The Mediterranean island paradise of Cyprus offers various advantages for resident investors and entrepreneurs. The Member State of the European Union guarantees the free life and antidiscrimination laws for the LGBT community.
In July 2017, the Cyprus House of Representatives amended the definition of "Cyprus tax resident individual" status. The new legislation clarifies the timeframes of the physical presence of the resident in Cyprus.
The best news is that you have to be there 60 days during your tax year. It means two months of quality time in the Pearl of the Mediterranean Sea, where Aphrodite, the Greek goddess of love was born.
The Cypriot resident cannot stay more than 183 days in one other country during one year and cannot become tax resident of the other EU Member States and third countries. The residents of Cyprus must also maintain a permanent residential real estate, which can be either rented or owned. The Cypriot resident person also has to carry business on the island or must be employed there (may hold office too.)
Cyprus offers several tax incentives for all ages. Not only entrepreneurs and investors benefit from the law tax system of Cyprus, but it also provides low, lump-sum tax rates for pensioners, who want to enjoy the best available quality of life in the Mediterranean island nation.
Income from foreign and local sourced dividends and interests is tax exempt in Cyprus. Meanwhile, the highest income tax rate for the local income (above 60,000 euros) is 35%, and the lowest key starts at gross 195,500 euros.
For third-country nationals (not EU citizens) the most simple and straightforward way to immigrate to Cyprus are the residency and citizenship by investment schemes. If the applicant does not want to become a Cypriot citizen, then property purchase and proof of foreign income are the main requisites.
The Cyprus Citizenship by Investment Program is one of the two legal and existing real passport solutions (the other is Malta) in the European Union. You can read here more about this solution.
Couples living in a same-sex civil union may immigrate together under both immigration schemes in Cyprus.
The quality of life in Cyprus
The quality of life is just perfect in Cyprus. Mild winters and hot summers follow each other. Culture, beach activities and moderate prices.
In Cyprus, rental costs differ depending on their location. A luxury apartment in Limassol, close to the airport can be rented for 1000 euros. Meanwhile, beautiful houses with huge gardens are available with sea view for 350 euros monthly rental fee in one of the beautiful villages of the island. The monthly cost of living for a couple is (without property expenditures) is approximately 1000 euros, which enables a decent life-style.
If you are interested in moving to Cyprus, we can help to guide you through the whole process or even to enter into a civil-union and arrive in Europe with your partner. Ask for more information here.