Cyprus

Cyprus Permanent Residence Permit

A Permanent Residence Permit is very useful as a means to ease travel to EU countries and as a gateway through which to organise business activities in Europe.

Benefits of the programme include:

• The procedure generally takes two months from the date of the application.
• The applicant’s passport is stamped and a certificate provided that indicates that Cyprus is a permanent place of residence for that individual.
• Simplified process for acquisition of a Schengen Visa for holders of a permanent residence permit.
• Ability to organise business activities in the EU, from Cyprus.
• If the applicant becomes tax resident in Cyprus (i.e. they satisfy either the “183 day rule” or the “60 day rule” in any one calendar year) he/she will be taxed on Cyprus income and income from foreign sources. However, foreign tax paid can be credited against the personal income tax liability in Cyprus.
• There are NO wealth and/or NO inheritance taxes in Cyprus.
• There is no language test.

To find out about living in Cyprus, please click here.

Cyprus Permanent Residence Permit

The applicant, and his/her spouse, must prove that they have at their disposal a secure annual income of at least €30,000. This annual income needs to increase by €5,000 for every additional dependant. The income can be from pensions, overseas employment, interest on fixed deposits or rental income from abroad.

In order to qualify, an individual must make an investment of at least €300,000 in one of the following investment categories:

• Purchase residential real estate (house/apartment) by a Land Development company in Cyprus, which should relate to a first sale of at least €300,000 (excluding VAT). At least €200,000 must be paid as the Sale Contract is signed and prior to the application for the Permanent Residence Permit.
• Investment in real estate (excluding houses/apartments): Purchase other types of real estate, such as offices, shops, hotels, or related estate developments of a combination of these, with a total value of €300,000 (excluding VAT). Re-sale properties are acceptable.
• Investment of at least €300,000 in the share capital of a Cyprus company, which is based, and operates in Cyprus, has substance in Cyprus, and employs at least 5 people in Cyprus.
• Investment of at least €300,000 in units of a Cyprus Investment Organisation of Collective Investments (type AIF, AIFLNP, RAIF).

Cyprus Permanent Residence Permit

• The applicant and his spouse must submit evidence that they have a clean criminal record from their country of residence.
• The applicant and his/her spouse must confirm that they do not intend to be employed in Cyprus.
• The applicant and the family members included in the Permanent Residence Permit must visit Cyprus within one year of the permit being granted and from then on at least once every two years (one day is regarded as a visit).

Capital gains tax is imposed at the rate of 20% on gains from the disposal of immovable property situated in Cyprus, including gains from the disposal of shares in companies which own immovable property, excluding shares listed on a recognised Stock Exchange. Capital gains tax is imposed even if the owner of the property is not a Cyprus tax resident.