Living  in Cyprus



  1. Welcoming:


My name is Andreas Papaelisseou and I am a director Manager of Papaelisseou Group of Companies in Cyprus . Our companies   have been established for nearly ten years and are today built upon strong qualities, including professionalism and integrity, which have helped us to be successful in our sector. For today I want to present you the opportunity of investing and Living  in Cyprus.

    2.  Cyprus Presentation:

Cyprus has been constantly a significant trading post between Europe, Africa and the Middle East.It is a beautiful island where it’s always a good time to visit because of the good weather and the year-round sun. In Cyprus you can also find a unique combination: the old traditional elements of the villages where you can meet the island’s traditional way of living, combined with the modernised and well developed cities. Our island is famous for it’s beautiful beaches and breathtaking views of the mountains, as well as, it’s low cost structure of living but still very high standard on quality-of-life basis.

Cyprus is an island where East meets West and a new experience waits for you under the sun everyday, a place where there’s always something new to discover. Cyprus is definitely a place that won’t disappoint you.

    3. Why should foreign investor invest in Cyprus :

Investors and progressive business minds cannot deny the fact that Cyprus today is one of the best places to invest! It is well known that the recent discovery of a large hydrocarbons deposit in Cyprus Exclusive Economic Zone is expected to completely transform the country’s economy over the next decade. A new horizon has opened for the development of oil and gas resources, property industry and other major investments.

This is the best time for investors to invest in Cyprus since, after the global recession, the properties have now extremely low prices, but not for too long! This is the chance for investors to grab the opportunity today and buy exceptional properties in this beautiful and developed Island and see an impressive and guaranteed return from their investment over the next few years!

Cyprus permit 100% foreign ownership in many cases since many restrictions on the foreign direct investment has been removed. EU investors are now allowed to purchase as much property they wish and non-EU citizens are entitled to Freehold ownership of a property up to 4.000 sqm whether this is a villa, apartment or land. This is the best place for non-residents and foreign investors to invest without restrictions and at the same time benefit from all that this country has to offer.



  1. The Reasons to invest in Cyprus

In a globalized economy where multinational companies are pressed to maintain and increase quality while cutting costs to meet increasingly higher client expectations, Cyprus provides a complete value proposition.

1)    EU & Euro zone:

Cyprus is a EU27 Member since May 2004 and Economic and Monetary Union Member since January 2008.

2)    Strategic Location:

Cyprus is Europe’s eastern outpost at the crossroads of three continents– Europe, Africa and Asia – providing a gateway to and from each one of them. 

3)    Taxation

a)   Cyprus offers one of the most attractive tax systems in Europe. The country provides a simplified, effective and transparent tax regime that is fully compliant with the EU laws and regulations.

b)   Dividend income, profits from overseas permanent establishments and profits from the sale of securities are exempt from tax. Also, there is no withholding tax on dividend, interest and royalties paid from Cyprus.

c)   Most international transactions are exempt from VAT. 

d)   Cyprus has a network of double taxation agreements with more than 48 countries.  For a complete listing please visit the Ministry of Finance Double Taxation Agreements Section ( Additionally, Cyprus has access to EU Directives that focus on reducing or eliminating foreign withholding taxes. 

4)    Human talent

In 2011 statistics demonstrate that 33.6% of Cypriots in the 15 – 64 age group have acquired tertiary education – higher than the EU 27 average of 23.6% and one of the highest percentage in the world.

5)    Value for money

Cyprus is a dynamic business centre that offers relatively lower operating costs while also providing top quality services, including accounting, auditing, tax, business administration, legal, investment and funds management.

6)    Legal Framework

a)    The legal system is based on the U.K. Common Law principles and aligned with the EU laws and regulations

b)    Cyprus provides quality legal services in areas such as international law, corporate administration and management services. Most large legal firms are affiliated or collaborate with international law firms.

7)    Well Developed Infrastructure

 Cyprus has a robust telecommunications system, two international airports (Larnaca, Paphos) and two ports (Limassol, Larnaca). Furthermore, the relatively small distances make the island a very friendly and easy to get around business location

8)    Ease of doing Business

a)   Cyprus has developed into an international quality business centre that offers specialized services and rewarding business opportunities catering for the diverse needs of international investors, enhancing the ease of doing business.

b)   The World Bank’s Doing Business Report 2013 ranked Cyprus 36th out of 185 countries and 16th out of the EU27 for the ease of doing business.

c)   Forbes Magazine 2012 Best Countries for Doing Business report ranked Cyprus 25th out of 144 countries.

9)    Quality of Life

 a)   Cyprus offers a wonderful environment with a very comfortable standard of living. Living and working in Cyprus is combined with fabulous weather, beautiful nature, art and culture, safety, security, and above all, hospitable people.

b)   Cyprus combines the international competitive business environment with a pleasurable and balanced way of life.

c)   The United Nation Human Development Index Report 2013 ranked Cyprus 31st out of 187 countries for the quality of life.

d)   Bloomberg’s 2012 Best Countries for Doing Business Report ranked Cyprus 32nd out of 161 countries. 

10) Residency and Citizenship

a)   Non EU residents have the opportunity to acquire a permanent residency permit with the purchase of a private home of at least 300,000 EURO and deposits of minimum 30,000 EURO in a local bank for three years.


b)   Non EU residents can acquire the Cypriot nationality by: investment of minimum 2M EURO in a state company and 500,000 EURO investment in the Research and Technology fund; direct investments of 5M EURO; bank deposits of 5M EURO in a local bank for five years; payments of income tax or VAT of more than 500,000 EUR. 


5.     Visas for Non EU citizens Purchasing Property in Cyprus

Enjoy Permanent Residency in an EU country when you buy your dream home in Cyprus.The regulation provides permanent stay to people that are going to come or are already in the Republic of Cyprus with intent to invest in Cyprus.


Fulfilling your dream of owning an exclusive property in Cyprus and enjoying an EU lifestyle is now possible with the announcement that non-EU citizens making a minimum investment of €300,000+V.A.T in property on the island, can enjoy the same advantages as everyone else in Cyprus.


      Benefits of Getting Permanent Residency in Cyprus

  • You get all the privileges of Cypriot citizens.
  • Your children (PR Holders) can study in any European University with lower tuition fees.
  • Travel to a European country (Cyprus) any time you feel like it and not go through the usual government procedures.
  • Easier to receive a visa for other European countries if you hold the PR of Cyprus. Access to business opportunities for offshore companies in Cyprus and enjoy low taxation while being able to travel anytime to check up on your investment.
  • A holiday home in the most exotic island in the Mediterranean.
  • A permanent home to retire and have a lifestyle you always dreamed of.


  • Applicants
  • Will solicit only once, and this License will not have termination or expiry date.
  • May apply for P.R either from Cyprus or abroad.
  • There is no need to be present either in the application nor ever after.
  • There will be no appointments and inquiries from various government agencies.
  • Do not need a different application for the family and dependents.
  • The forms needed are minimal in comparison with the today’s existing license.
  • The license is checked and issued with a maximum examination and approval period of around two to three months.
  • The holder of this license must visit Cyprus at least once every two years.


          Application Requirements

  • The applicant must be able to prove that he has income coming from external sources more than €30.000 a Year.
  • The amount increases by €5.000 per member of the family.
  • This income can come from any form of income, rent or dividends as long as is not from Cyprus.


Purchase contract property deed document already filed at the Land Registry for residence or other building worth at least € 300,000 and accompanied by formal proofs that already paid the € 200,000.

The money must come to Cyprus from abroad. (External sources)

We need a confirmation letter from the bank that the money were transferred from abroad.

It’s better to show the SWIFT CODES of these transactions as well.


      Guaranties and Certifications

  • The bank of the P.R Applicant must prepare bank guarantee worth      € 30,000 with at least three years duration.(as a bank guarantee locked amount for three years.)
  • Certificate of clean criminal record from the country of origin.
  • Certified translation if possible in Greek. If a person is for at least 3 years in Cyprus, he/she can get it from Cyprus Authorities.
  • Declaration and Confirmation that he/she will never work in Cyprus directly or indirectly.
  • The holder of the authorization shall be visiting Cyprus at least once every two years.
  • Medical and health insurance .We can arrange it for you.



Thanks for reading.

Best regards.

Andreas Papaelisseou .