Benefits of Cyprus permanent residence

The Cyprus permanent residency by investment program is designed especially for Non-EU citizens who can invest a minimum of €300,000 in Cyprus property or business. Investors with Cyprus Permanent Residency are not required to move to Cyprus, but they must visit an island at least once in 2 years.

List of Cyprus permanent residency benefits:

• visa-free entry to Cyprus, even in case of closed borders;

• living in Cyprus without time limits;

• opportunity to get citizenship in 5 years;

• no tax on global income, inheritance and property.

How to obtain permanent residence in the European Union within half a year

Termless status. Once granted, the Cyprus permanent residence permit doesn’t need to be replaced. Investors don’t need to update their cards every few years compared to temporary residence permits. Once every ten years, the permanent residence card is replaced, for which the holder brings new photos.

Favourable tax system. There is no tax on global income, inheritance, and property. The corporate tax rate is one of the lowest in Europe and is 12,5%. A company also does not pay tax on income from dividends, exchange rate differences, securities transactions, or a foreign branch of a Cypriot company.

Cyprus citizenship prospect. In five years of Cyprus permanent residency, you can apply for a passport. When investors obtain Cypriot citizenship, they can travel to more than 170 countries, including 27 EU states, without getting visas or other additional documents.

Cyprus is a member of the EU. The Cypriot passport allows living, working and studying in any EU country. In some countries, you will need to get a residence or work permit, but it’s just a formality. For example, staying longer than 3 months in Italy must get registered at the Vital Records office of the municipality of residence.

Cyprus is situated in the eastern part of the Mediterranean and connects Europe, Asia and Africa. Since ancient times it was a link between Egyptians, Assyrians, Arabs, Greek and Romans. Therefore the region has a rich history and impact of the greatest civilisations.

The Cypriot population is multicultural. Most Cypriot residents speak English, which makes it easier for expats to fit into society and run businesses smoothly and hassle‑free.

Mediterranean climate. Cyprus enjoys a pleasant Mediterranean climate of long dry summers and mild winters. The island has one of the warmest climates in the Mediterranean part of the European Union. Daily temperatures during July and August vary between 24 and 30° C. In January, the daily temperature is 10° C, and 3° C on the higher parts of the Troodos Mountains, while the average minimum is 5° C and 0° C, respectively.

Healthy environment. According to the European Environment Agency, Cyprus’s marine and coastal environments are evaluated as Good-High. Also, 74 Cypriot beaches and 2 marinas have been granted a Blue Flag for the excellent quality of bathing waters.

Quality healthcare and education. Cyprus has a modern and effective healthcare system. The average life expectancy in Cyprus is 81 years for men and 85 years for women.

Cyprus is a hub for quality education. The number of foreigners studying in the country has tripled in the last four years.

Investors show interest in Cypriot real estate. In the third quarter of 2022, the value of real estate transactions in Cyprus increased by 34% and amounted to €1.65 billion. And this is despite the unfavourable economic conditions. It is noted that interest from Cypriot buyers remains stable while demand from foreign companies is growing.

Real estate purchase is one of the options to obtain Cyprus permanent residency under the investment program.

Immigrant Invest experts offer property options of all types: apartments, villas, hotel shares, townhouses and commercial property. Investors can choose an object to live or rent out. If the property is housing and the investor plans to live there, VAT is reduced from 19% to 5%.

When renting property, investors can get an income of 5% per annum. The average cost of renting a 3‑bedroom apartment in the centre of Limassol is €2,200. Renting a similar object in Nicosia and Ayia Napa costs about €1,000.

Examples of properties in Cyprus

Cyprus, Larnaca

€685,000+

Apartments in a residence near the sea

192 m²

4

3

Cyprus, Limassol

€695,000+

Apartments in a residential complex near the sea

78 m²

2

1

Cyprus, Larnaca

€675,000+

Penthouse in a residential complex with a swimming pool in Larnaca

200 m²

2

2

The investment route is the fastest way to obtain permanent residence and allows you to include family members in the application. Spouses, children, parents and in-laws can apply together with the investor.

Who can be included in the application for a Cyprus permanent residency:

• an investor with a legal income;

• their spouse;

• children under 18;

• children under 25, unmarried and financially dependent;

• children of any age with physical disabilities.

The investor’s children maintain Cyprus permanent residence, even if, after obtaining it, they have reached the age of 25, got married, graduated from a university or ceased to be dependent on the main applicant.

The number of relatives does not affect the amount of the investment. The investor bears additional fees for the registration process and card issuing.

Cyprus golden visa is the other name for the Cyprus resident permit program, which means quickly obtaining residency exchange on investment.

The minimum period for getting a permit is 3 months. The PR status is life-long lasting, allowing one to live in Cyprus and apply for citizenship after five years of residence.

To obtain Cyprus permanent residence, investors can choose from four investment options.

1. Purchase of residential real estate.

2. Purchase of commercial property.

3. Buying shares in a Cypriot company.

4. Purchase of securities.

The outlay for each option is at least €300,000.

After receiving a Cyprus golden visa, investors may apply for citizenship in five years. You will need to throw a test on knowledge of the language and culture of the country and pass an interview. Cyprus allows second citizenship, so the applicant will not have to give up his original citizenship.

Jonathan, 65 years old

Senior citizen from Arizona,owner of online media

Relocation from the US to Cyprus to optimise the living cost

Growing crime rates in some US regions led Jonatan and his wife Emma to look for a quieter place to reside. Besides, the euro exchange rate dropped to parity with the US dollar, which impacted the decision to move to Europe.

After relocation to Cyprus, the spouses spend two times less on utilities and car maintenance. A large selection of excellent medical clinics is within walking distance, and medical services are three times cheaper than in the US.

Learn a case

No right to work in Cyprus. Those who obtain Cyprus residence by investment do not get permission to work in the country. Yet, if they get Cypriot citizenship afterwards, they acquire the right to employment. Moreover, Cyprus citizens can find jobs not only in Cyprus but in other EU countries, too.

Cyprus is not in the Schengen Area, so holders of Cyprus residence permits have to apply for visas to travel to Schengen. Yet, Cyprus has started the process of acquiring membership in Schengen. It may make Schengen states a visa-free destination for investors with Cyprus permanent residency.

There are several investment routes that can open up the possibility of travelling freely to Schengen right now.