Cyprus Golden Visa Program

Short History: Culturally divided since 1974 between Turkish and Greek inhabitants, Cyprus is a scenic Mediterranean island between the continents of Europe and the Middle East as well as a member of the EU. As the third-largest island among Mediterranean Sea states, Cyprus has a population of roughly 1.2 million people. The historical influences of the Egyptians, Assyrian, Persian, Roman, Greek, British, and Turkish can still be found throughout the island nation. It is home to three UNESCO World Heritage Sites.

Taxes: With one of the most sought-after tax regimes in Europe, Cyprus has many beneficial tax policies for business and individuals. The corporate tax rate is only 12.5%, one of the lowest in the EU. There are no inheritance, withholding, dividend or interest income, or immovable property tax. Individuals are taxed based on all income in Cyprus or abroad over ~21,500 USD (19,500€) at a progressive tax rate of 20-35%. This includes rental income, but Non-Domiciled foreign nationals receive a 20%-50% income tax reduction for 17 years. Foreign pensions are taxed at a rate of 5% over the 3,417 Euro exemption. As an advantage, Cyprus has signed double taxation treaties with almost 70 countries. Non-Domiciled foreign nationals receive tax benefits such as exemption from the Special Defense Contribution Tax and are not required to pay taxes on dividends or interest income.

Advantages & Disadvantages: There are many lifestyle benefits to living in Cyprus. From ideal weather to gorgeous natural landscapes, Cyprus has a relaxed pace and welcoming culture. As an island, travel to and from Cyprus can be more difficult but geographically it is a hub for the continents of Europe, the Middle East, and Africa. Also, Cyprus is not a member of the Schengen Zone, yet getting a visa as a Cyprus resident is not difficult and opens up more travel options.

Languages: The official languages of Cyprus are Greek and Turkish, but in fact, English is commonly used in every aspect of society. The majority of people living in Cyprus can speak English and with more foreign nationals moving to the island, other languages such as Chinese and Russian can also be found.

Healthcare: Residents of Cyprus enjoy the new national healthcare system, GeSY. Through the Golden Visa program, all residents have access to quality healthcare services and providers with little to no out-of-pocket costs. Cyprus also remains a top healthcare destination with some of the best private healthcare institutions in Europe.

Retirement: The cost of living in Cyprus is around 20% cheaper than living in the UK. Its low living costs along with a low 5% pension income tax make it an affordable destination for retirement. Property prices are reasonable for any budget and access to quality healthcare through the national GeSY program are additional benefits to making the most of the retirement stage of life. Many retired foreign nationals also earn income from rental properties around Cyprus.