PR By Investment

PR By Investment

Permanent Residence Visa by Investment

Being at geopolitical crossroads, Cyprus enjoys a European political outlook and the lifestyle of a Mediterranean Island which along with its favourable tax regime, makes the country one of the top relocation destinations in the world (2017, Knight & Frank Lifestyle review)Cyprus has been a member of the European Union since 2004 and a Euro zone member since 2008. Besides inherent benefits of EU membership, the country enjoys high quality Healthcare and Education, as well as, a stable political climate.Permanent Residency under this programme grants the right to travel within the EU with less elaborate Visa requirements and may be considered to be the first step towards gaining Cyprus citizenship, (providing certain criteria is met). In this respect, the Cypriot Authorities have recently simplified the procedure for issuing permanent residency permits to non-EU nationals. In pursuance of the provisions of regulation 6 (2) of the Aliens and the Immigration regulations, Cyprus grants non-EU nationals the right to permanently reside in Cyprus with no renewal requirements. The process the based on a set eligibility criteria ensuring that the Permanent Residency status is only granted to reputable individuals.

LEGAL BASIS

In pursuance of the provisions of regulation 6 (2) of the Aliens and the Immigration regulations, Cyprus grants non-EU nationals the right to permanently reside in Cyprus with no renewal requirements. The process the based on a set eligibility criteria ensuring that the Permanent Residency status is only granted to reputable individuals.

Know your Investment Visa application eligibility

Eligible dependence includes the spouse, parents of main applicant and spouses parents, as well as children upto the age of 24years. The main applicant and dependence must declare the intention of not being employed in Cyprus

FIT AND PROPER TEST

In complying with due diligence standards, applicants must demonstrate a clean criminal record issued by their country of origin.

PROPERTY PURCHASE

Applicants are required to purchase a residential property/ies of a combined value of 3lacs Euros (exclusive VAT if applicable). The purchases must be first time sales meaning that they are to be bought for the first time from a property development company.

QUALIFYING FINANCIAL CRITERIA

To qualify for the Cyprus Permanent Residency by investment Programme, the main applicant is required to maintain a 3 year Fixed Deposit with a Cyprus Bank of at least 30,000 Euros, and such funds must emanate from outside Cyprus.

In addition, Applicant must provide evidence of secured annual income of at least 30,000 Euros. The funds must originate from abroad, and are to be increased by 5000 Euros for each dependent, and 8000 Euros for each parent included in application.

Application Timeline

1 WEEK: PREPARATION & SUBMISSION

Prepare supporting documents and application file

Submission of application to the Civil Registry and Migration dept.

2 WEEKS: COMPLIANCE TIME

Purchase of 300k property

Declaration of 30k secured income

Evidence of 3year FD of 30k

2 MONTHS: PROCESSING TIME

Evaluation of application by the Cyprus Civil Registry, the migration dept. under the ministry of Interior

Complying with the set criteria

Residency Application of Cyprus Application Policy

Permanent Residency by Investment

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