Frequently asked questions
The following are questions frequently asked about the Cyprus Residency program. If you don’t find your answers here, please contact us at your convenience.
Applicants realise that Cypriot Permanent Residency provides many significant benefits, including:
• Retirement in a safe country with a warm climate
• A better education for the applicant’s children
• A better quality of life for the family, including better healthcare and an unpolluted environment
• Relatively low real estate prices
• Personal security
• Tax advantages
• Applicants are not required to live in Cyprus before or after permanent residency approval.
What is the minimum investment required to obtain the Cyprus residency?
The minimum investment amount is EUR 300,000 plus VAT (Discounted for the purchase of the first Residential Property).
These cost estimates are exclusive of government application and attorneys fees and will vary based upon the number of family members to be included by the main applicant. Please contact us to obtain a complete checklist of all required application documents and to receive a detailed quotation.
How will new Residents be taxed?
Becoming a Resident of Cyprus does not have any tax implications
unless you move to the country. Individuals are considered as tax residents of Cyprus if they spend more than 183 days per year in Cyprus. Tax residents are taxed on all chargeable income that is accrued or derived from any source in Cyprus and abroad. Non Tax residents are only taxed on certain income accrued or derived from a source in Cyprus. Any foreign taxes that are paid can be credited against personal income tax liability.
Personal tax on income generated in Cyprus is taxed at progressive rates up to 35%. The corporate tax rate is 12.5%.
There is no inheritance Tax in Cyprus.
Can you help me find property in Cyprus?
Yes. YOR-CY-HOME is a leading real estate company specializing in Cyprus and Greece, by offering exclusive properties in prime locations to the discerning buyer. Our product portfolio is wide ranging, covering all the possible requirements that you may have. Whether you are looking for an investment, a holiday home, a second home, or a permanent home, rest assured that we are the right partners for you.