ACCOUNTING . AUDIT . TAX ADVISORY
COMPLIANCE . NON-DOMICILE . ASSURANCE
PERMANENT RESIDENCY
For many years, the fast-track Cyprus Permanent Residency programme (also known as the 'Cyprus Golden Visa') is highly valued by business executives and high net worth families because of the many benefits - financial and other.
In cooperation with legal advisers and immigration consultants, we offer this permanent residency by investment solution to non-EU citizens who are looking for an opportunity to invest modest amounts in real estate, local companies or approved investment funds and acquire the right to live in Cyprus and any other EU country indefinitely.
BENEFITS OF THE CYPRUS PERMANENT RESIDENCY PERMIT (CYPRUS GOLDEN VISA)
✔ Covers the Whole Family.
With one investment, application for permanent residency permits can be made for the main applicant, spouse, parents, parents-in-law, dependent children up to the age of 18 and dependent children enrolled in higher education institution up to the age of 25.
✔ Easy Application Requirements.
Unlike other countries, there is no need for medical reports, language requirements or obligation to live long periods in the country before or after the issue of the permanent residency permit.
✔ Easy Travel and Residence in EU countries.
Easy access across the EU zone and easier access to the Schengen zone, USA and Canada.
✔ Easy and Fast Application Processing.
Final approvals are usually granted within 3 - 6 months from the date of filing. The application can be processed in the applicant's absence and filed on their behalf by our office.
✔ Possible Favourable Tax Status.
If the applicant resides in Cyprus for certain number of days during a year then he/she has the option to apply to become Cyprus 'tax resident' which has attractive tax benefits.
✔ Possible Lower University Tuition Fees.
Some schools and universities in the EU, offer free or lower tuition fees for Cyprus permanent residents.
✔ Possible Lower Medical Fees.
Some public hospitals in the EU, offer free or lower medical fees for Cyprus permanent residents.
✔Eligible To Apply For Citizenship By Naturalization
After 7 years of legal permanent residency, if the applicant has resided for full 5 years (1825 days) in Cyprus, then he is eligible to apply for citizenship by naturalization subject to certain conditions.
REQUIREMENTS FOR THE CYPRUS PERMANENT RESIDENCY PERMIT
(Valid from 24.03.21)
> The applicant must provide evidence of annual income of at least EUR30,000 originating from abroad (plus EUR5,000 for each dependent and EUR8,000 for each parent or parent in law). The income should derive from sources as salary, rent, pension, interests, dividends, etc.
> The income should be derived from legally acceptable sources abroad. It should be secure and be able to provide long term support for the applicant and his family.
> The applicant must make an investment in one of the following ways:
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A. Purchase of one of more new house or apartment from a developer (first sale) with combined value of at least EUR300,000 (plus VAT if applicable).
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B. Purchase of real estate, other than houses and apartments, such as offices, shops, restaurants or combinations thereof, with total value of EUR300,000. In this category, resale properties are allowed.
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C. Investment of at least EUR300,000 in the share capital of a company or companies, registered in Cyprus, with physical activities in Cyprus and minimum five staff employed in Cyprus.
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D. Investment of at least EUR300,000 in a Cyprus registered Collective Investment entities, such as an Alternative Investment Funds (AIF, AIFLNP, RAIF).
> If the Applicant chooses to invest under criteria B, C, or D above, then he has to present proof of his place of residence in Cyprus. This can be a title deed, sales agreement or rental agreement.
> The EUR300,000 property investment can be one or two new properties from the same developer. One must be residential, while the second can be residential or commercial.
> The applicant’s presence at the time of purchase is not mandatory and can be facilitated by our office
> The purchase can be in the name of a legal entity legally established in the European Union in which the sole shareholder is the applicant and his/her spouse.
> If the Applicant chooses to invest under criteria A and B above, then as soon as he has paid €200.000 plus VAT to the developer or seller, he can submit the application.
> Applicants do not have right to work in Cyprus so they will be asked to sign an Affidavit that they are not going to engage in any professional activity in Cyprus. (Note that income from dividends in a Cyprus Company is not considered as a violation of this requirement).
> Clean police certificates from the country of residence for the applicant and adult dependents.
> The applicant and all dependents must not be on EU, UN or other international sanctions or restrictions.
> The applicant must visit Cyprus within one year of the date of issuance of the permanent residency permit to provide biometrics, and subsequently once every two years thereafter.
> There are no medical tests, no language requirements and no requirement to live long periods in the country before or after the issue of the permanent residency certificate.
Here are reasons why a UK retired person should relocate move redomicile to Cyprus Lower tax rates: Cyprus has one of the lowest corporate tax rates in the European Union, making it an attractive option for a retired person looking for a more tax friendly environment Lower cost of living: The cost of living in Cyprus is very low compared to the UK, making it a great choice for those looking to stretch their pension further Beautiful Weather: The average temperature in Cyprus is around 20°C, with the sun shining for over 300 days a year Easy access to healthcare: Cyprus has a public healthcare system that is free for residents and EU citizens, as well as private healthcare options Affordable housing: Property prices in Cyprus are much lower than the UK, meaning a retired person can get a lot more for their money Relaxed lifestyle: With its laidback atmosphere and slower pace of life, Cyprus is a great place to relax and enjoy retirement Access to the EU: As an EU member state, Cyprus offers access to the European Union and its benefits Safety: Cyprus is one of the safest countries in the world, with a low crime rate and strong police presence Rich culture: With its diverse history and culture, Cyprus is a great place to explore and experience something new Quality of life: With its stunning scenery, friendly locals and great climate, Cyprus offers a high quality of life for retirees. Convenient travel: Cyprus is well connected to the rest of Europe and the world, with direct flights to major cities Variety of activities: With its stunning beaches, ancient monuments and vibrant nightlife, Cyprus has something for everyone.
CYPRUS CITIZENSHIP
> Interest in Cypriot citizenship has been growing from UK and non-EU citizens who are looking for safe country to live which offers a passport with visa-free travel to many countries. The popular Cyprus Investment Programme which allowed high net worth investors to acquire a Cyprus passport with about €2.5 million investment has been cancelled since 1st November 2020.
> Today there are three legal ways to acquire a Cyprus passport:
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By naturalization based on being legally resident in Cyprus
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By marriage to a Cypriot citizen
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By having Cypriot citizen ancestors
Disclaimer: The above mentioned regulations and requirements are subject to change at any time by the Cyprus Council of Ministers, Cyprus House of Parliament or the Cyprus Ministry of Interior. We advise readers to contact Relikor or legal advisors to confirm the latest regulations.