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The Governement of the Republic of Cyprus has introduced two procedures for third country nationals that wish to acquire permanent residence permit:
(a) Permanent Residency Permit through investment (Fast Track Procedure); and
(b) Permanent Residency Standard Procedure.
The Cyprus Yacht Leasing Scheme
The regime applies to yachts registered to a Cyprus company and then leased to physical or legal persons. The VAT rate depends on the type and size of the yacht and most importantly is imposed only on a percentage of the lease value and not on the overall value of the yacht.
Depending on the size of the yacht concerned, the effective rate of VAT will vary from 1.90% to 11.4% of the lease value.