The Republic of Cyprus is the third largest island in the Mediterranean Sea east of Greece and south of Turkey. The island is about 9,251sqkm in size and is inhabitat by about 1.1million people. The capital is Nicosia. Cyprus is part of the European Union and its currency is the Euro, Official languages are Greek and Turkish, which are also the largest ethnic groups on the Island. Since 1974 the island is de facto partitioned into two main parts, only 59% is controlled by the republic, the rest is under Turkish control. Cyprus is famous for its ancient archeological sites that date back to 7500 BC. Due to its subtropical climate with very mild winters Cyprus is also a popular holiday destination. Due to a favourable tax regime Cyprus is attractive for offshore business. In the recent years significant quantities of offshore natural gas have been found. Please find more information here.
- Easy entry into most European and Commonwealth countries without the need for a visa. With a Cyprus residence obtaining a Schengen visa is much easier. Also as a resident it is easier to get admission to European universities.
- Comprehensive tax treaty network
- Popular holiday destination
- Favorable tax framework especially for offshore companies and trusts
- Income Tax: 0% to 35% (over 60.000€). There are significant exemptions from income tax such as interest (except from ordinary business activities); dividends and profits from the sale of securities.
- Capital Gain Tax: 20% (deductions can apply)
- Gift / Inheritance Tax: None (under certain conditions)
- Wealth / Net Worth Tax: None
- Cyprus corporate tax is only at 10%. There is no tax on profits and dividends paid for shipping companies that sail under Cyprus flag. There are also exemptions from the sale of securities and dividends.
- Special mandatory contributions for defence can apply
Cost of Living
- Cost of living is relatively low in Cyprus in most areas. The rent for a 1BR appartment can be lower than 7500€/year and purchase prices start at 150.000€. You can find more details here.
- Annual steady income of €30,000 (plus an additional €5,000 per dependant) arising from sources outside Cyprus, and
- Ownership of real estate property in Cyprus with a market value of €300,000 + VAT, and
- A fixed deposit account in Cyprus with a balance of €30,000, pledged for a minimum period of three years
- Resident must stay at least 183 days in Cyprus to be considered tax resident.
Please visit our citizenship site for more information.
Please find more information about our wedding & residence program here.