Over the years Cyprus has carved a special niche for itself as being the go-to destination for entrepreneurs, businessmen, and even for retired folks looking for a quiet life. This can largely be attributed to the low tax rates, ease of doing business, nice weather and geographical advantages among many other advantages. However, another advantage that has been constant is the Cyprus government’s persistent push to keep Cyprus the leading destination for dreamers, leaders, and achievers. Thus, obtaining permanent residence is much more accessible in Cyprus than any other EU country for that matter.
Advantages of A Permanent Resident Visa in Cyprus
• Ease of travel throughout Europe.
• Some of the lowest tax rates all over the world & a corporate tax rate of 12.5%.
• Strategically advantageous geographical location at the crossroads of routes to Europe, Asia, and the Middle East.
• The business-friendly regime and negligible bureaucratic red tape.
• More than 55 double tax treaties with some of the largest economies of the world.
• State-of-the-art infrastructure.
• High human development index and skilled personnel.
• Low cost of living relative to other EU countries.
• The sound legal system based on common law.
• Lowest crime rates in the world.
Permanent Residency in Cyprus
• EU Nationals – EU nationals have it fairly easy when it comes to residing in Cyprus to their heart’s extent. All that needs to be done is to get themselves registered and that only when they intend to stay and work for a period of more than 3 months. To work, an Alien Registration Card is also required regardless the duration of the stay in Cyprus. The time limit to apply for an ARC is 8 days after arriving and the same for applying for a registration certificate in case of a longer stay is 3 months.
• Non-EU Nationals: Stay for 5 years – One of the ways in which the permanent residence is attainable for non-citizens is to have resided in Cyprus for an uninterrupted duration of 5 years. On acquiring permanent residency in Cyprus, the same is extended to the family of the person who has acquired the permanent resident card of themselves. Where the family members are not from any of the member states this permanent residency extends for 10 years for them and is then renewable automatically there onwards. In the case in which after acquiring the permanent resident card, the person is out of the country for a continuous period of 2 years then this would result in the loss of the permanent residency. One must also submit all required documentation and meet all criteria including that of minimum required income and financial stability.
• Non-EU Nationals: Expedited Procedure – In order to promote investment in Cyprus the government has come up with a program to offer permanent residence to individuals who would prove to be capable to invest in the economy of the country. This type of residence falls under the category (F) of the Aliens and Immigration Regulations and does not come with working rights in Cyprus. Therefore, the person cannot be employed in Cyprus but can still receive the dividend income from any of their Cypriot companies. The eligibility is satisfied when the applicant proves the deposit of 30,000 EUR in a Cyprus bank account which is pledged for a period of minimum 3 years. Additionally, the applicant must then prove an annual income or equivalent of 30,000 EUR and over it another 5,000 EUR for each dependant spouse/child, and 8000 EUR for each dependent parent. The income of the spouse can also be taken into account for the aforementioned calculations. It is essential that this income must be proved to be accrued from outside Cyprus and not within the country. The applicant must also furnish a title or sale deed for a residential property in the name of the applicant or their spouse for a market value of 300,000 EUR and with proof of payment of a minimum amount of 200,000 EUR. VAT is applied on top of the minimum investment required and is not included in the published sum. The applicant must not be absent from Cyprus for a continuous period of 2 or more years.
Documentation for Permanent Residence
The exact documentation might differ according to the category being allied for but some of the most commonly required documents are:
• Application Form
• Passport Size Photos
• Residence Proof
• Proof of Investment
• Proof of the sale of property
• Cyprus Bank Account
• Proof of Financial Status like Tax Returns
• Confirmation Letter from Bank proving deposits.
• Clean Criminal Record
• Relevant Fee
Simon Zenios & Co Provides Assistance in Every Step of Your Application
The application process for a permanent residency permit can be a cumbersome affair involving lots of technicalities and paperwork. Although it might be possible for a person to complete everything by themselves, this would take dozens of hours of research and even then, there would be gaping scope for mistakes which often have fatal consequences for the application. Since an application of such a nature often involves high stakes for the applicants it is always advisable to rope in professional and expert services.
Our law firm in Cyprus has extensive experience in this exact domain. Having assisted scores of clients through successful applications. Our diligent efforts and attention to detail have led to a success rate of more than 95%. Our personnel are equipped with the knowledge of any latest changes in norms and regulations; and make sure not to miss even the tiniest of details in your application. Being in our safe hands you could sit back and relax after providing us with all the required documents, we will take care of the rest.
Areas of Specialised Assistance
• Assistance with Citizenship through Descent.
• Assistance with Citizenship through Marriage.
• Acquiring and filling forms.
• Advise on financial information to be provided.
• Guidance on the most beneficial investment options as per the need of the client.
• Sort documentation and ensure meeting of all criteria according to the regulations.
• Assistance with acquiring the right kind of property.
• Fill forms and manage applications for all members of the family.
• Assistance with submitting documents and drafting applications.
• Regular follow-up on the status of the application.