Cyprus permanent residence for retirees to live by the sea and pay the Europe’s lowest pension tax
If you ask us, taxes in the UK are way too high, especially for retirees, with a rate of 20%. In contrast, Cyprus offers a flat rate of 5%. Quite a difference, isn’t it?
When we discovered this, we couldn’t resist the opportunity to not only move to a warm country but also to reduce our tax burden.
Immigrant Invest supported us throughout the entire process of acquiring Cypriot permanent residence, from selecting our investment destination to moving to Cyprus seven months later.
Rupert and Lucy,
Investors and retirees from the UK
Clients’ names and photos have been changed
This case was provided by our expert
Author and editor of articles about investment citizenship and residency
Cyprus permanent residence for retirees to live by the sea and pay the Europe’s lowest pension tax
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Detailed process of obtaining Cyprus permanent residence
The process of obtaining permanent residence in Cyprus for Rupert and Lucy took approximately 7.5 months. Immigrant Invest supported the couple throughout the entire procedure.
In total, Rupert and Lucy spent €341,820.
January 5th, 2024
Preliminary Due Diligence
Preliminary Due Diligence is a mandatory step before signing a contract with investors. Immigrant Invest’s Anti-Money Laundering Department conducts background checks on all applicants.
A Certified Officer verified Rupert and Lucy’s profiles using international databases and online sources. After a successful outcome, Immigrant Invest signed an agreement with the investors.
Preliminary Due Diligence is a mandatory step before signing a contract with investors. Immigrant Invest’s Anti-Money Laundering Department conducts background checks on all applicants.
A Certified Officer verified Rupert and Lucy’s profiles using international databases and online sources. After a successful outcome, Immigrant Invest signed an agreement with the investors.
+ 2 weeks, €340
Preparation of documents
Lawyers provided the investors with a list of required documents, including:
-
valid passports;
-
a marriage certificate;
-
police clearance certificates;
-
biographies;
-
proof of income legality;
-
health insurance, costing €340 for both investors.
The legal team also notarised and apostilled copies and completed the necessary government forms.
Lawyers provided the investors with a list of required documents, including:
-
valid passports;
-
a marriage certificate;
-
police clearance certificates;
-
biographies;
-
proof of income legality;
-
health insurance, costing €340 for both investors.
The legal team also notarised and apostilled copies and completed the necessary government forms.
+ 3 weeks, €340,840
Investment
With Immigrant Invest’s assistance, the applicants selected suitable real estate, and lawyers signed the purchase and sale agreement on their behalf. Immigrant Invest then submitted the property’s documents to the Department of Lands and Surveys in Cyprus.
At this stage, the investors paid VAT, stamp duty, and legal fees for transaction support. They also received a document confirming the investment was made.
With Immigrant Invest’s assistance, the applicants selected suitable real estate, and lawyers signed the purchase and sale agreement on their behalf. Immigrant Invest then submitted the property’s documents to the Department of Lands and Surveys in Cyprus.
At this stage, the investors paid VAT, stamp duty, and legal fees for transaction support. They also received a document confirming the investment was made.
+ 4.5 months, €640
Application and examination
Lawyers submitted the documents to the Civil Registration and Migration Department in Cyprus on behalf of the investors. Rupert and Lucy were not required to visit the country but did need to pay the application and card issuance fees.
The Cypriot authorities reviewed the application for approximately 4 months.
Lawyers submitted the documents to the Civil Registration and Migration Department in Cyprus on behalf of the investors. Rupert and Lucy were not required to visit the country but did need to pay the application and card issuance fees.
The Cypriot authorities reviewed the application for approximately 4 months.
+ 2 weeks
Submission of biometrics
After receiving approval on their application, Rupert and Lucy travelled to Cyprus to provide their fingerprints.
After receiving approval on their application, Rupert and Lucy travelled to Cyprus to provide their fingerprints.
August 17th, 2024
Issuance of permanent residence cards
The residence cards were issued 40 days after biometric submission, and the couple collected them in person.
The residence cards were issued 40 days after biometric submission, and the couple collected them in person.
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