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This might be the easiest permanent residency in the EU! At the same time, you can take advantage of the great tax treatment.
We already talked about some good and attractive residencies in the EU: we talked about Malta and Portuguese Golden Visa. This time we are discussing Cyprus.
This program has been updated recently, and this update is making it more attractive than it used to be.
If you want to get Cyprus permanent residency you will need to make an investment. You will be able to buy residential or commercial property, invest in a business or a fund. The investment needs to be 300 000 EUR or greater.
Cyprus is an EU member state, but it’s not part of the Schengen zone. Cyprus used to have citizenship by investment program, but they closed it down in November of 2020.
However, today we are discussing their fast track residency program, called Regulation 6.2.
When we say fast track, it means that you can obtain this residency in less than 2 months.
Portuguese Golden Visa takes 6-12 months time, so this is quite faster.
One interesting thing about this program is that you can of course bring your family with you, but you can bring your parents and parents-in-law to Cyprus as well.
If you want to maintain permanent residency you will need to keep this investment permanently. If you sell the property or sell your investment you will no longer qualify. This residency can lead to citizenship but you will need to actually live in Cyprus for 7 years.
However, if you don’t want to live there, but still want to keep this permanent residency you will just need to visit Cyprus once every two years.
The tax benefits of this program are amazing. If you’re working for a foreign employer you can have your salary exempt from tax. Under the Non-Dom program, your dividends and capital gains will also be exempt from tax. This is probably the easiest place in the EU to get zero tax.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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