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Permanent Residency In Cyprus

Cyprus has numerous advantages when it comes to making the decision to become resident. It used to be that destinations such as Canada, Australia, UK and USA were favored for immigration, but Cyprus has seen a boom in recent years. One of the main reasons for this is that whilst other destinations are getting harder and more demanding to become a resident Cyprus has welcomed investment to its country from third country nationals and to facilitate this has made clear terms and conditions for permanent residency. This means that applications are not as likely to be declined and Cyprus has one of the fastest immigration services into Europe where most cases are completed within a period of two to three months.

Requirements for Permanent Residency in Cyprus

To qualify to begin the application process to get Permanent Residency in Cyprus you need only invest a minimum amount of 300,000EUR in one or two properties. This requirement has led to a large amount of properties being sold to Chinese buyers particularly in Pafos. This melding of cultures has led to the theme of this years carnival which is to be Chinese. Cyprus is very attractive for Chinese investment to secure Permanent Residency as it offers them visa-free travel throughout the European Union and Permanent Residence holders can apply for a Cyprus passport after seven years. Once 30% of the deposit of the property value has been paid the application can be made. You will also need bank statements to show stable income, a police check to show no criminal record and private health insurance. Once the property is purchased you can live in Cyprus with a temporary residence permit, although this is not necessary as you can fly back and forth with a multiple entry visa. 

Permanent Residency should be received from the government in as little as one to three months. 

This residency applies to husband, wife and all children under the age of 18. If there are other members of your family whom you wish to live as permanent residents of Cyprus also such as children over the age of 18 or grandparents then a family unification application can be made. Cyprus has allowed great flexibility for businessmen with Permanent Residency as they can choose not to live in Cyprus and need only to visit Cyprus once every two years to keep their Permanent Residency in Cyprus.

Property is not the only way to invest in Cyprus. The Cyprus government allows all company owners whose business in Cyprus trades in more than 10 million Euro per year or individuals making a direct investment of 15 million Euro to receive a Cyprus passport thus becoming citizens of Europe.

Permanent Residence holders can apply for a Cyprus passport after seven years providing they have lived in Cyprus for a total of five years.

Benefits of Cyprus Companies

  • Cyprus is one of the most popular destinations for Setting up offshore companies. There are various reasons for this such as;
  • 10% corporate tax rate, one of the lowest in Europe
  • Companies can be formed in just a few days
  • Non-disclosure and anonymity rights
  • Double taxation treaties with over 40 countries (including China)
  • No withholding taxes on payments of dividends, interest or royalties paid to non residents (subject to conditions)
  • No capital gains tax in Cyprus on sale of immovable property held outside Cyprus if the company is tax resident in Cyprus
  • Full member of the European Union

You can choose from a variety of company’s and structures such as Cyprus Trading Companies, Cyprus Holding Companies, Cyprus Fund Companies, Cyprus Royalty Companies, Cyprus Agency Companies or a Cyprus International Trust each with their own unique advantages – to learn more about the company advantages please follow this link.

Other Benefits of Permanent Residency in Cyprus


The Cyprus Government is similar to other western democracies where human rights and private property are protected. The legal system is largely based on the UK and there is very little crime. 

Cyprus has a modern and competitive infrastructure along with an efficient and sophisticated business environment. As Cyprus was occupied by Britain for many years its banking, legal and accounting services are very similar to that of the UK. Many Cyprus Banks have branches throughout the world and vice versa Cyprus has many International banks with branches on the Island. It’s tax system whilst being designed specifically to be very beneficial to foreign investment is respected and in full compliance with the EU and OECD.

Geographically its position is one of its major attractions as this is known as the gateway to Europe, Asia and Africa. This has led to Cyprus becoming one of the most significant transit and trade centres between Europe and the East with Limassol port being one of the busiest ports in Europe. There are plans for a new marina and port in Pafos aswell as a network of new roads around the city. In 2017 Pafos will be the cultural capital in Europe. This has led to a belief in China that there is a good future ahead of the country.

Culturally Cyprus shares many things in common with the Chinese culture with it being very family orientated and having similar eating habits. Cyprus are also very hospitable and friendly people and the Cyprus character has been kept intact.

In China there is a restriction upon having a second child there are no such restrictions in Cyprus or anywhere else in Europe and so Chinese couples may be able to have a second child if born abroad.

Chesterfield

Chesterfield can assist individuals looking to invest in Cyprus by incorporating a Cyprus Offshore Company, applying for tax or VAT registration in Cyprus, opening a bank account with a Cyprus Bank or establishing a Cyprus International Trust. Cyprus does have a publicly accessible records, but this is only on the named Directors, Secretary and Shareholders of the company. Chesterfield’s common practice is to use in house nominee Directors, Secretary and Shareholders on our companies. There is no requirement to disclose the ultimate beneficial.


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