Permanent Residence Permit Program

Permanent Residence Permit (PRP) can be easily obtained for people who purchase property. PRPs are permanent and they do not have to be renewed. Hence, the obtaining of a PRP by a third country national could be very useful for various reasons.

Main Conditions

• The applicants must be Non-European citizens
• Property bought must be of value of €300,000 + VAT or more

Dependent Persons

• The obtained PRP applies to spouse and financially dependent children under the age of 18.
• Unmarried children between the age of 18 and 25, who prove that they are students and financially dependent on the applicant, can submit a separate application to obtain an Immigration Permit which they will keep for a lifetime.
• The Permanent Residence Permit (PR) may also be granted to the parents and parents-in-law of the applicant/holder. This can be done with the submission of an application.

Advantages of a Cyprus Permanent Residency Permit

• Fast and easy access to Europe
• Procedure taking 2 months
• 1-year Schengen visa in any European Embassy in Nicosia

Personal Benefits

• Permanent Residence Permit is not renewable, it is permanent. It is for life.
• Access to the British educational institutions based in Cyprus
• Some of the best medical institutions in the world can be found on the island
• No inheritance tax
• Rental income with high returns
• Opportunity to obtain a passport
• High quality of life

Why Cyprus

• Strategic location (at the crossroads of three continents-Europe, Asia and Africa)
• Stable economy adapted to Western values
• Legal system based on English Law
• Excellent telecommunications and air connections
• Excellent banking facilities with worldwide networks
• High level of professional services
• Readily available and highly trained local staff
• Relatively low cost of living
• Low crime level
• Excellent education system
• Mild climate with year round sunshine
• Rated as having the best quality of swimming water in all Europe
• Modern European lifestyle
• Fascinating history
• Luxurious shops and hotels/resorts
• Delicious food variety including local Mediterranean cuisine

Business Benefits

• With one of the lowest corporate tax rate in the European Union (EU) at only 12.5%, the island is an ideal jurisdiction for Holding Companies. Moreover, Cyprus has concluded on 50 bilateral tax treaties, including with the United States. Cyprus has no withholding tax imposed on dividend income, interest, or royalty payments effected to non-Cypriot beneficiaries. Profits from overseas permanent establishments are tax exempt.
• Cyprus’ banking sector has been undergoing considerable restructuring since March 2013, when Cyprus became the fifth Eurozone country to receive bailout assistance. Despite the recent downsizing of its financial sector, Cyprus continues to offer efficient and high-quality accounting, legal, and other professional services, which are one of the strong points of the economy. The labor force is largely multilingual and highly qualified and the labor costs are low compared to the EU average. Cyprus has an advanced telecommunications network and infrastructure, as well as a wide network of air-routes offering excellent connections with Europe, Africa, and Asia, as well as modern ports and first-rate sea connectivity.
• Cyprus ranks among the 10 leading maritime nations in the world and is a highly reputable international shipping centre with a merchant fleet exceeding 21 million gross tonnage (accounting for 16% of the EU fleet) and nearly 2000 vessels. It constitutes one of the largest ship-management centers in the world with around 50 ship-management companies and marine-related foreign enterprises that conduct their international activities in the country. Cyprus has also developed into a transshipment centre for Asia Pacific trade with Europe and with shipping markets