July 18, 2024

TOP 5 Benefits of Cyprus Permanent Residence

Cyprus is one of the most popular destinations for buying real estate. The accessible tax system and a large tourist flow create favorable business development conditions. Favorable, comfortable conditions are created for guests of Cyprus. The rate of foreigners residing on the island is 20%.

Cyprus attracts investors with excellent prospects. The main advantages of a permanent residence permit – are a lifetime status and an accelerated procedure for registration. For persons investing in Cyprus real estate, at least 300,000 euros is enough to visit the island at least once every two years. The visa is granted in several months.

One of the opportunities to get Cyprus residency on the island is to buy real estate. According to Victor Esik, an expert on Immigrant Invest, the value of real estate transactions in Cyprus has increased by 34% in the third quarter of 2022. As a result, the country attracts foreign business people to organize and develop their businesses. In addition, the sound taxation system on the island contributes to the inflow of foreign capital, which allows Cyprus to grow in all directions.

Benefits

Cyprus PR benefits of living on the island? Read more about this below:

1. After obtaining a ten-year residence permit, you do not have to worry about renewal and other issues. However, the photos must be replaced at the end of this period.
2. Low crime rate. Cyprus is considered one of the safest countries in the European Union. Lack of corruption, independent courts, and European democracy. You will not meet disadvantaged neighborhoods on the island, housing with a metal door; it is simply unnecessary. The height of the fence is strictly controlled by law and does not exceed 1.2 meters.
3. Favorable tax regime, minimum bureaucratic aspects. No tax on global income, property, or inheritance. There is also no tax on income from exchange rate differences, dividends, or securities transactions. The corporate tax rate is the lowest in Europe at 12.5%. Investment and tourism businesses have a positive effect on the development of economic relations. The service sector is also developing rapidly: trade, transport conditions, and real estate trade. The favorable environment attracts foreign business people who successfully bring their companies to the island.
4. After five years of permanent residence, there is an opportunity to obtain Cyprus citizenship. It opens up new possibilities: free visits to more than 170 countries without visas or other documents. Before applying, a person must have lived permanently on the island for at least one year.
5. Cyprus is a member of the European Union. A citizen of the country can get an education and a job in any EU country. Only some countries require a formal work permit or residence permit.

The language issue is also worth mentioning. Most of the population (approximately 80%) is fluent in English, which is good for business.

The health care system on the island is an additional advantage of Cyprus’ permanent residency. Individuals who live and work on the island may register with the national GHS (General Health System). GESY includes providing medical care for chronic and severe diseases. It should be noted that the average life expectancy of the male population is 81 years and that of the female population is 85 years.

The quality of education is high. Greek, Russian and English schools are open. Recently, the number of international students has increased significantly.

The investment program for obtaining a residence permit in Cyprus

For the fastest processing of permanent residence in Cyprus, it is recommended to choose the investment route. The following categories of people can obtain a residence permit:

an investor himself;
parents;
spouse;
children under the age of 18;
children with disabilities in any age category;
unmarried children under the age of 25 who are on financial support.

The cost of investment does not change depending on the number of relatives. However, there is an additional registration fee and card issuance.

When children reach the age of 25, they retain their Cyprus permanent residence even if they finish school, get a job, or get married.

For more information, please visit https://immigrantinvest.com/blog/cyprus-permanent-residency-benefits-en/. Qualified assistance in purchasing commercial real estate, villas, apartments, townhouses, and other real estates. Residential properties, rental properties, legal advice – all this is provided on the website.

Finding the property of your dreams in Cyprus is relatively easy. Thanks to the ideal weather (340 clear days a year), almost every property has a spacious veranda, which will open up extraordinary horizons.

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