10.17.2017

EU Migration Services

PERMANENT RESIDENCY


Cyprus provides an ideal destination for non-EU individuals wishing to acquire permanent residency in a EU country. The whole process is simple and fast. It primarily requires an investment of a minimum of €300.000 on immovable property in Cyprus.

 

Criteria: permanent residence permits may be granted to third country nationals who fulfil the following criteria

  •   Buys a residence or other immovable property in Cyprus sold for the first time market value of at least €300,000
  •   Has a clear criminal record
  •  Proves a secure annual income of at least €30,000 generated from sources abroad (plus €5,000 for each dependent person).
  •   Declares the intention that he/she does not intend to work in Cyprus.
  •   Have deposits on no less than €30.000 to a Cypriot Bank which will be blocked for at least 3 years.


BENEFITS OF ACQUIRING CYPRUS RESIDENCY

There are many reasons why obtaining a Permanent Residence Permit is beneficial, some of which are listed below:

  • Fast track procedure allowing for the issuance of Residence Permit within two months.
  • Travel freely within to Schengen and other EU countries.
  • A Residence Permit Holders have the right to educate their children in Cyprus.
  • Through permanent residency you can obtain many of the same rights as citizens of Cyprus
  • Strategic geographical location, situated in the eastern corner of the Mediterranean Sea, lying at the crossroads of Europe, Africa and Asia and close to the busy shipping and air routes linking Europe with the Arab world and the Far East.
  • Wonderful holiday destination.
  • High standard of living.
  • Access to the best education and healthcare institutes
  • Well known and established financial and tax planning jurisdiction
  • One of the lowest property taxes in the world.


             

CITIZENSHIP by investment


In addition to acquiring residency, high-net individuals that are willing to invest in Cyprus can obtain Cyprus can obtain Cyprus citizenship by exemption provided they satisfy certain criteria.

It is very beneficial to have dual citizenship, particularly EU, for many reasons including:

  • Strategic geographical location, situated in the eastern corner of the Mediterranean sea. Lying in the crossroads of Europe, Africa and Asia and close to the busy shipping air routes linking Europe with the Arab world and the Far East.
  • EU citizenship
  • EU passport
  • Cypriot passport holders are entitled to travel visa-free to more than 140 countries.
  • Fast track procedure allowing for the issuances of Citizenship certificate and passport within 3 months.
  • Flexible and efficient foundation for tax structuring and planning.
  • Can be passed on to a next generation.
  • Access to the best education and healthcare institutes
  • Wonderful holiday destination.
  • One of the lowest property taxes in the world.

All applications are examined in a positive light and the prospective applicant will in most cases obtain Cyprus citizenship within 3 months once all necessary criteria are met.

How EU citizenship may be acquired by investing in Cyprus?

  • Investments in Government Bond: The applicant must have purchased state of the Republic of Cyprus of at least €5 million.
  • Bank deposit: The applicant (personal account) or a company or a trust (corporate account), of which the applicant is the ultimate beneficial owner of, must have a €5 million amount deposited in a 3 year fixed-term bank account in a Cypriot bank.
  • Direct Investments: The applicant should have direct investments in the republic of Cyprus amounting to a minimum of €5 million. Direct investments may include:

- purchase of real estate (private residences, offices, shops, hotels or establishments of similar nature excluding undeveloped land.
- acquisition of businesses or companies that are based and have activities in Cyprus
- purchase of shares of companies registered in the Republic of Cyprus.
- purchase of financial assets.
- participation in a company or a consortium of companies that has undertaken a public project.

  • Combined investments: The applicant should have a combination of the above mentioned assets amounting to €5 million
  • Entrepreneurial activities: The applicant must pay a variable amount that it depend on the number of local employees engaged by the local company. The amount must paid by local companies belonging to the applicant in the public purse annually by way of taxes, fees for local professional services etc. over a period of three years.
  • Special class: The applicant must pay €3 million, confined to a special class of persons whose bank deposits in Cyprus Popular Bank and Bank of Cyprus were affected by the Government Decree on 15.03.2013.