Benefits of permanent residence in Cyprus

Benefits of permanent residence in Cyprus

The Government of Cyprus, in its ongoing efforts to attract foreign investment, has taken a number of measures to enable non-EU citizens to obtain a Cyprus Residence Permit (PRP).

A residence permit (permanent residence) is easy to obtain by purchasing real estate. The advantage of permanent residence in Cyprus is that it is permanent and does not need to be renewed.

Conditions for obtaining permanent residence:

• Citizenship of a non-EU member state.
• Property worth EUR 300,000 + VAT or more.

Dependents:

• The received permanent residence applies to spouses and children under the age of 18.
• Unmarried children between the ages of 18 and 25 who are students and are financially dependent on the applicant. They can submit a separate application for an immigration permit that will be available to them throughout their lives.
• A Permanent Residence Permit can also be granted to the parents of the applicant/owner upon application.

The advantages of permanent residence in Cyprus:

• Cyprus is a European state.
• The receipt procedure lasts 2 months.
• One year Schengen visa at any European embassy in Nicosia.

Other benefits:

• The residence permit is not renewable, it is permanent. Valid throughout the life of the applicant.
• Opportunity to study at British universities in Cyprus.
• The best medical facilities and quality healthcare.
• No inheritance tax.
• Rental income.
• The possibility of obtaining a Cypriot passport.
• High quality of life.

Business benefits:

• With its strategic location and excellent infrastructure, Cyprus is an ideal financial and business center.
• Cyprus has numerous double tax treaties with a number of countries. Accordingly, real possibilities for international tax planning are available given the fact that any tax payable in a country with which Cyprus has such a treaty is deducted from the Cyprus tax payable on the same profit. Also, Cyprus is free of withholding tax and dividends, interest and royalties paid by commercial companies.

We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.