The Cyprus government has introduced, among others, a scheme for granting foreign investors a Permanent Residency Permit (PRP).
This scheme is aimed at high net worth individuals, investors, and entrepreneurs.
Reasons for applying for the Cyprus Permanent Residency Permit (PRP):
- Regulation 6(2) Permanent Residency Permit grants a Non-EU national the right to permanent residence in Cyprus with no renewal requirements;
- Eliminates all traveling restrictions and elaborates visa requirements (i.e. Visitor’s Visa) across the EU and facilitates access to the Schengen zone;
- Once granted, the PRP covers the whole family: the main applicant and spouse, their parents and dependents up to the age of 24 (who must be enrolled students and cannot be working towards a professional degree i.e. PhD, lawyer, chartered accountant, medical doctor etc.);
- The Fast Track application procedure is reviewed by the Civil Registry and Migration Department and the Ministry of Interior grants final approval within only 2 months from the date of filing;
- The application can be processed in the applicant’s absence and filed on their behalf;
- Application for a Cyprus PRP can be the first step towards gaining Cyprus Citizenship;
- As far as the Cyprus Tax Law view, a Cyprus tax resident individual who is a PRP holder is exempt from tax on worldwide dividends and interest income for a period of 17 years. In addition to this, a Cyprus tax resident is exempt from tax on gains on disposing of securities. This is recognized as the most attractive personal income tax regime to date.
The requirements for applying and obtaining a PRP in Cyprus by investment (“fast-track”) are as follows:
- Acquire new residential premises in Cyprus for a minimum value of €300,000 (excluding VAT) from an approved Developer company.
- Open and maintain a fixed deposit in a Cyprus bank of a minimum of €30,000 for three consecutive years.
We, at Exsus International Team, are here to provide you with support and consultancy all throughout the PRP process and we are at your disposal for any further information or questions you might have.