08. International Investments
Cyprus European Union (E.U.) Permanent Residency
The Republic of Cyprus, known for its favorable corporate and trust tax regime, has introduced an updated procedure for granting Residence Permits to non E.U. nationals, intending to reside or invest within the E.U.
This new “fast - track” process aims at attracting new investments into the Republic, through high net worth individuals looking for a place of residence in the E.U.
The Permanent Residence Permit (PRP) is accordingly simplified and accelerated, thus granting the same in a time frame not exceeding 70 days as from the day of submission.
Provided that the applicants acquire property in Cyprus valued at least €300.000 for ownership / occupancy, can demonstrate that they can support themselves and their family through own funds, whilst holding a clean criminal record certificate, the authorities will examine favorably the application in question.
Cyprus European Union (E.U.) Naturalization/Citizenship
Non, E.U. citizens may also at the Council of Ministers’ discretion, be granted the Cypriot Citizenship – Certificate of Naturalization and obtain a Cypriot Passport, which in effect entails all the advantages of an E.U. Passport.
Provided that the applicants own a permanent house / apartment in Cyprus, valued at least €500.000, establish business activities and/or investments in or through Cyprus, the relevant criteria are met and the whole process usually takes 5 months to be finalized.
Additionally or alternatively, a person who resides in Cyprus for at least 183 days in any calendar year, can obtain a Cyprus Tax Residency Certificate applicable worldwide, thus benefiting from the numerous avoidance of double taxation treaties, signed between Cyprus and many countries globally.
Our firm remains readily available to provide all related professional services as per above and as per our website www.agioannideslaw.com upon receipt of written instructions, tailored to the clients’ needs and requirements.
22 Years of Accumulated Practice
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Alexandros G. Ioannides
Managing Partner of Alexandros G. Ioannides & Associates
Advocates & Legal Consultants
Acquisition International “Leading Adviser of the year award for Cyprus”2016 & 2017
(AI Global Media Ltd - International Publishing Group / Wealth & Finance INTL).