Cyprus is an European Union member state since 2004 and committed to become a Schengen Zone member within the year 2017.
Cyprus has the most favorable tax system is the Union, both for individuals and legal persons. Combined with the numerous double taxation treaties Cyprus tax system becomes even more attractive for high earners.
The residence holder can be exempt from tax on his worldwide dividends and interest income for a period of 17 years and from tax on gains on securities.
Travelling across the E.U. becomes a lot easier
A person can apply to obtain an Immigration Permit on the basis of one of the following Categories:
Category C: Individuals who intend to work as self employed in a trade or profession in the Republic, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of approximately €260,000 and such an employment should not affect negatively the general economy of the Republic.
Category E: Individuals who have been offered permanent employment in the Republic, which will not create undue local competition.
Category F: Inidividuals who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least €9568,17 for a single applicant and moreover at least €4613,22 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary.
An Immigration Permit will be automatically cancelled if the interested person fails to acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus. It will also be cancelled if he/she acquires permanent residence abroad or be absent from Cyprus for a period of two years.
Expedited Procedure (Regulation 6(2) of the Aliens and Immigration Regulations) :
The expedited procedure is available to third country nationals that invest in Cyprus an amount of €300.000 in the form of purchasing a house or apartment sold for the first time by a developer (new house/apartment).
The applicant, together with his spouse, should also prove that they have at their disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person. This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents a.s.o.
This procedure is completed within 2 months from the date of the submission of the application