Cyprus, an idyllic island nestled in the heart of the Mediterranean, beckons with its azure seas, rich history, and vibrant culture. For those seeking to make this paradise their permanent home, Category E permit offers an alluring avenue to secure Permanent Residence in Cyprus.
Category E: An Intriguing Option
Category E, is a crucial component of the Permanent Residence Program, that caters to individuals who want to establish more secure and constant residence in Cyprus. An eligible candidate for this category is a person who have been offered or has a permanent employment in the Republic, which will not create undue local competition in the type of the employment in which they intend to be engaged or are engaged. Unlike other permanent residence permit categories, Category E waives the requirement for a financial investment in the country. It is important to note that to be eligible for this permit, an applicant should already hold a valid residence status in Cyprus, such as a work permit.
Inclusive for Families
Family members can also apply for permanent residence under Category E as dependents. The Immigration Permit extends to spouses and children under the age of 18 as dependent persons. The family members should also have a valid residence status in Cyprus to be included in the main applicant’s application.
Seamless Application Process
The application process for Category E is designed to be straightforward. While the exact documentation requirements may vary, some essential documents often include:
- Proof of permanent employment with an unlimited duration
- Comprehensive Curriculum Vitae (CV)
- Income tax return
- Statements of social insurance contributions
- Bank account statements
- Rental agreement or Title deed for accommodation
- Clean Criminal record certificate
- Marriage certificate and Children’s birth certificates (where applicable)
One of the most appealing aspects of Category E is that the residence right is of unlimited validity for both the permit holder and their adult dependents. However, it’s important to note that the residence permit card itself has a ten-year validity period from its issuance date and must be renewed upon expiration.
Tax Advantages
One of the most compelling aspects of securing permanent residence in Cyprus through Category E is the array of tax benefits that awaits, such as:
- Low Personal Income Tax: Cyprus offers one of the lowest personal income tax rates in the European Union. A portion of your income may be exempt from taxation, making it an attractive destination for those seeking tax efficiency.
- Special Defense & Dividends Tax: Cyprus imposes no Special Defense tax on dividend income received, regardless of its source, although the source country may withhold taxes on foreign dividends. Furthermore, no Special Defense tax is levied on interest and rental income from global sources, even though the source country may impose withholding taxes on foreign interest.
- No Inheritance Tax: Cyprus does not impose inheritance or estate taxes. This means that your loved ones can inherit your assets without facing a substantial tax burden.
- International Double Taxation Treaties: Cyprus boasts a comprehensive network of double taxation treaties with over 65 countries. These agreements help prevent double taxation on income, providing further financial benefits for residents.
- Wealth and Property Tax: Cyprus does not levy wealth taxes, and property taxes are relatively low compared to other European nations.
Maintaining Your Permanent Residence
It’s crucial to be aware that an Immigration Permit will cease to be valid if the permit holder and their dependents acquire permanent residence abroad or are absent from Cyprus for a continuous period of two years.
Category E offers a compelling path to permanent residence in Cyprus. Whether you are drawn to its cultural richness, pristine landscapes, or investment and economic opportunities, it is great choice for any foreign national searching for security and further development.
How Altus Citadel’s migration team can assist you?
Our expert team is here to guide you through the seamless application process, ensuring you have all the necessary documents and information. We’ll help you and your family every step of the way, making your application process as easy as possible.
For more information, feel free to contact us at:
Tel.: +357 22 252 774 or Via Viber, WhatsApp, Telegram +357 99 988 31
E-mail: info@altuscitadel.com or marketing@altuscitadel.com
