PERMANENT RESIDENCE PERMIT PROGRAMME

PERMANENT RESIDENCE PERMIT PROGRAMME

The Cyprus Government, in its continuous effort to attract foreign investments, has adopted a range of policies that allow third country individuals (non-EU citizens) to obtain Permanent Residence Permit in Cyprus (PRP).

Permanent Residence Permit (PRP) is easily obtained for people who purchase property. The advantage is that, unlike temporary permits for third country nationals, PRPs are permanent and they do not have to be renewed. Hence, the obtaining of a PRP by a third country national could be very useful for various reasons.

MAIN CONDITIONS
• Non-European citizens
• Property of value of €300,000 + VAT or more

CYPRUS PRP ADVANTAGES
• Fast access to Europe
• The obtained PRP applies to spouse and financially dependent children under the age of 25
• 2 months procedure
• Cyprus PRP status is recognized by Denmark, Slovenia, Ireland and Latvia
• 1-year Schengen visa in any European Embassy in Nicosia

BENEFITS
Personal Benefits
• Permanent Residence Permit is not renewable, it is permanent. It is for life
• Possibility to enjoy education of British Universities based in Cyprus
• The best medical facilities and high quality healthcare
• No inheritance tax
• Rental income
• Passport opportunity
• High quality of life

General benefits of Cyprus
• Geographical location (at the crossroads of three continents-Europe, Asia and Africa)
• A stable economy in a western-type democracy
• Legal system based on English Law
• Excellent telecommunications and air connections
• Excellent banking facilities with worldwide networks
• High level of professional services
• Readily available and highly trained local staff
• Relatively low cost of living
• Low crime level
• Excellent education system up to university level
• Excellent climate
• Stunning coastlines and water sport facilities
• Reputable lifestyle
• Fascinating history
• Food variety

Business Benefits
• With its strategic location, great accessibility, excellent infrastructure combined with the numerous Government incentives, Cyprus is an ideal financial and business hub
• Besides the low corporate tax rates, the numerous double tax treaties that Cyprus has concluded with other countries, offer tremendous possibilities for international tax planning through Cyprus in view of the fact that any tax paid in a country with which Cyprus has a treaty is deducted from the Cyprus tax payable on the same income and Cyprus does not impose any withholding tax and dividends, interest and royalties paid by business companies

Traveling Benefits
• A person who has Permanent Residence Permit can travel to Cyprus without visa
• The visa to the Schengen zone’s countries can be easily obtained by Cyprus
• Cyprus PRP status is recognized by Denmark, Slovenia, Ireland and Latvia
• 1-year Schengen visa in the any EU Embassy in Nicosia