Cyprus Permanent Residency
Why This Mediterranean Gem Should Be Your Next Destination
The Cyprus Permanent Residency Programme - Your Path to Mediterranean Bliss
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Investment in residential property/ies (excluding re-sale):
An amount of at least €300,000 (plus VAT) should be invested and should be deriving from abroad.
- Proof of the payment of the amount of €300,000 (excluding VAT) should be submitted as part of the application. The applicant can invest in up to two (2) units.
- The property to be acquired must meet the needs of the size of the family of the investor(s). Where the acquisition of the property/ies took place over 1 year prior to the submission of the application, the investor will need to submit a recent Search Certificate issued by the Land Registry Department.
- Investment in other property (including re-sale of properties), excluding residential properties: An amount of at least €300,000 (plus VAT, if applicable) might be invested in purchase of shops and/or offices and/or hotels and/or developments of similar nature or the combination of the above.
- Proof of the payment of the amount of €300,000 (excluding VAT) should be submitted as part of the application. Where the acquisition of the property/ies took place over 1 year prior to the submission of the application, the investor will need to submit a recent Search Certificate issued by the Land Registry Department.
- Investment in the share capital of a company registered in Cyprus, with activities and personnel located in Cyprus:
- An amount of at least €300,000 to be invested in the share capital of a company, registered in the Republic of Cyprus, based and operating in the Republic.
- Said company should have a proven physical presence in Cyprus and should be employing at least five (5) individuals. The Company must produce a business plan including its financial targets, which should be submitted.
Further more...
- The main applicant must also be able to demonstrate a secured annual income of at least €50,000.
- The said income may derive from employment income, dividend distribution, pensions, rents etc.
The amount of income will increase, in accordance with the number and type of dependent family members to be included in the application, as follows:
- Spouse - €15,000
- Underage children - €10,000 per individual
- Adult children (between the ages of 18 and 25, economically dependent on the investor, who are enrolled as students in a higher-educational institution) of the investor – €10,000 per individual
Cyprus isn't just a place. Its a feeling.
The Immigration Permit, under Regulation 6(2) of the Aliens and Immigration Regulations, allows non-Cypriot, non-EU nationals to enter and stay as permanent residents in Cyprus with no limitations.
It does not expire and thus the holder is not required to further renew it.
DOCUMENTS SHOULD BE SUBMITTED AS PART OF THE APPLICATION:
- Clean criminal record of the main applicant (and their spouse);
- Declaration confirming that the main applicant (and their spouse) do not intend to work in Cyprus or receive any employment-related income from Cyprus; and
- Proof of accommodation in Cyprus, i.e. title deed, purchase or rental agreement (applicable only where the investment has been made under criterion B or C or D). The property to be acquired/rented must meet the needs of the size of the family of the investor(s)
The Immigration Permit is initially issued to the main applicant and it extends to their spouse and underage children. The following family members may be benefitted from the investment of the main applicant, however, separate application(s) should be submitted:
- Adult, unmarried children, between the ages of 18 – 25 years old, who are students abroad and financially dependent on the main applicant, at the time of submission of the application.
- Adult, non-dependent children of the investor. Where the Investor wishes for their adult, non-dependent, children, to be eligible to apply for the Permanent Residence Permit, the investment to be made should be a multiple of the number of said children. The adult non-dependent children, must be able to prove a personal, secure an annual income of at least €50,000. The amount of income will increase, in accordance with the number and type of their dependent family members to be included in the application, as follows:
– Spouse – €15,000
– Underage children – €10,000 per individual
- The estimated time for the examination of each application is approximately three (3) months.
- The main applicant (and their spouse) must warrant that they do not intend to work in the Republic of Cyprus. However, in case the investment is made under criterion C, then they can be appointed as Directors in the Company in which they have chosen to invest.
- In any case, the main applicant (and/or their spouse) may be the shareholders in any Company/ies registered in Cyprus and are allowed to receive dividend income by such Company/ies. Furthermore, in such cases the applicant may also hold the position of a Director in a Company without receiving any payment.
The investor must submit annual proof of remaining compliant with the requirements of the respective provisions.
Why choose Cyprus Permanent Residency
The only Permanent Residency Programme that is valid for life.
Stay in Cyprus for an indefinite period of time.
PR permit is granted within 3 months from the day of submission.
No language requirements.
Visa Free Entry to Cyprus.
Easy access to Europe.
No medical requirement.
No inheritance tax.
Investment in Freehold Properties.
Other Benefits include
- Easier to apply and obtain a visa to travel throughout the world or a ‘Schengen’ to travel to Europe. The application can be done in the relevant Embassy from Cyprus as well without needing to go back to your country to apply.
- No living requirements.
- No personal Tax due to Resident Non Domiciled status on income from overseas.
- Children can go to internationally recognized schools of all levels.
- Enjoy a healthy unpolluted environment.
- Only 5% VAT on the first property purchase.
- Enables the investor / applicant to own a business in Cyprus or do business around the world through a Cyprus based company, which has the lowest taxation rate in Europe.
- All family members including children up to 25years can qualify for the Cyprus Residency Permit.
- The Cyprus Permanent Residency holders are not required to actually move to Cyprus provided that they visit Cyprus at least once in 2 years.
- A Cyprus Permanent Residency holder is entitled to apply for Citizenship after 7 years of actual resigning in Cyprus as a permanent resident.
- Cyprus is one of the safest countries in the world with political stability.
- Multicultural society. English is widely spoken.
- Strategic Location between Europe, Asia and Africa.
- High standard of Education (International High Schools and Universities).
- Modern medical facilities.