Cyprus is an European Union member state since 2004 and committed to become a Schengen Zone member within the year 2021.
Cyprus has the most favorable tax system is the Union, both for individuals and legal persons. Combined with the numerous double taxation treaties Cyprus tax system becomes even more attractive for high earners.
The residence holder can be exempt from tax on his worldwide dividends and interest income for a period of 17 years and from tax on gains on securities.
Travelling across the E.U. becomes a lot easier
A person can apply to obtain an Immigration Permit on the basis of one of the following Categories:
Category C: Individuals who intend to work as self employed in a trade or profession in the Republic, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of approximately €260,000 and such an employment should not affect negatively the general economy of the Republic.
Category E: Individuals who have been offered permanent employment in the Republic, which will not create undue local competition.
Category F:Individuals who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession are under some conditions entitled to receive permanent residence permit under Category F.
The annual income required should be at least €9568,17 for a single applicant plus at least €4613,22 for every dependent person. However, please note that the Immigration Control Board may demand additional amounts in order to grant the permit.
An Immigration Permit will be automatically revoked if the applicant fails to acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus. It will also be cancelled if he/she is absent from Cyprus for a continuous period of two years.