Cyprus

Its all about POWERFUL PASSPORTS



Permanent Residency

The Program

  • The program allows you to take up residency permit

  • The validity is for upto 5 years

  • The family is allowed as well


Investment Required

  • The program allows you to take up residency permit

  • The validity is for upto 5 years

  • The family is allowed as well


Process & Timeframe

  • The program allows you to take up residency permit

  • The validity is for upto 5 years

  • The family is allowed as well


Citizenship

The Program

  • The program allows you to take up residency permit

  • The validity is for upto 5 years

  • The family is allowed as well


Investment Required

  • The program allows you to take up residency permit

  • The validity is for upto 5 years

  • The family is allowed as well


Process & Timeframe

  • The program allows you to take up residency permit

  • The validity is for upto 5 years

  • The family is allowed as well



Fact Sheet


  • Global Passport Rank: 16

  • Visa Free Access: 172 Countries

  • Ease of Doing Business Rank: 57

  • Low personal & company taxation

  • Corporation tax regime 12.5%

  • No inheritance tax

  • Stable economy

  • Well educated population

  • Excellent healthcare system

  • First-class education system


Why Cyprus

Island nation lying in the crossroads between three continents, Cyprus is the third largest & most popular islands on the Mediterranean sea. Golden beaches with Clear blue waters, Pine-Scented forests and a superb climate, the environment here is one the healthiest in the world.

Cyprus enjoys great connectivity by air due to its location connecting Africa, Europe and Asia. This combined with the many tax and financial benefits that the government extends, Cyprus is gaining widespread popularity and is becoming the top choice of many affluent individuals, business houses and companies from around the world.

Tourism, finance, shipping, and real estate have traditionally been the most important services. Manufacturing is limited mainly to food and beverages, furniture and fixtures, construction materials, metal and non-metal products, textiles and clothing.

Money Matters

Government Fee (Immigration Processing Fee)
Applicants Governmental Application Fee for the Residence Permit

Governmental Issuance Fee for the Residence Permit Card

Total

Main Applicant EUR 500 EUR 70 EUR 570
Spouse of main applicant - EUR 70 EUR 70
Adult child of main applicant EUR 500 EUR 70 EUR 570
Minor child of main applicant - EUR 70 EUR 70
Parents & parents-in-law (per person) EUR 500 EUR 70 EUR 570

Fee related to acquiring the Real Estate

Lodging fee

Lodging the Power of Attorney with the Land Registry (if required) EUR 50
Lodging the Contract of Sale with the Land Registry EUR 50

Stamp Duty

Once the Contract of Sale is executed between the vendor and the purchaser, the Contract must be stamped within thirty (30) days. The stamp duty varies in accordance with the purchase price of the immovable property, and is

Amount

Rate of Stamp Duty

€0 to €5000. 0%
€5001-€170,000. 0.15%
Over € 170,001 0.20%

Value Added Tax

As of 13/01/2014, Value Added Tax (VAT) at the rate of 19% is added to the purchase price. The acquisition or construction of property to be used as the primary and permanent residence may be subject to the reduced rate of 5%.

Conditions applicable for the reduced VAT rate are as follows:

  • Obtain the commissioner's approval by submitting the relevant application
  • Property will be used as the primary and permanent place of residence
  • Applicant does not possess any other property which is used as the primary residence in the Republic of Cyprus.

The reduced VAT rate of 5% applies on the first 200 square meters of the property as per the architectural plans (building coefficient), whereas for the remaining square meters the standard VAT rate of 19% is imposed. In cases of large families the reduced VAT rate of 5% is applicable for the first 200 square meters increased by 15 square meters per each additional child over three children.

Tax System

Income Tax: Individuals

Taxable Income € Tax Rate % Tax € Cumulative Tax €
0-19500 0 0 0
19501-28000 20 1700 1700
28001-36300 25 2075 3775
36301-60000 30 7110 10885
60001 & over 35    

Income Tax: Companies

Flat 12.5%

Education System

Cyprus offers a wide choice of schools starting from pre-school kindergarten, pre-primary, primary schools, secondary schools to colleges and universities. The Cypriot govern-ment assures that children from other countries continue their education whilst in Cyprus. Special training is given to teachers enabling them to effectively teach pupils from other language environments. In addition to the public schools (taught in Greek) which are free of charge to attend, a number of private schools (Greek, English, French, and Russian language) are also available. Cyprus also offers excellent higher education opportunities at its many colleges and universities.

Healthcare System

Healthcare in Cyprus is cheap and effective, and is another reason many expats relocate to the island.

The Cyprus healthcare system is divided into public and private sectors. Public healthcare is either inexpensive or free, at least for citizens of the EU, and private healthcare costs can be quite affordable too.

Public healthcare in Cyprus

Public healthcare in Cyprus is administered by the Ministry of Health and financed by taxes. Expats who are permanent residents in Cyprus or EU citizens are eligible for free state healthcare. Expats can receive a state medical card when they register for social insurance.

The ministry places patients into one of three categories:  people who receive treatment free of charge, those who pay reduced fees and those who pay fully. This is based on income, chronic illness and number of children.

Private healthcare in Cyprus

Non-EU residents who are unable to take advantage of state health benefits, or expats who prefer to take out private health insurance, should pay careful attention to the healthcare plan they sign up for.

Many expats choose to take out a private healthcare policy to access a wider variety of hospitals and facilities, and to skip the public sector's occasionally long waiting lists. An assortment of schemes are available to expats in Cyprus, each tailored individually based on certain criteria.



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