Cyprus Permanent Residence Program
In an effort to attract more foreign investors and boost the Cypriot economy, the Ministry of Interior has recently simplified Regulation 6(2) of their Aliens and Immigration Regulations. Now non-European nationals who have invested in Cyprus can apply for a residence permit provided that they meet certain requirements.
1.The main requirement is one of the following:
- A. Purchase of new immovable property worth €300,000 or more will help you to avoid hefty taxes on the sale of your primary residence. You must have proof that payment has been made for at least €200,000 into a bank account in Cyprus before submitting an application form and contract of sale with some other requirements if selling their house is not enough.
- B. Purchase of up to two new or used immovable non-residential properties (offices, shops, hotels, or other developments) of a total market value of at least EUR 300,000 plus VAT.
- C. Share capital of EUR 300,000 of a physical company registered and operating in Cyprus, which employs at least five people.
- D. Units of EUR 300,000 in the Cyprus Investment Funds Association’s collective investments (AIF, AIFLNP, RAIF).
2.Applicants must provide proof of an annual income of at least EUR 30,000 from abroad. That number increases by EUR 5,000 for spouses and every additional child plus another €8K for each dependent parent! Proof may include salaries from employment as well as other sources like rents or pensions.
Procedures and time frame of the Cyprus Permanent Residence Program
Applicants for a visa to Cyprus must pay EUR 500 with their application and an additional 50 euros if they would like biometrics taken. The Civil Registry and Migration Department will examine the documents, submit them to the Permanent Secretary of Ministry of Interior who needs two months before approving or not-approving it. If approved, applicants are required one year from that date in order to visit Cyprus so as long all family members can get their visas too!
When in Cyprus, you'd be remiss to not visit the Nicosia Migrations office and capture your biometric data. This is crucial for all members of a family applying for residence; it can take place either during submission or right after approval!
Benefits of Cypriot residence-by-investment
- The application procedure is quick and easy. In two months time, you will be done with it!
- The process is a success if you meet all the criteria.
- If you're interested in becoming a Cypriot citizen, the good news is that it's not necessary to live on Cyprus. You only need to visit every two years!
- The benefits of private schools are never-ending. They can take care of your child's entire education, and they offer more than just English language courses too!
- Residence will apply to the whole family, including your spouse and children under 18 years old.
- Your family can get financial assistance for higher education if you're a dependent child aged 18-25 and your parents are eligible.
- The whole process can be arranged without being present in the country, but a visit is required for biometric capturing.