A homeowner living in Cyprus for five years can acquire the right to obtain a Cyprus passport.  An acquisition of property gives an automatic right to reside in the island. This is unique to Cyprus, unlike other member countries of the E.U.

   Vat currently stands at 15% (on the lower side of most EU countries)
   Import of foreign income of any person derived by way of interest on
     oreign capital imported into Cyprus and deposited with any account in
     Cyprus is exempt from tax.
   Pensions obtained outside Cyprus, which are received in Cyprus, are
    liable to Cypriot tax at a maximum of 5% per cent on the excess of EUR
    10,250 per person

A couple is therefore, allowed EUR 20,503 tax-free.

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