why Cyprus for residency? → Low crime rate → Excellent Mediterranean weather and beautiful blue flag beaches → High standard private international schools and universities → Modern infrastructure with state of the art marinas and golf resorts → Beachfront, city, village or mountain properties → English widely spoken why Cyprus for buisiness? → Low crime rate → EU member state → Established International Business Centre with high level of professional services → Primary hub to base operations for business in or through Cyprus → Competitive costs for setting up and maintaining business → Attractive and tested tax and legal systems for individuals and corporations → Modern banking system advantages of the Permanent Residency TIMING: → Fast track (about 3 months) → Normal way (12 – 18 months) LIFE-LONG VALIDITY: → Without the need for renewal ISSUED TO: → Spouse → Depended children under 18 → Parents No requirement to reside in Cyprus either before, during or after the application. The only requirement is for the applicant to visit Cyprus once every two years, unlike other European countries that insist on residency for at least 3 months per year. fast track and normal procedures FAST TRACK PROCEDURE IN TWO MONTHS: The main requirement is the purchase for lifetime of new immovable property in Cyprus of a total market value of at least €300.000 +VAT 5%. The applicant must submit the application form accompanied with a contract of sale and proof of the payment of at least €200.000 +VAT. The contract of sale must have been deposited in Cyprus Department of land and Surveys. NORMAL PROCEDURE IN 18 MONTHS: requirements → Submit a clean criminal record certificate for all family members who are co-applicants → Applicant must not take up employment or practice any profession or occupation in Cyprus and submit special form (statement), confirming that there is no intention to work or be engaged in any form of business in Cyprus → Submit a copy of valid passport → Submit evidence of stable income from abroad, property owned abroad and statement from a Cypriot bank account → Submit a copy of valid temporary residence permit. (if the applicant resides in Cyprus) → Submit a curriculum vitae (including academic qualifications) and all qualification with diplomas → Proof of health insurance in Cyprus → Be present at immigration Authorities for biometric data within a period of one year from the day approval has been granted → Minimum annual income of €30,000 from salaries from abroad, pensions, stock shares, rents, etc. The minimum annual income is increased by €5,000 for each dependent person Need to obtain a clean criminal record for all adults (18+) and submit the list of documents specified below. All documents must be translated in English or Greek and notary stamped. FAQs Are Permanent Residence holders obligated to pay Cyprus tax on their international income? No, unless they spend more, than 183 days in Cyprus in a year. There are significant tax advantages for foreigners who become Cyprus tax residents. What is the procedure for a Permanent Residency holder to apply for Citizenship based on the years of stay? The Investor must have completed 7 years of legal residence in Cyprus prior to the date of application and to have resided legally and continuously in Cyprus during the 12 months preceding the date of the application. Who are considered to be financially dependent adult children? Unmarried children aged between 18 and 25, who may prove that they are university students for at least 6 months after the application date. What if you need “Life-time” Permanent Residency for dependents? Children which are financially dependent, may submit a separate application to obtain the “life-time” Permanent Residency. In this case, the parents will need to prove additional income of at least €5,000 for each dependent child. The “life-time” Permanent Residency will still remain valid even after the child turns 25 years old and even if they are no longer single and/or a student and/or financially dependent. However, the “life-time” Permanent Residency will not be inherited to next generations.