Cyprus Permanent Residence-Fast Track
CRITERIA AND ACCOMPANIED DOCUMENTS
- Copy of valid passport of the applicant and his dependents.
- Curriculum Vitae.
- Tax return declaration from the country the applicant declares tax resident for the proof of the annual income (original documents and affidavit or declaration). Annual income must be of at least €50.000 from sources outside of Cyprus. This amount is increased by €15.000 for the spouse and €10.000 for each minor child as dependents of the applicant.
(A) Investment in a house/apartment:
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- Title of ownership or contract of sale duly stamped by the Stamps Commissioner and the Department of Lands & Surveys (original or certified copy) and proof of payment for at least €300.000 (plus VAT) and Search Certificate of Immovable Property from the Department of Lands & Surveys, if necessary or
(B) Investment in real estate (excluding houses/apartments):
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- Title of ownership or contract of sale duly stamped by the Stamps Commissioner and the Department of Lands & Surveys (original or true copy) and proof of payment for at least €300.000 (plus VAT) and Search Certificate of Immovable Property from the Department of Lands & Surveys, if necessary or
(C) Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic:
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- Share Purchase Agreement of a minimum value of €300.000.
- Shareholders Certificate and Certificate of Incorporation by the Registrar of Companies and Official Receiver.
- Business profile of the company including business objectives etc.
- Evidence regarding the personnel employed by the company issued by the Social Insurance Services or
(D) Investment in units of a Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF):
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- Titles or other proof of the purchased units of a minimum value of €300.000.
- Confirmation by the CySEC on the setup of the Fund.
- Memorandum of the Fund or the Investment Fund.
- Title of ownership or contract of sale and proof of payment of the property or rental agreement (original or true copy), for investments according to criteria (B), (C) and (D) and for the cases where the investment property does not satisfy the needs of the applicant’s family.
- Documents proving that the capital used for the investment has been transferred to Cyprus from abroad.
- Official Statements by the applicant and his/her spouse that they do not intent to undertake any sort of employment in Cyprus, with the exception of their employment as a Director in a Company in which they have invested according to the provisions of the criteria for granting an Immigration Permit to third country nationals who invest in Cyprus.
- Original Criminal Record Certificate for the applicant and his/her spouse, duly certified and officially translated from their country of origin and their country of residence, if different.
- Health Insurance Policy Certificate for medical care covering inpatient and outpatient care, for the applicant and his family members.
- Marriage Certificate duly certified and officially translated (if it is applicable).
- Children’s Birth Certificates dully certified and officially translated (if it is applicable).
- Authorization of representative (signed and certified).
Key Factors of Cyprus PR
- The period for granting PR under the simplified procedure it takes two months to be obtained.
- Holders of PR are not allowed to work in Cyprus. However, they can be shareholders in a Cyprus company, which can do business in Cyprus or abroad and receive dividend income from it.
- The PR permit in the Republic of Cyprus, does not grant visa-free travel to other countries or European Union member states, as it is only for Cyprus.
- The PR holder must personally visit Cyprus at least once every two years.
- A holder of PR permit can apply for Cyprus Citizenship after eight years of residing in Cyprus.
- PR can be granted not just to the main applicant but also to the following relatives of the applicant:
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- Applicant’s spouse. However, applicant must provide proof of an additional €15.000 in secure annual income for the dependent spouse.
- Dependent minor children up to 18 years old of the main applicant and his/her spouse. However, applicant must provide proof of an additional €10.000 in secure annual income for each dependent minor child.
- The spouse and children of the applicant up to 18 years old can acquire the PR permit. Also, children between the age of 18 and 25, can apply separately for a student immigration permit, provided that they fulfil the following:
- Unmarried.
- Financially dependent on the investor.
- Additional annual income of €10,000 for each child.
- University students abroad on the date of submission of the application.
- The children keep the PR permit for a lifetime, even if they exceed the age of 25 or do not continue to fulfil the above (financially dependent, students, unmarried). However, their children and their future spouse cannot acquire the PR permit, as dependents on their PR. If the children want to study at a University in Cyprus, they must apply for a temporary residence permit as students. When they will finish their studies, they can apply for PR permit regardless of their age, with the condition of an extra annual income of €10.000.
Cyprus at a Glance
Attractive Tax System
- Low corporate income tax rate of 12.5%
- EU & OECD Compliant
- Access to EU directives (e.g. Parent-Subsidiary)
- Extensive double tax treaty network with over 65 countries
- Dividend participation exemption (subject to conditions).
- Exemption from tax on gains from the disposal of securities (e.g. shares, bonds)
- No withholding taxes on interest and dividends paid to non-residents of Cyprus.
- No taxation of capital gains (except for disposal of real estate in Cyprus or shares of company holding real estate in Cyprus)
- No succession taxes
- No Controlled Foreign Company (CFC) rules
- Tax neutrality on foreign exchange differences unless they arise from trading in currencies or currency derivatives
- Foreign tax relief on income subject to both Cypriot and overseas tax
- Exemption on profits of foreign permanent establishments (subject to conditions)
- Company reorganization rules based on the EU Mergers Directive allow for tax-neutral group restructuring
- Attractive Intellectual Property regime in line with “modified nexus approach” (OECD Action 5)
- 50% exemption on employment income exceeding €55.000 per annum for non-residents taking up employment in Cyprus.
- No tax on dividends, interest and rental income of non-domiciled individuals
Modern Legal Framework
Our country’s competitive advantages are significantly enriched by a robust and transparent legal and regulatory framework and an attractive tax regime, which offers a wide range of incentives and advantages both for legal and natural persons.
Cyprus’ legal system, based on English Common Law principles, is widely recognized as a business-friendly and effective system that ensures transparency and reliability in business practices. Offering foreign businesses a familiar and reliable framework within which to operate, Cyprus’ legal system is also fully compliant with the EU, the Financial Action Task Force on Money Laundering (FATF), OECD, FATCA, the Financial Stability Forum laws and regulations and EU AML directives.
The very core script of the Cyprus Companies Law (CAP. 113) is a replica of the UK Companies Law. However, it is important to note that since its adoption several decades ago, the Law was, and still is, a subject of numerous amendments in the effort of the government to implement all the reforms necessary in order to remain competitive.The Companies Law, as all other legislation in the Republic of Cyprus, is fully compliant with EU Directives and Regulations. As such, any physical person, both from the EU or a third country, who registers his or her company in Cyprus, can engage in business activities without any restrictions.
Cyprus Overview
Cyprus, with an area of 9,251 km² and coordinates at 35°N and 33°E, lies at the crossroads of Europe, Africa and Asia at the crux of the busy shipping and air routes linking the three continents.
Cyprus has a pleasant Mediterranean climate with year-round sunshine. Stunning coastlines, golden sandy beaches and clear blue waters, coexist in harmony with glorious mountains of wild natural beauty and peaceful, picturesque villages. A total of 76 beaches and 2 marinas in Cyprus have been awarded Blue Flag status in the year 2024.
Cypriots are known worldwide for their genuine and sincere hospitality and friendliness. Like Cypriot culture, Cypriot cuisine is an amalgamation of different influences from Greece, the Mediterranean region and the island’s previous conquerors.
Quality of Life
High quality of life is without a doubt one of Cyprus’ most attractive attributes. Indicatively, the island was ranked as the 5th best relocation destination worldwide by the 2013 Knight Frank Global Lifestyle Review, while Limassol, the second biggest city in Cyprus has been ranked 4th best retirement destination globally by the 2016 Knight Frank Global Lifestyle Review.
Safety
Besides its natural beauty, Cyprus offers a highly valued safe environment, with low stress levels and crime rates, ideal for a peaceful family life. Acknowledging the island’s safety and security standards, ValuePenguin has ranked Cyprus 5th worldwide and 1st among smaller Countries in its Safest Countries in the World study for 2015 and ranked 5th safest country for 2020 by Insurly