Cyprus Permanent Residence Programme (“PRP”)

A. WHY CYPRUS

• Strategic geographical location forming a bridge between the EU, Middle East and Africa
• Top 5 safest country in the world (Value Penguin 2015)
• Top 4 best retirement destination globally (Knight Frank 2016)
• Established business hub and a popular tourist destination
• Ranked as the 5 th best relocation destination in the world by the International 2013 Knight Frank Global Lifestyle Review.
• GDP growth driven by both strong private demand, spurred by growing employment, and an expanded and upgraded tourism sector after four successive years of record tourism arrivals.
• High standard of living with political stability and reputable state and private schools with state-of-the-art medical facilities.
• Attractive Tax System

B. PRP BENEFITS

• Highly efficient procedure which can be completed within 2 months
• Not necessary to reside in Cyprus except during the first year and once every 2 years
• Applies to family members
• Dependents can be enrolled in high quality private schools offering English language courses
• Residence permit holders are entitled to apply for Cypriot citizenship through naturalization after 7 years of holding a residence permit, provided they have resided in Cyprus for 5 years prior to application
• Indefinite validity with no renewal requirements

C. TAX TREATMENT

• The general rule is that Taxation is based on physical presence in Cyprus of 183 days or more in aggregate during the tax year
• Personal progressive tax rates up to 35%. The first €19,500 is tax free.
• Immovable property tax abolished in 2016
• No inheritance/estate tax
• VAT 19%
• Corporate tax rate is 12.5%

D. ELIGIBILITY

- Third Country Nationals

- Main Applicant of Good Standing

- Fulfillment of Financial criterion:

(i) Deposit of capital of a minimum of €30,000 into a financial institution in Cyprus

(ii) Pledged for 3 years

(iii) Capital must be transferred from abroad

- Fulfilment of Income criterion:

(i) Secure Annual Income of €30,000

(ii) For every dependent person (spouse and children) this must increase by €5,000. For each dependent parent/parent-in-law this must increase by €8,000 for each dependent parent/parent-in-law.

(iii) All income must be derived from abroad

- Fulfilment of Property criterion:

(i) €300,000

(ii) For the purpose of implementing this requirement the applicant may purchase up to:

a. 2 housing units, independent as long as purchased from same development company

b. One housing unit and shop surface of 100sq.m

c. Housing unit and office of surface up to 250sq.m

(iii) Amount must be transferred to Cyprus from abroad

(iv) Property must be New i.e. sold for the first time

(v) Must be held indefinitely

- No criminal record

E. PROCEDUES AND TIME FRAMES

(i) Application and Required Document submitted to Civil Registry and Migration Department (“CRMD”)- personally or through authorized representative. A fee of €500 is payable.

(ii) Application processed by CRMD submitted to Minister of Interior. Interview with applicant may take place when deemed necessary.

(iii) Ministry of interior shall notify applicant and CRMD as to decision.

(iv) Application process take approximately 2 months.

F. FEES

• (i) Professional fees
• (ii) Residence application fee- €500
• (iii) Issue of Alien Registration Certificate fee- €70
• (iv) Property requirement of €300,000
• (v) Deposit of capital of €30,000 pledged for 3 years
• (vi) Health Insurance- approximately €200