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Permanent Residence Permit Cy P R U S PERMANENT RESIDENCE PERMIT CY P R U S Y O U R G A T E W A Y T O E U R O P E C y p r u s t h e b i r t h p l a c e o f A p h r o d i t e g o d d e s s o f l o v e a n d b e a u t y MONACO CRETE BEIRUT TEL AVIV CYPRUS Strategic location on the crossroads of 3 continents (Europe, Asia and Africa) Member of the EU and the Eurozone High level of services, including financial, medical, education, telecommunications etc Low taxes Ability to obtain permanent residency / citizenship for non EU citizens through purchase of real estate The recent natural gas discovery will be a game changer for the domestic economy and real estate values Mild climate and sunshine (320 days a year) Beautiful scenery and pristine beaches Caters to 3.2 mm tourists per year English language widely spoken Safe, secure and cosmopolitan environment High standard but low cost of living New Marinas, Golf courses and Casinos CYPRUS Kyrenia Nicosia Famagusta Larnaca LARNACA INTERNATIONAL AIRPORT Pafos PAFOS INTERNATIONAL AIRPORT Limassol CYPRUS TAX FACTS AND FIGURES Capitalizing on its strategic location, Cyprus has developed through the years into a reputable international services hub, especially in financial and shipping activities. Since Cyprus' accession to the European Union, its role as a business bridge between Europe , Asia and Africa is further being enhanced. Cyprus offers a unique basket of advantages to foreign investors utilizing the island as a base for conducting their business activities worldwide. Cyprus' competitive advantages derive from its strategic geographical location, favourable business climate, fiscal regime, stable macroeconomic environment, high educational level of the labour force in conjunction with the competitive level of graduates' remuneration, modern legal, banking and financing systems, excellent infrastructure with advanced transport and telecommunications network, as well as the widespread knowledge of English. 1st Safest country in the world for young people 0 % On dividend income for non-Cypriots (published by the World Health Organization) 2017 0 % instead of up to 8% property transfer fees (if VAT was paid) 1st Safest country in the world among small countries and 5th worldwide (2015) 0 % On Widow's pension 1-3 days to register a new company 5 % flat rate on foreign pensions, exemption of 3.417 is granted 4th (out of 144 countries) on higher education and training (2015) First €19.500 are exempt from personal income tax 5th best relocation destination in the world (2014) A reduced VAT (5% from 19%) for main residence purchased 0 % Immovable Property Tax Awarded with 57 Blue Flags for its beaches, most per 0 % Inheritance, Wealth and Gift Tax Capita in the world (2016) EUROPEAN CYPRUS PERMANENT RESIDENCE PERMIT TO APPLICANTS WHO ARE NON EU NATIONALS AND INVEST IN CYPRUS PROPERTIES LEGAL FRAMEWORK In pursuance of the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Cyprus Minister of Interior, having notified the Council of Ministers, has decided to issue an Immigration Permit to NON EU applicants, in cases where certain conditions are satisfied. PERMANENT RESIDENCE PERMIT WITH THE PURCHASE OF A PROPERTY TOP REASONS TO ACQUIRE A CYPRUS PERMANENT RESIDENCE PERMIT FOR THE ENTIRE FAMILY PROPERTY INVESTMENT VALID FOR LIFE PARENTS – CHILDREN – GRAND PARENTS ONLY 300,000 EUROS NO NEED FOR FUTURE RECONSIDERATION Cyprus Permanent Residence Permit covers the Guaranteed Fast track straight-forward Once every 2 years you need to visit whole family including dependents and parents procedure Cyprus at least for one day of the applicant and his/her spouse PERMANENT RESIDENCE PERMIT WITH THE PURCHASE OF A PROPERTY TOP REASONS TO ACQUIRE A CYPRUS PERMANENT RESIDENCE PERMIT VISA REQUIREMENTS SCHENGEN ZONE EUROPEAN PASSPORT NO VISA NEEDED TO ENTER CYPRUS CYPRUS IS EXPECTED TO ENTER YOU BECOME ELIGIBLE FOR CITIZENSHIP THE SCHENGEN ZONE SOON A Cyprus Permanent Resident has the right (under The Cyprus Permanent Residency holder When applying for visas to other countries certain conditions) to apply for a Cypriot passport and his family are free to enter Cyprus and in particular a Schengen visa makes it following their physical presence on the Island. without the need of obtaining a visa easier and more convenient for easy travel and business. PERMANENT RESIDENCE PERMIT IN CYPRUS IN 2 MONTHS WHO IS ELIGIBLE? “To applicants who are Non EU nationals and invest in Cyprus” The applicant should be an owner of a property (sold for the first time by a development company) in Cyprus, a house, an apartment or any other building, for a minimum value of €300.000 + VAT (if any). The immigration permit issued to an applicant covers his spouse and children under the age of 18. The said permit is also applicable for unmarried children aged 18 to 25 who may prove that they are students at a University and are financially dependent on the applicant. The said permit will be valid for life aſter the age of 25 without any other additional document. The parents of the main applicant and those of his spouse are also eligible to apply and obtain the Permanent Residence Permit by just showing an extra 8,000 euros each on the main applicant's income certificate. CYPRUS PERMANENT RESIDENCE PERMIT WITH THE PURCHASE OF A PROPERTY IMMIGRATION PERMIT REQUIRED DOCUMENTS / CERTIFICATES UNDER REG. 6(2) Copy of valid passport of the applicant and his dependants. The amounts paid for the property must be proven to have Curriculum Vitae. been transferred to Cyprus from abroad. Original Letter from a financial institution in Cyprus (Bank, Coop) of a deposit Official Statements by the applicant and his/her spouse that they of €30.000, pledged for three years, emanated from abroad. do not intent to undertake any sort of employment in Cyprus. Declaration of a secured annual income from abroad of €30.000 at least, Health Insurance Policy for the applicant and his/her dependants. (original documents and affidavit or declaration). Original Criminal Record Certificate duly certified for the applicant Title of ownership or contract of sale of property in Cyprus of a minimum and his/her spouse (if the applicant resides abroad, the certificate market value of €300.000 +vat if any (original or true copy). If the title of must be issued from his/her country of residence, and submitted with ownership has not been obtained yet, the applicant must submit the contract an official and certified translation). of sale duly stamped by the Stamps Commissioner and the Department of Marriage Certificate duly certified (official and certified translation). Lands & Surveys and proof of payment for at least €200.000 + vat if any. Children's Birth Certificates dully certified (official and certified translation). FAQ'S ON APPLYING FOR A CYPRUS PERMANENT RESIDENCE PERMIT LET'S BE CLEAR Is Cyprus a member of the European Union? Yes Cyprus is a full member since 2004. Is my PRP renewable every few months or years? No the PRP is granted for the life time. How can a PRP be revoked? If the applicant sells his/her property without replacing it with another of the same or bigger value or if the applicant fails to visit Cyprus once every two years. In the case of failing to visit Cyprus within 2 years, the investor has the right to re-apply and re-grant the Residency. What type of immovable property qualifies for the purpose of a fast track Permanent Residency ? First time sale. Resales cannot be used for Fast Track Residency One or two apartments or one or two houses or combination of each One apartment / house and one commercial shop/warehouse or an office. Is it acceptable if the property is purchased in the name of a company? Yes , provided the applicant is the only owner and shareholder. Can I buy a property which is still under study or construction? Yes you can. Can I take up employment in Cyprus? No, however you can Establish a Company and/or-own shares in a company registered in Cyprus and the income from the dividends is not deemed an impediment for the purpose of obtaining an immigration permit. Do I have to pass a Greek or any other language test or exam? No, it is not required. K A M A R E S V I L L AG E O LY M P US A N D V I K L A V I L L A S A D O N I S B E AC H V I L L A S T H E P E R F EC T P L AC E TO L I V E LUXU RY H I L LTO P L I V I N G E L EGA N T WAT E R S I D E L I V I N G Kamares Village is one of the most exclusive developments in Cyprus and is Nestling on the hills above Paphos and next to the Tsada Golf Course is the Adonis Beach Villas is Leptos Estates’ latest most luxurious Development amongst the most distinctive in the Eastern Mediterranean. This project is elegant development of Olympus and Vikla Villas. Based on the success of set in one of the most desirable locations of Paphos. The setting is unique, characterised by its delicate stone arches and superb location with Leptos Kamares Village, these homes are carefully sited so that residents just a stonethrow from the sea¬front in a beautiful location midway between breathtaking views of the countryside and Paphos' coastline.
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