permanent residency
Cyprus

About Cyprus

• Cyprus is a democratic country with political stability and emphasis on full protection of human rights.
• The English language is spoken by the vast majority of the population, which makes it easier for non-Cypriots to live and prosper in the country. Russian is also spoken by a large percentage of people.
• It enjoys a high standard of living and quality of life with a modern and highly developed infrastructure and excellent telecommunications, ranked as the fifth best place to relocate by Knight Frank Global Lifestyle Review.
• A secure and safe environment for the whole family to enjoy a stress free lifestyle.
• Cyprus has a very high standard of Education across all sectors. There are excellent private schools for both junior and secondary level foreign pupils. These schools are directly linked to the UK education system allowing graduates to easily obtain entry in to the top UK Universities. Cyprus has also a wide selection of English speaking Universities which are directly related to the UK and USA Universities.
• Cyprus has the lowest corporate EU tax rate which is 12.5% and its enviable geographical position between Asia, Europe and Africa makes Cyprus the ideal place to invest as it is a gateway for many emerging nations such as China, Iran and India to expand further their business throughout Cyprus.
• No inheritance tax applicable and no estate duty.
• No taxation on foreign source income received in Cyprus.
• Cyprus provides excellent health care at low cost.
• Each major town has its own Government Hospital, in addition to many private hospitals and clinics throughout the country.

Key Benefits of Obtaining Permanent Residency in Cyprus

• Fast track procedure – 2 months to approval
• Total investment can be as low as €300,000 plus VAT
• Residency for the entire family – the investor, investor’s spouse, investor’s minor and adult children as well as the parents and parents in law, can obtain the permanent residence with no additional investment being made
• The PR Permit of the adult children is valid even if they have exceeded the age of 25 years old and even if they do not remain students and/or financially dependent on their parents
• The Residence Permit is PERMANENT and lasts for a lifetime
• A PR holder can upgrade his/her PR permit to go a long-term residency status which will enable him/her to enjoy similar rights to EU citizens. This long-term residency status is permanent and available to all non-EU nationals who have resided in Cyprus for over 5 years. The long-term residency status is granted to applicants who have not been absent from the Republic for more than six consecutive months or more than 10 cumulative months within a 5-year period
• No inheritance tax
• No immovable property tax will be paid by property owners as of January 2017
• PR holder’s children can attend either a public Greek school for free or attend one of the many private English schools and Universities in the Republic which allow entry in EU and USA Universities

Eligibility and Conditions

• Investment of at least €300,000 plus VAT.
• Applicant can purchase up to two housing units OR one housing unit and a shop of up to 100 sqm OR one housing unit and an office of up to 250sqm.
• Must be a first sale property/ properties and must be purchased from a Developing Company.
• A deposit of €30,000 must be made in a financial institution in Cyprus which should be blocked for three years.
• Applicant must show income from abroad of at least €30,000. This income should be increased by €5,000 per dependent (spouse and children) and by €8,000 for each parent/parent in law.
• Funds related to the investment and fixed deposit must come from abroad.
• PR permit to be issued will include applicant, spouse and minor children up to the age of 18 years old.
• A separate PR permit can be issued for the spouse and minor children of the main applicant with no additional investment needed.
• Adult children up to the age of 25 can obtain the PR permanently. They must prove they are single, financially dependent on their parents and students for at least six months as from the day the PR application is submitted. This applies to adult children that are students in an institution outside of Cyprus.
• The PR Permit of the adult children is valid even after they have exceeded the age of 15 years old and even if they do not remain students and/or financially dependent on their parents.
• Adult children that are students in the Republic of Cyprus can submit their PR application and obtain the PR of Cyprus after the completion of their studies in
  Cyprus, regardless of their age.
• Financially independent adult children are also eligible to obtain the PR permit provided the market value of the acquired property attributed to each child is at least €300,000 plus VAT. The children would also have to deposit €30,000 in a financial institution in Cyprus which shall be blocked for a period of three years and show that they have a secure annual income outside the Republic of at least €30,000.
• Parents and Parents in law of the main applicant can also obtain the PR permit with the only requirement being that the PR holder presents an additional annual income of €8,000 per dependent parent.

SUCCESSFUL PROJECTS BY DOMENICA GROUP, CYPRUS