Cyprus enjoys a European political outlook and the lifestyle of a Mediterranean island. Permanent Residency under this program grants to non-EU nationals the right to permanently reside in Cyprus with a single, secure, real estate investment of €300,000. It applies to the investor, their spouse, dependent children up to age 25 and the parents of the applicant. What’s more the Permit is granted for an indefinite duration and it is considered to be the first step towards gaining Cyprus Citizenship.
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CRITERIA & CONDITIONS
The applicant must:
Submit a confirmation letter from a financial institution in Cyprus that he has deposited a minimum capital of €30.000 into an account, which will be pledged for a period of at least three years. It must be proved that the said amount has been transferred to Cyprus from abroad.
Prove together with his spouse that they have at their disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person. This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents etc.
Submit, with the application, title deeds or a contract of sale in his name and/or his spouse, which has been officially deposited with the Department of Lands and Surveys, for a dwelling or other building, of a total market value of at least €300.000 (V.A.T. is not included therein) and official receipts for the payment of at least €200.000 (excluding V.A.T.), irrespective of the date for the delivery of the dwelling. It should be stressed that the full payment of the value for the dwelling shall be settled in an account in a financial institution in Cyprus.
For the purpose of implementing this policy, the applicant may purchase up to two housing units (apartments or houses) which might be independent, or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m., provided that the total market value satisfies the conditions in paragraph 2.3. In the case of a couple, these restrictions apply for the couple and not for each of the persons involved. The said purchase must be in relation to a dwelling (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same company.
The Immigration Permit issued to an applicant cover his spouse and children under the age of 18. Unmarried children aged between 18 and 25, who may prove that they are students or undergraduates and are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit. In such a case, the father or mother and/or both parents together must present an additional annual income of €5.000 for every such dependent child. It is noted that every such dependent child, shall submit with his application, all the documentation defined further below. The said permit is still valid even if the holder has exceeded the age of 25 years old.
An immigration permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, provided that the market value of the acquired property attributed to each such child is at least €300.000 (e.g. in the event the applicant has a child that is 30 years old and wishes to obtain an immigration permit, the applicant must purchase a dwelling valued at €600.000, if the applicant has 2 adult children, financially independent, he must purchase a dwelling valued at €900.000 etc).
In addition to the above criteria the applicant must fulfill the following conditions:
The applicant and his spouse must submit a confirmation of a clean criminal record from their country of residence and generally they should not be considered as a threat in any way to the public order or public security in Cyprus.
The applicant and his spouse shall confirm that they do not intend to be employed in Cyprus in any direct or indirect manner. It is to be noted that the applicant and/or his spouse may be a shareholder(s) in a Company registered in Cyprus and the income from the dividends of such a company in Cyprus are not deemed an impediment for the purpose of obtaining an immigration permit.
The applicant and his family included in the Immigration Permit, must visit Cyprus at least once every two years.
All the necessary documentation, that is attached to the application for an immigration permit, including the translation of the same into the Greek or English language, must be duly certified.
Applications are reviewed by the Civil Registry and Migration Department and the Minister of Interior grants final approval.
The processing time is 2 months
Freedom to live freely in Cyprus
Permanent residency for applicant, spouse and dependents up to the age of 25- The permits are valid forever, no renewal is required.
Insurance policy for the future
It enables you to own a business in Cyprus
It enables you to access first class healthcare and education
A risk-free property investment of €300,000 is required
The process and requirements are very simple and the permit is guaranteed to be issued within 2 months
It has a 100% approval rate
Access to Cypriot citizenship after 7 years – travel throughout Europe with ease.
Tax benefits: Setup a Cyprus company as an intermediary for export trading throughout the world, thus benefit from Cyprus’ low corporation tax of 12.5% and 0% tax on dividends offered to non tax residents.
APPLICATION KEY INFORMATION
Applicants must provide the following documents:
Copy of valid passport of the applicant and his dependants.
Copy of valid temporary residence permit (if the applicant resides in Cyprus).
Curriculum Vitae (including academic qualifications).
Original Letter from a financial institution in Cyprus (Bank, Coop) of a deposit of €30.000, pledged for three years.
Declaration of a secured annual income from abroad of €30.000 at least, (original documents and affidavit or declaration). The necessary annual income is increased by €5.000 for each dependent person.
Title of ownership or contract of sale of a built property in Cyprus of a minimum market value of €300.000 (original or true copy). If the title of ownership has not been obtained yet, the applicant must submit the contract of sale duly stamped by the Stamps Commissioner and the Department of Lands & Surveys and proof of payment for at least €200,000.
Official Statement by the applicant and his/her spouse that he/she does not intent to work or be engaged in any form of business in Cyprus.
Health Insurance Policy for the applicant and his dependants
Original Criminal Record Certificate duly certified for the applicant and his spouse (if the applicant resides abroad, the certificate must be issued from his country of residence, and submitted with an official and certified translation).
Marriage Certificate duly certified (official and certified translation).
Children’s Birth Certificates dully certified (official and certified translation).
The application should be submitted on form MIP (1) to the Civil Registry and Migration Department or to the District offices personally, through post or through a representative. The presence of the applicants isn’t necessary, as the paperwork can be undertaken by a lawyer.
The application will be examined by the Civil Registry and Migration Department and shall be submitted to the Minister of the Interior, through the Permanent Secretary of the Ministry, for a decision. Personal interviews are not usually necessary for this category of permit.
The Ministry of Interior shall inform the applicant/representative through the Civil Registry and Migration Department of their decision.
The examination period of these applications is two months.
Once the approval has been granted, the applicant must visit Cyprus within one year to obtain the actual permit card.
The Immigration Permit shall not be cancelled, provided that the applicant and dependents visit Cyprus at least once every two years.
Work with Us
In-depth knowledge of the relevant legislation and procedures to ensure successful applications.
Vast experience in successful preparation and processing of permanent residency applications
Close collaboration with the authorities and trusted Legal/Tax Advisors
Peace of mind – our problem solving professionals will help you address all issues.
Acquire Cyprus citizenship by investing under the Cyprus Investment Program.
Cyprus being a full member of the European Union, the citizenship entitles you and your family to live, work and stay in any of the 28 EU countries.
Also enjoy visa-free travel to over 155+ countries across the world. Cyprus Citisenship is ranked No.10 in the world.
Citizenship is usually approved within a period of 6 (six) months of applying, and comes with lifetime validity for the entire family. The minimum Investment amount is € 2 million in residential real estate.
In 5 years you can sell € 1.5 million of your investment property. In a way you get your money back in 5 years, if you take the returns of capital appreciation and rental income into account.
No obligation to relinquish current nationalities
No worldwide income tax & low tax rates and free trade within the EU
The whole family may obtain the Citizenship and can be inherited to the next generations.
Cyprus allows multiple citizenship. No obligation to relinquish current nationalities
You can travel, live, work and study anywhere in the European Economic Area (European Union, Iceland, Liechtenstein and Switzerland).
Travel to 155+ countries worldwide visa free.
Citizenship comes with lifetime validity for the entire family
Offers an additional insurance against political instability.
Cyprus has zero inheritance, wealth, giﬅ and immovable property taxes.
The investor is able to rent out his/her privately owned residence.
Free movement of capital, services and goods.
No language proficiency test required .
No requirement to physically reside in Cyprus before/ aﬅer approval.
Requirements And Conditions
The expected time-frame for the examination of any application submitted in accordance with the provisions of the Cyprus Investment Programme is 6 (six) months
The programme applies to the immediate family of the applicant i.e the spouse or partner and dependent children up to the age of 28 if full time university students and for children with severe physical or mental disability.
A € 2 million (plus vat if any) – Investment in a single Residence. A single property to be used as a residence at a minimum value of €2 million (plus VAT if any). The privately-owned residence must be retained by the investors for a period of 5 years after the date of approval. The Investor has the right to sell his/her property and buy another one at a minimum value of €500,000 (plus VAT if any).
A €2 million (plus Vat if any) Investment in a selection of Residential Properties, out of which one property is to be used as a privately-owned permanent residence of a minimum value of €500,000 (plus VAT if any). The remaining €1.5 million can be invested in a range of residential properties only, which may be resold 5 years after the date of approval.
It is noted the investor and his/her parents may collectively acquire a residence, provided that the total of this home – property is at least €2.500.000 (plus VAT if any).
The applicant must have made an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects plus a residential property to be used as a privately-owned permanent residence of a minimum value of €500,000 (plus VAT if any.)
The parents of the investor may apply for citizenship aﬅer the investor ‘s Naturalization as Cypriot Citizen. They need to hold a permanent privately owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000 (plus VAT if any).
It is noted the investor and his/her parents may collectively acquire a private residence, provided that the total of amount of the residential property is at least €1.000.000 (plus VAT if any).
The applicant must hold a valid Schengen visa. Third-Country nationals that do not require an entry visa for travelling in European Union member-states, as well as citizens of European Union Member States are excluded from this obligation.
The Investor, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of 6 months If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6(2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. Permanent Residency card will be issued within 5-7 working days after the submission of the passport application.
The applicant must have donated at least €75,000 to the “Research and Innovation Foundation and €75,000 to the “Cyprus Land Development Corporation”.
Comprehensive property management (Interior design consulting, Furnishing, General cleaning and maintenance, Gardening.)
Set up of utilities
Our firm’s real estate team deals with all matters related to immovable properties, ranging from advice and negotiations on the terms of acquisitions, sales, transfers or financing (and all the related matters) to disputes involving commercial and residential property.
We advise both individual and corporate clients on:
acquisition of property by non-residents
property management for non-residents
review, negotiation, drafting and conclusion of construction agreements and rental agreements
wills, probate and re-sealing and estate administration
Guidance and Support by Immigration Specialists about EU Citizenship and Permanent Residency program.
Assistance in drafting all required documents, submission of the complete application to the authorities on the client’s behalf, and monitoring of the status of the review by the authorities up until the point when the immigration permit is granted.
The fact that the regulations in the financial sector are becoming more and more complex and are not easy to comply with doesn’t need any more vivid evidence nowadays. Companies are obliged to conform to increasingly stringent rules both on national and international levels. In these conditions it is important to be sure that your business purposes comply with all requirements imposed by the applicable legislation and that their fulfilment will not accrue any undesirable risks.
The effective laws on financial supervision and the implementation of the European directive “Markets in Financial Instruments Directive” (MiFID) into the Cyprus and Greek legislation do have a major impact in the financial sector. We offer you quality support on various issues in this complicated field ensuring a successful completion of your projects.
Our firm has developed a strong practice in banking and finance and has handled a significant number of high-value and profile transactions on asset-backed deals and refinancing, particularly on inward investment to Russia, Ukraine and Eastern Europe, Greece and the Balkan countries.
We act on behalf of both lenders and borrowers. Our clients include local and international world-leading commercial and investment banks, international finance organizations, investment funds, government institutions and other finance providers in the global banking and finance arena, as well as many corporates.
The firm’s team provides a broad range of legal services on the entire spectrum of banking instruments and financial products as well as capital markets and derivatives
Our expertise in this complicated field includes:
reviewing and/or drafting, negotiating of loan agreements and security documentation
advice on creation and perfection of different types of collateral
advice on corporate and tax matters, stamp duty and proper execution of documents
The firm has extensive experience in cross border transactions going through Cyprus, involving entities which in most of the cases are part of wider tax planning, corporate consolidation or secured financing structures. We are here for our clients in order to ensure that risks are minimized and returns maximized.
Our services involve:
review and/or drafting of the various agreements and ancillary documentation,
advice on a wide spectrum of issues including tax, securities, corporate and other concerns
drafting and/or review of joint venture agreements
reviewing and/or setting up of corporate structures and all related matters
developing alternative deal structures that maximize long-term returns
Our office operates a complete accountancy department with qualified and experienced accountancy personnel. All Cyprus companies, according to Cyprus Company and tax Laws must keep proper accountancy books and records, file annually tax returns and prepare audited financial statement.
The accounting services our office provides include:
registration to the Income Tax and VAT Departments
Registration to the VIES and INTRASTAT
preparation and submission of monthly, quarterly annual tax and VAT returns
communication with the tax office and statistical office or National Bank of Cyprus