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Cyprus PR

Residency By Investment



    BECOME A GLOBAL CITIZEN




    Cyprus offers investors the chance to get European Residency through its Permanent Residency by Investment Program that has two investments schemes: either the normal path which takes up to 12 months to issue the Cyprus PR cards, or the fast track path which grants investors their residency cards within 3 short months.

    Cyprus, a magnificent country located in the eastern Mediterranean, is where the heritage of the past beautifully blends with the modernism of today. With its golden beaches, crystal clear water and great climate, Cyprus has something to offer each and every visitor.

    Foreign investors will need to purchase a real estateproperty and meet minimum annual income requirement in order to qualify for theCypriot Residency. Under the same investment, investor’s family can also getthe Cypriot Residency and benefit from high standards of internationaleducation and healthcare.

    Once Cypriot residency is obtained, investor and his familywill be able to live and do business in Cyprus. Businessmen, specifically, havebeen favoring Cyprus Residency by Investment program over similar programs dueto the country’s attractive tax environment; Cyprus has one of the lowestproperty tax rates globally and doesn’t impose tax on inheritance.

    Cyprus Permanent Residency is a lifetime residency thatdoesn’t need to be renewed and will lead to Cyprus Citizenship if investorresides in Cyprus for 7 or more years. Moreover, Cyprus will soon join theSchengen Zones allowing Cyprus PR holder to travel and work freely within otherEU countries.

    Cyprus doesn’t have any education or experience requirements. Only requirement, apart from the investment, is to visit the country once every two years.

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    DOWNLOAD BROCHURE
    CAPITAL

    CAPITAL

    Nicosia

    LANGUAGE

    LANGUAGE

    Greek

    TOTAL AREA

    TOTAL AREA

    9,251 km2

    POPULATION

    POPULATION

    1.18 million

    GOVERNMENT

    GOVERNMENT

    Unitary state, Presidential system, Constitutional republic

    CURRENCY

    CURRENCY

    Euro

    INVESTMENT SCHEME

    - Regular Track Cyprus Permanent Residency: The applicant is required to have purchased a resale
    property residence for his/herself and his/her family in Cyprus at a value starting at €150,000 (excluding VAT).
     
    - Fast Track Cyprus Permanent Residency: Under this track, the applicant is required to have
    purchased a new (not resale) property residence from a developing company for him/herself
    and his/her family in Cyprus at a value no less than €300,000 (excluding VAT).
     
    - Locations:
    Property can be purchased everywhere in Cyprus. In recent years, Bluemina has helped
    applicants purchase property in Larnaca, Paphos, Limassol, and Protaras.
     
    -Projects in Larnaca:
    Situated on Cyprus’s southernmost coast, Larnaca is the country’s third largest city and
    home to the second largest commercial port. Larnaca International Airport is located on the
    outskirts of the city, with easy access to and from the city center.
     
    -Projects in Paphos:
    Paphos is a charming harbor town southwest of Cyprus. Besides its golden sandy
    beaches, it is one of the most culturally rich areas of the island.
     
    -Projects in Limassol:
    Limassol is the second largest urban area located on the southern coast of Cyprus.
    It is a great base for travelers who want to enjoy a vibrant seaside lifestyle while
    still experiencing the cultural heritage of Cyprus.
     
    -Projects in Protaras:
    Family-friendly and tranquil, Protaras is situated along the sandy coastline of
    Cyprus’s Fig Tree Bay.
     

    Benefits of Cyprus PR Citizenship


    • Fast Track: Cyprus Permanent Residency within 3 months.
    • Cyprus Permanent Residency obtained with 8-12 months with the regular track.
    • Permanent Residency in an EU country, which will soon join the Schengen zone allowing all Cyprus PR holders to travel freely through Europe.
    • Obtaining a lifetime permanent residency with no expiration date.
    • Full Cyprus citizenship obtained after seven years of residing in Cyprus.
    • Once obtained, the Cyprus permanent residency facilitates the process of acquiring a Schengen visa.
    • No physical residence requirements during or after the application process to maintain the permanent residency in Cyprus.
    • Only one visit once every two years is required.
    • No education requirements, and no interviews or written test required as part of the application process.
    • No language requirements.
    • One of the lowest property tax rates globally.
    • No Inheritance tax on inherited property.
    • Freehold Property.
    • Property investment can eventually generate rental income.
    • Family members (spouses, unmarried children between 18-25 of age and dependent parents of both spouses' parents) can also obtain permanent residency.
    • High standard of international schooling, in addition to universities with lower tuition costs than those in EU countries.

    QUALIFICATIONS


    • The applicant must hold a valid passport.
    • Applicants must not hold criminal record.
    • The applicant must be non-EU National.
    • The applicant must be over 18 years of age.
    • The applicant must provide a proof of a secured annual income no less than €30,000 deriving from abroad plus €5,000 for each dependent family member. The income may include any source of income including wages, salaries, and dividends or rental income.
    • Cyprus Permanent Residency applicant must make the appropriate investment in an approved real estate property.
    • In Fast Track Cyprus permanent residency, the applicant must open a bank account in Cyprus and submit a confirmation letter from Cypriot bank stating that he/she had deposited a minimum capital of €30,000 in a fixed deposit account for three years. The necessary minimum deposit is increased by €5,000 for each dependent.
    • In Regular Track Cyprus permanent residency, the applicant must open a bank account in Cyprus and submit a confirmation letter from Cypriot bank stating that he/she had deposited a minimum capital of €24,000 in a non-fixed deposit account that can be withdrawn anytime. The necessary minimum deposit is increased by €5,000 for each dependent.
    • In Regular Track Cyprus Permanent Residency, children must be (i) under age 18 and unmarried; or (ii) full-time students aged under 18 who are dependent on their parents with (and fully supported by the applicant) or (iii) children with severe physical or mental disabilities.
    • For the Cyprus Fast Track Permanent Residency, children must be (i) under age 25 and unmarried; or (ii) full-time students aged 18-25 who are dependent on their parents, and living with (and fully supported by) the applicant or (iii) children with severe physical or mental disabilities.
    • Parents of both spouses who are dependents can obtain Cyprus PR.

     

    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 07th, 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 29th, 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


    Cyprus Only

    Timeline and Procedure

    The Cypriot permanent residency can be obtained in 3-4 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.
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