Cyprus Citizenship

Cyprus Citizenship > Cyprus Citizenship Benefits

Cyprus Citizenship Benefits

Cyprus Citizenship is very desirable in the last years as many non-Cypriot citizens are pursuing it in order to take advantage of the many benefits it has to offer.

Investors can acquire the Cyprus Citizenship by Naturalization, on the basis of the Decision by the Council of Ministers of the Republic of Cyprus in 2014. Iacovou Ltd having over 28 years of experience in the industry can provide clients a high quality service in order to obtain the Cypriot Citizenship.

Main Benefits

• Cyprus offers a sought-after way of life both to its residents and tourists. With its year-round sunny weather, award-winning beaches, exceptional nightlife suitable for all ages and variety of activities, it is certainly a small paradise to live on
• With the passport issued within 6 months from the date of the application being submitted, it is a fast and easy procedure
• The Cyprus passport is not only issued to the Investor but also to his/her spouse and all financially dependent children (up to the age of 28). Next generations can also retain the citizenship
• With a great selection of luxurious and pioneering properties designed by leading architects and interior designers, buyers from across the world will certainly find their dream asset, whether it is for an investment or for use a holiday home so they can acquire the Citizenship or Permanent Residence Permit
• Large selection of high-yield investment opportunities available throughout the island
• Investors can move capital within Cyprus
• Ability to travel to more than 150 countries with no visa restrictions
• Travel, live or work within the EU without the need to obtain a visa
• With Cypriot Citizenship, it is easy to obtain a visa to travel to non-EU countries
• The Cypriot driving license can be used in other EU member states
• Benefit of free healthcare in public hospitals in Cyprus
• Cyprus is one of the most popular tourist destinations. With all the political turbulence faced by other countries, tourism in Cyprus is growing annually at an unprecedented rate
• Because of the great life style it has to offer, Cyprus has the third highest percentage in the EU of foreign citizens residing in Cyprus making it a truly cosmopolitan island
• Cyprus offers one of the lowest tax rates in the European Union (12.5%)
• Benefit from the European Health Insurance card and pay European Union fees for study in EU-member states

Tax Benefits

By obtaining a Permanent Resident Permit and/or Cyprus Citizenship by Exception does not alone affect the tax status of an individual. An individual is taxed according to residency and domicile status.

A Cyprus tax resident can benefit from a number of tax incentives some of which are:

• Cyprus tax residents but non-domiciled individuals are exempt from paying taxes, including special defense contribution imposed on dividends, interests and rental income

• Personal tax rates are progressive from 20% to 35% with a tax free allowance of €19,500

• Profits from the disposal of securities are exempt from paying taxes

• Any lump sum received as retirement gratuity is exempt from paying taxes

• Pension received from other countries is taxed at a rate of 5% with a fax free allowance of €3,420

• No Capital Gains Tax is imposed upon the disposal of immovable property located abroad or if the immovable asset is located in Cyprus but acquired between 16 July 2015 and 31 December 2016

• No Wealth, Gift, Inheritance Tax or Estate Duty imposed in Cyprus

• An individual who resides abroad before the commencement of employment in Cyprus with earning less than €100,000 per annum can benefit from 20% exemption on the taxable income (with a minimum exemption of €8,550) for the next 5 years (this exemption will only be offered up to the year 2020)

• An individual who resides abroad for at least 3 out of the 5 years immediately before the year of commencement of employment in Cyprus with an annual income of €100,000 or more, can benefit from a 50% tax emption for the next 10 years