Residency

Obtain a permanent residence permit in Cyprus, within two months, when buying a residential property worth €300,000 (amounts are excluding VAT where VAT is applicable).

Benefits of the programme

  1. An express procedure - 2 months to be approved.

  2. Once Cyprus enters the Schengen zone (expected in the near future), Cyprus permanent residence (PR) permit holders will have the right to travel freely in the zone.

  3. Permanent residence is granted to applicant’s spouse, their minor children, financially dependent adult children up to 25 years (if they are single), as well as their parents.

  4. PR permit holders are free to enter and live in Cyprus without the need to obtain a visa.

  5. They are not obliged to actually relocate to Cyprus - they simply need to visit Cyprus once every two years to maintain the permit.

  6. The PR holder and family have a ‘second home’ in Cyprus.

  7. Being a holder of a Cyprus PR permit in itself does not affect one’s tax liability in Cyprus.

  8. Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by naturalization, currently after 7 years (2555 days) of staying in Cyprus in 10 calendar years.

Requirements for applicants

An investor is free to choose where to invest from a wide choice of options:

  • Buy a property the value of which is at least €300,000. The property shall be new and purchased from a developer.

  • Provide evidence that the applicant’s annual income amounts to at least €30,000 with income sources located outside Cyprus. Applicant must also demonstrate an additional minimum income of €5,000 per year for spouse and each child and €8,000 per year for each parent of applicant and his/her spouse Deposit the sum of €30,000 into a Cypriot bank for a 3-year period.

Comparison table

Visa Type:

Cyprus

Malta

UK

Spain

USA

Portugal

Canada

Permanent residency

The Residence Program (TRP), The Global Residence Program (GRP) and The Malta Retirement Program (MRP)

Tier 1 Investor Visa

European Residency for 5 years, see previous table.

EB-5 Green Card

Residence Permit

Permanent Resident Visa

Time frame

2 months

1 month

1-2 months

12-24 months

1 month

Under 1 year

Requirements

Purchase of 1 or more properties with value of €300.000, payment of the property and preparation of residence documents

Acquire property in Malta with one of the following criteria: Purchase of a property for minimum value € 275.000 if the property is in Malta, or purchase

a property for minimum value € 220.000 if the property is in the South of Malta or in Gozo, or rent a property for a minimum of € 9.600 annually, if the property is in the South of Malta or in Gozo

Min. investment of £1 mn for 5 years, £5 mn for 3 years; £10 mn for 2 years in UK government bonds, share capital or loan capital in UK companies

Minimum investment of US$500.000 in a pre-approved “regional centre” which is in a targeted employment area, or the individual can invest a minimum amount of US$1 mn in a new business

Acquisition of real estate with a minimum value

500.000; or capital transfer of € 1mn; or investment leading to the creation of 10 new jobs

Minimum 2 out of 5 years business experience; minimum personal net worth exceeding

C$1.600.000; C$800.000 remitted to Canadian government, which is returned at the end of

5 years, government guaranteed, with 0% interest

Minimum Investment

Property requirements as above

Property requirements as above

£1 million

US$500.000 – US$1 mn

  • 500.000 real estate, of Eur 1m capital investment, or creation of 10 new jobs

C$800,000

Canadian dollars

Taxation

12,5% corporation tax for profits of any Cyprus entity and 0% tax on Cyprus dividends and all other worldwide income

15% tax on foreign income remitted to Malta No IHT; no CGT on immovable if owned and occupied as a main residence for three years

The tax system is immigration-friendly. Currently, only income arising in the UK or remitted to the UK is taxable; after 7 years, £30.000 minimum tax applies

Taxed on their worldwide income, taxes are levied at both federal and state level

Non-habitual resident scheme for professional categories at 20% for local income earned only, for a 10 year period. NHR scheme exempts income derived from a foreign source; no wealth or inheritance tax

If an “Immigration Trust” is established, the first 5 years taxation can be limited to Canadian-source income;

Thereafter taxation of worldwide income, max. tax rate of 48%

Years to Qualify for Citizenship

5 years of residency but can apply under the individual Investor Program (Citizenship by Investment)

4 out of 6 years residence but not easy to obtain; unless applying under Citizenship by Investment

5 years of residency, of which 450 days out of the country and max 90 days out of the country in the 12 months preceding the application

5 years of “continuous” residency; 30 months physical residence

6 years residency

4 years in the last 6

Language for Citizenship

NO

Yes

Yes

Yes

Yes

Yes

Residency conditions

Permanent

Permanent

Can be achieved within 2 years with 50% residence time (£10 million option)

Green Card

Permanent

PR Card with 5 years expiry (min 2 years out of 5 years residence to extend)

Other requirements

Very limited physical presence

Very limited physical presence

Language test for this type of visa

Language test for this type of visa

Very limited physical presence

Physical presence required

Dual Citizenship

Yes

Yes

yes

Yes

Yes

Yes