COUNTRY PROFILE
• Capital: Nicosia
• Population: 1.1 million
• Area: 9,251 sq km (3,572 sq miles) (combined)
• Major language: Greek & Turkish
• Major religion: Christianity & Islam
• Life expectancy: 78 (men) 83 (women)
• Currency: Euro & Turkish lira in the north
• Exchange Rate (as of May 2018): US$ 1.00 = 0.841852 EUR
Located in the north-eastern part of the Mediterranean Sea and to the south of Turkey, Cyprus is the largest island in the eastern Mediterranean as well as being the third smallest country in the EU, after Malta and Luxembourg. Cyprus is famous for its rich history and fantastic beaches of the Mediterranean Sea that are attractive all year long for tourists and inhabitants. Cyprus boasts an established off-shore banking sector plus the lowest corporation taxes in the EU making for attractive international tax planning possibilities, plus many tax exemptions exist for non-residents with free trade within the European Union. The Island has signed double taxation treaties with 43 countries. The legal system is based primarily on English Common Law. English is widely spoken and understood in business and everyday life. It offers both Cyprus Citizenship & Cyprus Residency options.
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| Type of Investments | Real estate and business investment |
| Minimum Investment | Purchase a residence of €300,000 plus VAT A Bank deposit of €30,000 in a Cypriot Bank, pledged for 3 years The applicant should prove at least €30,000 income for himself and plus €5,000 for each dependent on An applicant may purchase up to 2 residential units (apartments or houses), or 1 residential unit and 1 shop with an area of up to 100m² or 1 residential unit and an office with an area of up to 250m² Residences or apartments may be independent of each other but both must be sold by the same company The property must be new (not a resale) All investment funds must be proved to have emanated from abroad. A Declaration is signed by the applicant/spouse that there is no intention to be employed in Cyprus. The applicant and/or his wife could be shareholders and directors in a company registered in Cyprus. All applicants must visit Cyprus at least once every 2 years. |
| Minimum Stay | Once in 2 years. |
| Capital Gains Taxes | Capital Gains Tax (CGT) is imposed (when the disposal is not subject to income tax) at the rate of 20% on gains from the disposal of immovable property situated in Cyprus including gains from the disposal of shares in companies which directly own such immovable property. Shares of companies which indirectly own immovable property located in Cyprus and at least 50% of the market value of said shares derived from such immovable property are subject to Capital Gains Tax. Shares listed on any recognized stock exchange are excluded from these provisions. |
| Personal Income Taxes | None if non-resident Residency: €0-€19,500 - 0% €19,501-€28,000 – 20% €28,001-€36,300- 25% €36,301-€60,000 30% Over €60,000 – 35% |
| Business & Corporate Taxes | 12.5 % |
| Resident Non-Domicile Scheme | No taxes on income from dividends or interests for 17 years. |
| Property Taxes | Immovable Property Tax was abolished as from lst of January 2017. VAT of 5% on first property, thereafter @19% |
| Processing Time | 2 – 3 months. |
| Maximum Dependent Children age | 25 years. |
| Restricted Countries | None |
| Visa Free Travel | None. Only Cyprus Residency. |
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| Type of Investments | Real estate, government bonds, business investment, financial assets of Cypriot companies. |
| Minimum Investment | EUR 2 million plus VAT investment in Residential Property. Investment to be held for 3 years only with only EUR 500,000 primary residential property to be retained for life. OR EUR 2million Investment in combination of options 1 to 4 below: 1-Real estate (residential, commercial, development) 2- Cypriot business or company: In companies registered and operating in Cyprus, employ at least 5 Cypriot or EU nationals. 3- Investment: In alternative investment funds or financial assets of Cypriot businesses or organization licensed by the Cyprus securities and exchange commission. 4- Government Bonds: up to 500.000 Euro in specific bonds issued by the republic of Cyprus. |
| Dual Nationality Permitted | Yes |
| Personal Visit Required | Yes to buy property |
| Minimum Stay | None |
| Capital Gains Taxes | Capital Gains Tax (CGT) is imposed (when the disposal is not subject to income tax) at the rate of 20% on gains from the disposal of immovable property situated in Cyprus including gains from the disposal of shares in companies which directly own such immovable property. Shares of companies which indirectly own immovable property located in Cyprus and at least 50% of the market value of said shares derived from such immovable property are subject to Capital Gains Tax. Shares listed on any recognized stock exchange are excluded from these provisions. |
| Personal Income Taxes | None if Non-Resident |
| Business & Corporate Taxes | 12.5 % |
| Resident Non-Domicile Scheme | No taxes on income from dividends or interests for 17 years. |
| Property Taxes | Immovable Property Tax was abolished as from lst of January 2017. VAT of 5% on first property, thereafter @19% |
| Processing Time | Residency Card in 2 weeks & Passport in 6 months. |
| Maximum Dependent Children age | 28 years. |
| Restricted Countries | None |
| Visa Free Travel | 164 countries |
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