Non-EU citizens who purchase property in Cyprus can benefit from a new and accelerated procedure for obtaining a Permanent Residence Permit. The parents (his and or her spouse's) of Permanent Residency holders or future applicants can also apply for a permit. Given this new procedure and the savings of thousands of Euros due to the abolition of transfer fees, now is the best time to buy property in Cyprus.
Benefits of Cyprus Permanent Residence
- Cyprus Residence Permit is permanent and no need for future reconsideration. It is a lifetime permit.
- Cyprus Permanent Residence applies to the entire family (parents, children, grandparents).
- Cyprus Permanent Residents have the right (under certain conditions) to apply for a Cypriot passport following their physical presence for a total of 5 years within a 7 year period.
- Once the Cyprus Permanent Residence Permit is obtained the applicant and his family included in his Immigration permit will be entitled to apply for a Schengen Visa through any Schengen European Embassy. It is very important to note that Cyprus is expected to enter the Schengen Zone soon.
- Cyprus has a relaxed, stress-free lifestyle with the lowest crime rate in Europe.
- No Inheritance Tax applies in Cyprus.
- Cyprus offers an ideal family environment, enabling your children to benefit from excellent schools and universities while healthcare and infrastructure are all state-of-the-art.
- Cyprus is one of the most popular destinations for setting up companies with only a 12.5% corporate tax rate, and double taxation treaties with almost 60 countries.
- Risk free Freehold property ensures permanent property rights