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What is the benefit of obtaining permanent residency in Cyprus?

Permanent residency status means that your family has the right to live freely in Cyprus or continue to live in your home country and just use the permit whenever you need it. It can act as an insurance policy for the future. Permit holders also have the right to own a business in Cyprus or setup a Cyprus company as an intermediary for export trading throughout the world, thus benefit from Cyprus’ excellent business and tax advantages. Cyprus is a superb base for travelling throughout Europe with its excellent flight connections and visas are very easy and quick to obtain. A permit holder can obtain a Schengen visa within just one week. Travel will become even easier when Cyprus becomes a Schengen State in he very near future. The island offers excellent education opportunities which enable your children access to the best universities worldwide.
It also gives you the right to apply for EU citizenship after 7 years!
“Permanent residency offers your family the freedom to live freely in the EU and to travel with ease, it provides access to excellent education and healthcare, or simply offers an insurance policy for an uncertain future!”

Business and taxation

Permit holders may own a business in Cyprus and benefit from a low corporation tax of 12.5% on net profits by setting up a Cyprus company. Additionally, they can use their Cyprus company as an intermediary for export trading activities from their home country to enjoy tax benefits. Cyprus is firmly established as a reputable international commerce centre, the ideal bridge between East and West. It offers a tax efficient gateway for channeling foreign investments anywhere in the world. The Cyprus tax system is in full compliance with EU and OECD requirements. It provides a unique combination of favourable participation exemption provisions on income emanating from international activities, applies a wide network of double tax treaties, and zero withholding taxes on any type of payments made anywhere in the world. By invoicing all exports through a Cyprus company and accumulating most profits in Cyprus, permit holders may take advantage of the 12.5% corporation tax and benefit from the 0% tax on dividends offered to non tax residents. Anyone spending less than 183 days in Cyprus is considered non tax resident and will not pay tax on their worldwide income, only on income derived from Cyprus, excluding dividends. Please contact us for detailed information on business and taxation in Cyprus.

Family reunification

Ascendants and second line relatives of permit holders are able to visit or reside in Cyprus in accordance with Cyprus law. Family members wishing to visit for holidays will be granted with a three month visa, while ascendants wishing to reside in Cyprus may apply for a one-year pink slip which is renewable annually.

Long-term residency

Upgrading your permit to long-term residency status will enable you to enjoy similar rights to EU citizens, including the ability to work and operate a company.

According to article 18H of the Aliens and Immigration Law, Cap.105 implementing Directive 2003/109/AC, non- EU nationals who live in a EU Member State for a period of more than 5 years are entitled to apply for long-term residency. This European Directive aims to provide permit holders with a set of uniform rights which are as near as possible to the rights which European citizens enjoy. These rights include the ability to work or operate a company, to benefit from the prevailing tax laws and to - access the same educational and professional opportunities offered to Cypriot and EU citizens, including scholarships. Long-term residency status is permanent and available to all non-EU nationals that have resided in Cyprus for over 5 years. The key criterion is that the applicant must not have been absent for more than six consecutive months or more than 10 cumu- lative months within the 5-year period.

Citizenship

Permanent residents will gain access to Cypriot citizenship after 7 years, in accordance with legal provisions. An EU citizen is free to live, work, travel, receive healthcare or pursue education anywhere within the EU, including the UK. In fact, travel benefits extend way beyond Europe with Cypriot passport holders being able to travel visa free to an extensive list of countries. Those that do require visas, such as the US, have very limited requirements and visas are issued within just a few days.

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Head Office:
33 Nicodemou Mylona
Pafos, CY8101
Cyprus
T: +357 26 848 800
F: +357 26 934 910
E: info@pafilia.com
Freephone: 8000 89 89
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Limassol Office:
307-309
28th October Avenue
Limassol, CY3105
Cyprus
T: +357 25 590 880
E: info@pafilia.com

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Moscow Office:
12 Kransopresnenskaia
Naberezhnaia
Poz'ezd 6, Office 1032
Moscow, Russia
T: +7 (495) 258 1970 /71
F: +7 (495) 258 1970 /71
E: russian@pafilia.com
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Beijing Office:
Room 3305, No.6 Building
Jianwai SOHO
No.39 East 3rd Ring
Middle Road, Chaoyang
District, Beijing, China
T: +86 186 1115 0291
E: info@pafilia.cn.com
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Level 46, Bitexco Financial Tower
2 Hai Trieu Street
District 1
Ho Chi Minh, Vietnam
T: +84 28 6287 5911
M: +84 122 768 6019
E: b.winter@pafilia.com
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Athens Office:
Corner 58 Kafkasou &
52 Skopelou Streets
Kypseli
Athens
Greece
T: +30 210 2717100
E: c.diagkos@pafilia.com
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