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Permanent Residency in Cyprus
The main advantages of acquiring a permanent residency in Cyprus are:
- Attractive lifestyle in a safe, clean and healthy environment and Mediterranean climate
- Amongst the safest countries in the world
- Attractive corporate and income tax regime with advantageous incentives
- Favourable IP regime as low as 2.5%
- Office rental costs amongst the lowest in Europe
- Applicant must invest at least €300,000 (excluding VAT) in: House/Apartment purchase – Acquisitions must be “first-time” sales. The initial €200,000 must be paid by the time the application is submitted;
- Real estate such as offices, shops, hotels or related estate developments or a combination;
- Cyprus companies share capital, with business activities and personnel (5 employees);
- Units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF);
- Secure yearly income of at least €30,000 (per applicant and spouse) originating from outside of Cyprus. This amount must be raised by €5,000 for each dependent and €8,000 for each applicant parent;
- The candidate must pass a Fit and Proper examination. Clean criminal record from their country of residence;
- Confirm they do not intend to undertake any sort of employment other than as Directors of their own company.
- Evidence regarding accommodation in the Republic – Title of Ownership or Contract of Sale If a residential property has not been acquired - then proof of payment for a property or a rental agreement house/apartment;
- Applicant must visit Cyprus once within the first year to register biometrics and then annually thereafter;
- Residency issued within 2 months from the application date.
- They have a solid yearly income from sources outside of Cyprus of at least €10,000. The sum is raised by about €5,000 for each dependent that is added to the application; the applicant must not be employed in Cyprus and his or her income must come from legitimate sources overseas
- The applicant must not have a criminal record
- Supporting documentation showing all of the family’s financial demands must be satisfactorily met
- The candidate must pass the fit and proper test
- Normal track has a lower annual income level, standard of foundation is more flexible as it allows the applicant to rent rather than acquire a home compared to fast track
- Applicant will be permitted to travel freely to and from Cyprus Residency issued within 18 months of application
- Discretionary