An island in the eastern Mediterranean Sea – CYPRUS lies at the crossroads between east and west. The country has been an independent nation since 1960 and a member of the EU since 2004.The Island offers low tax rates and has a diversified economy. Tourism, shipping and financial services are major industries. Greek is the official language whereas English tends to be used as the language of business. Having a population of 1.17 million, people are multi-lingual. One can become a citizen of this country via Cypriot Investment Scheme. The scheme is well-suited to families and, is valid for life and can be passed on to future generations, once granted.
Requirements
- In order to qualify for the Cyprus Permanent Residency by Investment program, applicants are required to buy a first-time sale residential property or sets of properties to the minimum value of €300,000 (plus VAT, if applicable). First-time sale stands for new properties and not for re-sales and should be bought from a property development company.
- The applicant should register her/his sales agreement at the Land Registry and pay at least €200,000 plus VAT in order to apply. The payment should be made in the bank account of the developer (seller) in Cyprus, and the money should be transferred from overseas.
- The delivery date does not matter, so properties under construction can be included.
- The applicant may buy up to two properties with total value of Min. €300,000 + VAT.
- Main applicant must maintain a 3 years fixed deposit with a Cyprus bank of at least €30,000 transferred from abroad after 3 years the money will be released without restriction.
- No physical presence is required.
- An annual income of at least €30,000 for the applicant and additional €5,000 for every dependent (spouse and children) should be proved. If one will include their parents or your spouse’s parents they must have an additional €8,000 on your income.
- Dependents: Spouse, Kids under 18 years of age, kids from 18-25 years of age provided they are financially dependent on main applicant, Unmarried and Students with min. 6 month study left at the time of application. Married kids under 25 can also be included but not their families. Parents of both Spouses.
- Adult kids over 25 Years can only be included with additional investment of€300,000 and additional deposit of €30,000.
- Applicants are not allowed to undertake any employment in Cyprus, but they can own a business that is registered in Cyprus and received dividend from this business.
- Applicants must have a clean criminal record.
- Applicant must visit Cyprus within 1 year of the date of the PRP to provide biometrics for insurance of PR card, all family members are required to visit Cyprus once every two years.
Step-By-Step Process:
- Enter Cyprus using visit visa
- Finalize your Investment (Max. 2 properties) and submit the PR application to the Civil Registry and Migration Department (CRMD), (Our Representative will do this).
- Application fees are €500 for Main applicant, Spouse and kids under 18Y, additional €500/Person over age of 18Y. Medical Insurance €170/Person and €225 for parents with age of 65Y or above.
- Application will be forwarded to the Cypriot Ministry of Interior.
- The application processing time is about two months.
- Applicant will receive letter of approval.
- With-in 1 year of Letter of Approval, entire family must enter Cyprus to give Biometrics and receive PR Card.
Documents Required for PR application:
Proof on Investment –- Proof on Long term deposit
- Passports
- The CV
- Marriage certificate
- Police records
- Birth certificate
- Passport size photo
- Income proof
Timeline process
Approx 2 monthsCyprus residency benefits
- It is not necessary to reside in Cyprus but PR holders must visit Cyprus every 2 years for minimum 2 days.
- PR is valid for lifetime, no need to renew.
- Easy access to EU countries, PR holders can get multi entry Schengen Visa valid for up-to 5 years.
- No worldwide dividends, interest and income tax. No tax on gains. No inheritance tax.
- EU Member country since 2004.
- VAT reduction can be applied from 19% to 5% for applicants who wish to use the property for living.
- Single European country with English as official language.
- PR is issued in just 2 Month time.
- Free govt. education till the age of 18Y.
- PR for 3 generations, Main Applicant and Spouse, Children and Parents.
- Best educational institutes.
- Suitable apartments, villas and houses qualifying for the program
- Safe and highly profitable investments, with potential profit from letting your property
- Insurance policy in case of economic or political instability.
- The application can be processed in the applicant’s absence and filed on their behalf.
- Cyprus PR holders may apply for citizenship in 5 years if all the conditions have been met.
- Mild climate, beautiful scenery and beaches, with 320 days a year of sunshine