LOCATION: Easternmost island in the Mediterranean Sea.
 
POPULATION: 12,10,468
 
LANGUAGES SPOKEN: Greek, Turkish,  English
 
CURRENCY: Euro
 
CAPITAL: Nicosia
NEAREST AIRPORT: Larnaca and Paphos
 
MAJOR INDUSTRY: Tourism

CYPRUS

Cyprus is strategically located at the crossroads of three continents, Europe, Asia and Africa and is the third largest island in the Mediterranean. Its geographical location has played an important role in establishing it as a business hub since antiquity and as a very popular tourist destination. Cyprus has been a member state of the EU since 2004 and a member of the Eurozone since 2008. The combination of quality people, business infrastructure and availability of investment opportunities makes it an ideal business hub in the region. In Cyprus, one can enjoy a high standard of living, sunny weather, the beach and mountains and the lowest reported crime rate in the EU. As an EU Member, Cyprus offers excellent healthcare services at a lower cost than most other EU countries.
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CYPRUS RESIDENCY BY INVESTMENT

One can secure permanent residency in Cyprus through investment in real estate. It is a legal status which entitles Non-EU citizens and qualifying dependents to enter and stay as permanent residents in Cyprus with no limitations. It does not expire; therefore, the holder does not need to renew it. It can be passed down to dependents and spouse. The programme is one of the fastest and simplest investor visa programmes in Europe.
Investment requirements:  
  • Purchase new immovable property of a total market value of at least EUR 300,000 plus VAT
  • Deposit a minimum of EUR 30,000 from abroad into a Cypriot bank account that will be locked for three years. After 3 years the money will be released without restrictions.
  • Provide supporting evidence of a secured annual income of at least EUR 30,000 deriving from abroad (an additional EUR 5,000 is required for each dependent spouse and adult child, and EUR 8,000 for each parent)
 
Applicant requirements:
  • Applicants should have no intention to undertake any employment in Cyprus. They can own a business registered in Cyprus and receive dividends from this business.
  • Applicants must have a clean criminal record and should not be in the list of persons whose property is frozen by the EU as a result of sanctions.
  • Applicants must visit Cyprus within 1 year of the date of the Permanent Residence Permit (PRP) to provide biometrics for issuance of PR card. All family members are required to visit Cyprus once every two years.
Key advantages:
  • Fast-track Permanent Residency Program where processing of application takes 2 months.
  • Residency program with no government contributions
  •  Permanent Residency for entire family which includes main applicant, spouse, dependent children up to 25 years, parents and parents in law.
  • Dependents can be enrolled in high-quality private schools, offering English language courses.
  • Only one visit to Cyprus is required for biometric submission.
  • Not necessary to reside in Cyprus but a visit once every two years is required
  • Favourable tax regime as there is no worldwide dividends, interest and income tax. No tax on gains. No inheritance tax.
  • Only first-time sale properties qualify for the program, apartments, villas and houses.
  • Safe and highly profitable investments with regular rental income from letting out the property.
  • Secure environment, “Insurance policy” in case of economic or political stability.
  • Highly efficient process as the application can be processed in the applicant’s absence and filed on their behalf.
  • PR holder benefits by the newly established General Healthcare system and is entitled to free healthcare.
  • Eligibility for citizenship as Cyprus PR holders may apply for citizenship in 5 years if all the conditions have been met.
Application processing Time: 2 months
No Minimum stay requirements
Disclaimer:
1. Please note, all information provided here should not be considered legal advice.
2. The text is intended as a source of basic information. It is regularly updated. No liability can be accepted for the accuracy or completeness of its contents.