referred to by many as the Jewel of the Meditteranean . It is also is one of the leading relocation destinations and has been cited as having one of the highest standards of living in Europe.
Gateway to Cypriot Citizenship
It is not mandatory for Cyprus Permanent Resident permit holders to reside in Cyprus but should they so wish to, they can use this as a route to Cypriot Citizenship. The requirement is 7 years of continual physical residence over the past 10 years.
For those seeking to relocate, obtaining Cyprus Citizenship is subject to the client demonstrating they meet the respective criteria, sufficient ties and spent enough time permanently residing there.
The investor should be able to demonstrate they will earn foreign sourced income (EUR 30,000 p/a) as they are not entitled to work.
To learn more about the benefits of Cypriot Citizenship click the button below.
Benefits of Cypriot Permanent Residence
1. Cyprus Permanent residency allows for the freedom to travel with greater ease and increased global mobility.
2. Investors can apply upon having invested EUR 300,000 in real estate, one of the lowest investment levels in Europe.
3. The Cyprus Permanent Residency holder can reside in Cyprus if they wish to, with any family members that have successfully been processed. The need to reside in the country is not mandatory though, but the holder must visit Cyprus every 2 years for it to continue to be renewed.
4. Various tax exemptios for Cyprus tax residents including no tax on any lump sum received as a retirement gratuity, as well as no wealth or inheritance tax.
5. The Cyprus Permanent Residence holder can apply for the Non-Dom status and enjoy a ten year tax exemption on 50% of gross employment income over EUR 100,000 (subject to specific criteria).
6. Dependent family members can also be included in the residency application.
AXESA advise all clients on the process from submission to successful application and exit or citizenship applications in the future. We have strong ties to Cyprus and can provide un-biased advice on the best locations to relocate to or invest in.
Find out below, the requirements for eligiblity of the Cypriot Permanent Residence or click the button for a breakdown of the Cyprus PRP Fees.
Are you Eligible?
The Cyprus Permanent Residency permit is suited for individuals who have:
1. a reputable character;
2. a traceable and clear source of funds;
3. an impeccable criminal record; and
4. an interest in relocating to a European country.
Maintaining the integrity of the investment migration industry is of paramount importance to us, hence we work exclusively with clients that align with our ethos. To learn more about our Client profile click here.
Cyprus Permanent Residence Requirements
1. EUR 300,000 in Cyprus real estate;
Note: this increases by an additional EUR 300,000 required investment in real estate for any adult dependent children or parents included in the application;
2. EUR 30,000 annual income from foreign sources.
Note: if a spouse/unmarried dependent child is included this increases by EUR 5,000 per dependent and for any parents/grandparents included, this increases by EUR 8,000 per dependent;
3. Three Year fixed deposit of EUR 30,000 with a Cyprus bank account with funds emanating from abroad;
The application time-frame from start to completion is 2 to 3 months. Click the button to explore in further detail the Cyprus PRP Application procedure.
Our team at AXESA is readily available to provide you with a free consultation elaborating on the Cyprus Golden Visa/Permanent Residence program and on the steps required in your/your clients’ particular circumstances.
We also work in close collaboration with private bankers, lawyers, wealth advisors and asset managers who serve High Net Worth Individuals. Should you wish to explore how we can collaborate on mutually serving your clients please get in touch.
Contact us today for a free 60 Mins Discovery call to explore our tailored investment migration solutions.