Cyprus Residence Program
Cyprus is one of the fore-runners in the industry when dealing in tax planning. This is valid for both corporate entities as well as individuals. As matter of fact, many ultimate beneficial owners who have established a corporate structure in Cyprus, now also hold residency status in Cyprus due to the immediate positive effect of relocating or commencing their business structure in Cyprus.
With Cyprus’s growing reputation as a quality living destination and a tax-efficient residence solution in the European Union, we have increasingly advised on tax optimisation opportunities of moving to Cyprus under the appropriate residence scheme.
The acquisition of a Cypriot Residence Status is perceived as being more straight forward. This is due to the fact that the requirement to obtain such status is based on the individual’s possession of adequate financial resources at their disposal, provided that it is sufficient to maintain themselves independent of any trade, business or profession. Adequate financial resources are taken to mean that:
- The individual is the owner of immovable property in Cyprus worth at least €300,000; or
- The individual holds a minimum of €150,000 in bank deposits; or
- The individual’s annual income arising outside Cyprus exceeds that of €9,568.
- The above stands solely on obtaining a valid health insurance policy in Cyprus.