Permanent residency

Immediate family

Firstly, eligibility is not limited to the investor-applicant, but his immediate family can also enjoy this benefit. In addition, extended family applications will also be regarded more favorably.

Visa exempt

Another advantage is that when one obtains permanent residency, he or she is free to enter and live in Cyprus without the need to obtain a visa. If, however, they do not want to relocate to Cyprus immediately, they can still maintain the permit as long as they visit once every 2 years.  The permanent residency holder and his or her family now have a ‘second home’ base which in itself has many obvious advantages.

Schengen zone

Another important aspect is that applying for visas to other countries, and in particular, a Schengen visa is now made easier which is great for easy travel and business opportunities. Also, once Cyprus enters the Schengen zone, permanent residence owners will be able to travel freely in the zone.

Taxation

When it comes to tax, being a holder of a permanent resident permit, will not affect one’s tax liability in Cyprus. What’s more is that the holder can benefit from any incentives given to persons having double residency according to their country of origin’s regulations. It has also been stated that after an accrued 7 years of living in Cyprus, one can become eligible for citizenship and make Cyprus their permanent home.

Establishing a company or business

Lastly, because Cyprus has the lowest taxation rate in Europe, it is advantageous for the permit holder to establish a company or a business of his/her own. So given all the above benefits, there is no reason not to look into becoming a permanent resident of Cyprus! To know more about investing in Cyprus’s permanent residence program, please contact us or send a call back request and one of our specialists will contact you to discuss your needs.