The Cyprus government in an aim to direct more foreign investments has made the rules for PR pretty lucid especially for third world non-EU countries. And the most convenient way for obtaining the citizenship is by buying properties. Some advantages of living in Cyprus as a PR include:
- All the privileges enjoyed by Cypriots
- Your dependent children (PR holders) can study in any European universities for lower course fees
- Your dependent children’s course fees (schools and universities) will be charged less
- Traveling to European countries like Cyprus anytime without any governmental procedures
- Hassle free visa for other EU nations
- Easy download, accession and low taxation on offshore investments
- Residence for a lifetime.
Why Choose Cyprus As A Foreign Company?
Not only for individuals and families, but the PR provided by Cyprus government for foreign companies has an added set of advantages. Here’s a glimpse into it:
- Want to setup offshore companies? It’s the most popular destination
- Get one of the lowest corporate taxes in Europe. That is as low as 10%
- It just takes few days to setup companies
- You get non-disclosure and anonymity rights
- You get double taxation treaties with 40 major countries across the globe including China
- Non withholding of taxes on payments, dividends, interests, or royalties to non-residents
- No ‘capital gain taxes’ on sale of immovable properties outside Cyprus if the company holders are tax residents of Cyprus
What Are Steps to Obtain PR In Cyprus?
The eligibility criteria for obtaining Cyprus permanent residence permit are
- Applicant should have a sufficient annual income
- Secured income should be greater than 1224450.00 UAE Dirham along with additional 20412.42 UAE Dirham for each dependent member
- In case applicants are purchasing any property in Cyprus, a certain payment has to be made before the application submission. There should be proof of fixed deposits in bank for 3 years in Cyprus.
- Police verification and clearance certificate
- An official declaration that applicant wants to engage in any form of paid or unpaid employment in Cyprus
- Mere fulfilment of eligibility doesn’t guarantee PR. The applications will be subjected to verification by the government
A Getaway To EU
Now it doesn’t take brownie points to guess that getting easy EU access, along with living in an exotic offshore country and having various business connections with over 40 business establishments across the globe is a big deal. And you can get it all by applying for PR in Cyprus.