ABOUT CYPRUS
In 2016, the Cyprus government permitted qualified applicants to obtain Cyprus Permanent Residency by investing in the country legally. Applicants are expected to be over 18+, without any trial of criminality, and in perfect health condition. Besides, it is a requisite to deposit a certain capital in any country’s financial institutions. The capital will be pledged for a duration of 3 years. The applicant is also expected to purchase real estate and tender proof of legal source of income and details of every dependent.
Country History
- The country is officially known as the Republic of Cyprus, an island country in the mediterranean sea with over 1.1 million population.
- In 1961 and 2004, Cyprus simultaneously joined the British Commonwealth and European Union.
- The country adopted the euro currency in 2008. Thereby becoming a part of the Eurozone currency union.
- Cyprus is an advanced, productive economy with a creditable score on the Human Development Index and a $28,000 per capita GDP.
- The country owns a grounded offshore banking sector, low corporation taxes in the EU, lucrative international tax planning potentials, and several tax exemptions for non-residents. Plus, free trade in the European Union communities.
- English is the official language in Cyprus.
- Have a high standard of social amenities and welfare for all.
- The legal system of Cyprus is based mainly on English Common Law and has signed doubled taxation treaties with 43 countries.
- The economy is boosted by financial services, offshore gas fields, tourism, and shipping.
- The island offers a welcoming climate with over 340 days of sunshine every year.
- Prices and profits of Real Estate are booming.
Country Statistics
Cypriot law permits non-Europeans who acquire a residential property(s) in Cyprus for up to the value of €300.000 + VAT and more the right to apply for Permanent Residency in Cyprus .
Cyprus Permanent Residency Program applications are processed within two months of filing.
Cyprus provides investors from various parts of the world a conservative geographical location ideal for nurturing families and other life functions. The country is a reputable member of the European Union and a functional member of the British Commonwealth.
The country is rich with diverse cultures and adventures. With the Cyprus Citizenship by Investment Program, investors are open to diverse investment and business opportunities in the country.
BENEFITS OF CYPRUS RESIDENCY
● Indefinite Resident Status: Residents of Cyprus are permitted to live in any part of the country freely.
● Route to Acquire Citizenship: The residency program can lead to obtaining Cypriot citizenship when all requirements have been met.
● Health and Education: Residents gain easy access to all sorts of educational institutes and standard healthcare.
● Tax Relief: Cyprus is known to be one of the lowest tax-paying countries in Europe. As a resident, you can enjoy zero foreign income tax, no withholding tax on interest profited, and no inheritance tax.
● Business Freedom: Residents are free to own a registered business or become shareholders in any Cyprus legal organization.
● Dual Residency Allowed: Citizens of foreign countries are allowed to maintain their nationality and keep up with permanent stay as a resident in Cyprus.
VISA-FREE AND VISA-ON-ARRIVAL COUNTRIES FOR CYPRUS RESIDENCY
Owning a Cyprus passport gives you access to over 170 countries with a visa.
According to Passport Index for 2021, Cyprus Passport maintains the 15th most dominant passport globally. This is a big save from wasting time at Embassies and Consulates.
With Cyprus Citizenship, You Can Travel To the Following Countries Listed Below:
- Albania
- Andorra
- Angola
- Antigua and Barbuda
- Argentina
- Armenia
- Australia
- Austria
- Azerbaijan
- Bahamas
- Bahrain
- Bangladesh
- Barbados
- Belarus
- Belgium
- Belize
- Benin
- Bolivia
- Bosnia and Herzegovina
- Botswana
- Brazil
- Brunei
- Bulgaria
- Cambodia
- Canada
- Cape Verde
- Chile
- Colombia
- Comoros
- Costa Rica
- Croatia
- Czech Republic
- Denmark
- Djibouti
- Dominica
- Dominican Republic
- Ecuador
- Egypt
- El Salvador
- Estonia
- Ethiopia
- Fiji
- Finland
- France
- Gabon
- Gambia
- Georgia
- Germany
- Greece
- Grenada
- Guatemala
- Guinea-Bissau
- Haiti
- Honduras
- Hungary
- Iceland
- India
- Indonesia
- Iran
- Ireland
- Israel
- Italy
- Jamaica
- Japan
- Jordan
- Kazakhstan
- Kenya
- Kiribati
- Kuwait
- Kyrgyzstan
- Laos
- Latvia
- Lebanon
- Lesotho
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Madagascar
- Malawi
- Malaysia
- Maldives
- Marshall Islands
- Mauritania
- Mauritius
- Mexico
- Micronesia
- Moldova
- Monaco
- Montenegro
- Morocco
- Mozambique
- Myanmar
- Nepal
- Netherlands
- New Zealand
- Nicaragua
- Norway
- Oman
- Palau
- Panama
- Papua New Guinea
- Paraguay
- Peru
- Philippines
- Poland
- Portugal
- Qatar
- Romania
- Rwanda
- Saint Kitts and Nevis
- Saint Lucia
- Saint Vincent and the Grenadines
- Samoa
- San Marino
- São Tomé and Príncipe
- Senegal
- Serbia
- Seychelles
- Singapore
- Slovakia
- Slovenia
- Solomon Islands
- Somalia
- South Africa
- South Korea
- SpainSri Lanka
- Swaziland
- Sweden
- Switzerland
- Tajikistan
- Tanzania
- Thailand
- Timor-Leste
- Togo
- Tonga
- Trinidad and Tobago
- Turkey
- Tuvalu
- Uganda
- Ukraine
- United Arab Emirates
- United Kingdom
- Uruguay
- Vanuatu
- Vatican City
- Venezuela
- Zambia
- Zimbabwe
GUIDELINES FOR PERMENENT RESIDENCY APPLICATION IN
CYPRUS
Here are the basic steps we take to get our applicant’s approval for Permanent
Residency in Cyprus:
1. Document Screening:
We assist you in screening your document in preparation for government approval. For this process to go smoothly, applicants are expected to make a down payment for opening the application. We should get a valid response in 48 hours.
2. Verification of Document:
We guide and advise our applicants on the needed document for processing the Cyprus Visa application. After getting the required document, we make arrangements with top attorneys in Cyprus for a “Power of Attorney” signature, which a certifying officer witnesses.
3. Account Opening:
We also take applicants through opening a bank account in any Cypriot Bank.
4. Secure Investment:
We help applicants get the Cypriot property that meets the government’s required €300,000 investment for a residency permit. We also fast-track the property purchase document with the buyer, so we can use them to apply for Permanent Residency in Cyprus. An installment of €200,000 must be paid for this process to go smoothly.
5. Immigration Process:
As soon as the property sales document is signed and all other required documents are collected, the immigration department will file the Permanent Residency application. Applicants should note that approval could take up to 2 months. Surely, Cyprus Permanent Residency will be approved when all the required documents are provided.
6. Approval:
As soon as the immigration has granted the Permanent Residency Permit, applicants are expected to visit Cyprus within a year to get the permit and passport stamps. After which, the applicant must pay the remaining 50% fees.
COSTS OF PERMENENT RESIDENCY IN CYPRUS
To apply for Cyprus Permanent Residency, applicants must have met up with these following investment criteria:
1. Ownership of a residential property – Minimum investment EUR 300,000 + VAT
2. Deposit in a Cypriot Bank, Fixed for 3 years – Minimum amount EUR 30,000
3. Verification of income – Applicant must confirm at least €30,000 income for himself and €5,000 for every of his dependent on:
- Applicants must purchase at least 2 residential units. Or 1 residential unit and an office with an area of 250m square. Or, 1 residential apartment with 1 shop of 100m² area.
- Whether the apartments or residences are together in the same area, the applicant must acquire the two properties from the same company.
- Property bought must be a new apartment and not any on resale.
Minimum amount income (main applicant)EUR 30,000
Minimum amount income (each dependent)EUR 30,000
PROGRAM DURATION
The Permanent Residency in Cyprus application duration is expected to take 6 months. The first stage is the collection of every necessary document. This process can be faster if the applicant gets the required documents on time. At this stage, we use professional guidelines and samples to help applicants through.
However, applicants should note that the evaluation stage is dependent on the government’s schedule, which we have no regulation over. We join efforts with authority in charge through the whole procedure, ensuring we get our clients (applicant) approval for residency as soon as possible.
PROGRAM PREREQUISITES & LEGAL GROUNDWORK
Here are the prerequisites for a successful Cyprus residency application:
MAIN APPLICANT REQUIREMENTS
QUALIFIED DEPENDENTS
Applicants should note that parents and children older than 18 are dependent on the applicant.
Legal Groundwork
Dependent on the Citizenship Act [CAP 112], Honorary Citizenship is granted by the Vanuatu Citizenship Commission to individuals covered by the Vanuatu Development Support Program.
The Cyprus government legally permits Non-EU nationals to stay in the country without renewal requirements. Third-country nationals who meet the demanded financial criteria are granted Permanent Residency inasmuch as they apply under Regulation 6(2) of the Aliens and Immigration Regulations.
CONDITIONS APPLICANT MUST MEET
- All funds used to acquire property or for investment must be verified to have come from abroad.
- The applicant or spouse must declare that they have no intention of getting employment in Cyprus. They are free to be owners of registered companies or shareholders in different companies.
- Applicant must visit the Republic of Cyprus at least once every 2 years.
- Applicants must not have any criminal offense on record.
- Children between 18 and 25, unmarried, but are students and financially dependent on the applicant, can only request Cyprus Permanent Residency using the applicant’s investment.
Other costs associated with our service are as follows:
- Official application form
- Professional fee
- Certification of citizenship and passport
- Courier and other disbursements
We will provide a fully itemized quotation of our services and guarantee no hidden
charges.