How to retire in Cyprus for non-EU
If you’re a non-EU national looking for a tax-friendly destination, consider Cyprus with easy Category F Permit. Thanks to the non-domiciled rules in place, foreign tax residents in Cyprus can enjoy numerous benefits and exemptions. For instance, you won’t have to pay any taxes on dividends, interest income, capital gains, or salaries from foreign employers. Additionally, you’ll only pay a flat 5% tax rate on your pensions. So, why not make Cyprus your new home away from home?
Looking for a way to obtain Cyprus Permanent Residency? Consider Category F, one of the most common options available. This process is ideal for those who aren’t in a hurry and can patiently wait for approval, which typically takes 12 to 18 months. If time is of the essence, you may want to consider the fast-track process instead.
A third-country national may apply for permanent residency on a “normal-track basis” after renting out a home or buying a house or apartment of any value.
THE KEY DIFFERENCE WITH THE FAST TRACK PROGRAM IS THAT NO MINIMUM INVESTMENT IS REQUIRED.
Requirements of Category F Cyprus Residence Program
- Purchase or rent a residential house or apartment, regardless of price.
- Minimum yearly assured income from sources outside of Cyprus of around EUR 10,000 (increasing by approximately EUR 5,000 per dependent).
- No employment in Cyprus, for applicant and family members.
- Applicant’s income is acquired from legally permitted foreign sources.
- Clean criminal record, issued from their Home Country.
- There is no sanction order against the applicant or his dependents.
Application Process Details
- The application for Permanent Residency, as well as any relevant legal papers, must be prepared and lodged with the Civil Registry and Migration Department. Our Immigration Attorneys may get a Power of Attorney on your behalf, allowing us to conduct your Cyprus Permanent Residency application while you are still in your home country.
- We will draft any necessary contracts for renting or acquiring the property, as well as collect all necessary evidentiary papers for the application.
- You will receive your Cyprus Residence Permit within twelve to eighteen months after application submission
- You will have to visit Cyprus within a year after your application is approved in order to have the authorities take your biometrics (for the issuing of a PR card), and then once every two years after that.
The key advantage of this approach is the reduced yearly income need, as well as the flexibility of renting a property before purchasing altogether. It should be emphasized that after the application is submitted, the applicant has complete freedom to travel to and from Cyprus. The biggest disadvantage of the aforementioned way of application is that it can take up to a year to receive a decision from the Ministry of Interior.
When buying property in Cyprus, you should be informed of the potential dangers to ensure that you make the appropriate investment and that your transaction goes quickly and effectively.
Costs and Fees
To successfully obtain permanent residency in Cyprus through investment, significant time and resources are required. Additionally, there are several government fees to be paid during the application process, including
- a €500 cost for filing the application with the Migration Department and
- €70 for an Alien Registration Certificate.
On top of this, legal fees are required with our office offering an attractive package for clients.
Our services include preparing all necessary documents, scheduling appointments with the Migration Department, and filing the application through a Power of Attorney document, which costs
- €600 plus VAT for the main applicant and
- €300 plus VAT for every dependent person.
Furthermore, we can assist in finding the right property for your investment, drafting the purchase contract, and filing it with the Land Department.
Looking to obtain permanent residency in Cyprus? Let our team of experienced Immigration Lawyers handle the process for you. We understand that the process can be time-consuming and overwhelming, but we have the expertise to navigate it successfully. Our team can handle everything from filling out the application to submitting it on your behalf with a Power of Attorney. Leave your contact information and we will be in touch with you to discuss all the details.