Cyprus PR - Bluemina | Citizenship & Residency by Investment

Cyprus is an island in the Mediterranean Sea south of the Anatolian Peninsula, bordered by Turkey from the south, Lebanon from the west, Egypt from the north and Crete from the east. Cyprus is considered a Commonwealth country and has also joined the Eurozone. Known for its beautiful golden beaches, tropical Mediterranean climate, Cyprus is considered an ideal destination to obtain Cypriot Permanent Residency for non-European and foreign nationals.

Investors can qualify for Cypriot Permanent Residency by purchasing a residential property.

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Investment Scheme

Normal Track investment to obtain Cypriot PR in approximately eighteen to twenty-four months:

- The applicant is required to purchase a residential property for a minimum value of €100,000

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Fast Track investment to obtain Cypriot PR in approximately three to six months:

- The applicant is required to purchase a new residential property for a minimum value of €300,000 or offices/shops/hotels or similar developments or a combination for a minimum value of €300,000.

Benefits of Cyprus PR

Cypriot Permanent Residency in three to six months with the fast-track program or in eighteen to twenty-four months with the regular program.
Permanent Residency in an EU country.
Investor can live and work in Cyprus.
Lifetime permanent residence with no expiration for the investor and family.
Access to high quality of healthcare and education systems.
No physical residence requirements during application, however to maintain the PR status, the investor must visit Cyprus once every two years.
No interview or language requirement.
No tax on worldwide income.
No inheritance tax on property.
Freehold property.
The property investment can generate rental income.

Qualifications

Applicant must be at least eighteen years of age.
Investor to open a bank account and transfer a minimum value of €30,000.
To visit Cyprus at least once every two years.
Should the main applicant decide to add his dependent children or parents, the investor and spouse must prove a yearly income from abroad of a minimum value of €30,000 with an additional €5,000 for each dependent child, and €8,000 for each dependent parent.
No criminal record.
Legal proof of funds.
Spouse can be added.
Dependent children up to the age of twenty-one can be added.
Dependent parents can be added in the fast-track option only.

Legal Basis

Cyprus offers two routes under which Cypriot permanent residency can be obtained:

1-Regular Track Cyprus Permanent Residence Permit According to the decision of the Minister of Interior of the Republic of Cyprus dated May 07^th, 2009, regulation 5(F) of the Aliens and Immigration Regulations provides a unique opportunity for granting a permanent residence permit within 8-12 months to prospective non-EU individuals purchasing a new resold property at a value starting at €150,000 (excluding VAT) and should also provide proof of annual income no less than €24,000 for a single applicant and €5,000 for every dependent. This may include any source of income such as wages, salaries, and dividends or rental income.

2- Fast Track Cyprus Permanent Residence Permit In pursuance of the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations, the Minister of Interior of the Republic of Cyprus on August 29^th, 2012 decided to issue Immigration Permit within 3-4 months to third country nationals who acquire by virtue of sale, a self-owned and not re sale properties in Cyprus for self-residential purposes for a minimum value of €300,000 (excluding VAT). Additionally, the applicant must prove that they have a secured minimum annual income of €30,000 and that this income is derived from abroad and not from working in Cyprus. Moreover, the required minimum annual income is increased by €5,000 for each dependent person.

Visa Free Travel

* Visa upon Arrival / ** E-visa

Timeline and Procedure

The Cypriot permanent residency can be obtained in 3-6 months. Investors can opt for the fast track option.

Month 1-2

Step 1

File Preparation. Collection of documents, office fees, government fees and initial deposit in Cyprus is due at this stage. Bluemina team will assist the applicant in selecting a property.

Month 2-3

Step 2

Investment is made: full payment of the purchased property.

Month 3-4

Step 3

File submission to Civil Registry and Migration Department.

Step 4

Issuance of “Approved in Principal Letter’’ by the Civil Registry and Migration Department.

Step 5

Issuance of Permanent Residency Card.

Start Your Mediterranean Adventure with Cyprus Permanent Residency

Investment Scheme

Benefits of Cyprus PR

Qualifications

Legal Basis

Visa Free Travel

Cyprus