Residency By Investment
Investment in real estate
Cyprus is a modern country that effortlessly marries contemporary European culture with centuries of rich cultural heritage. Between its golden beautiful beaches and crystal-clear waters, its pine-scented forests and superb climate, and its safe and stable hotspots that are imbued with luxury, Cyprus has something to offer its visitors every month of the year. Recently, it has become an increasingly appealing destination for non-EU foreign nationals seeking to obtain permanent residency and citizenship statuses in an EU country by meeting investment-specific criteria.
Whether through the fast track or regular track routes, an investor and his/her family can obtain Cyprus permanent residence by investment in 3 to 15 months respectively.
Benefits of Cyprus 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.
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 EUR 300,000 (excluding VAT) and should also provide proof of annual income no less than EUR 24,000 for a single applicant and EUR 5000 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 EUR 300,000 (excluding VAT). Additionally, the applicant must prove that they have a secured minimum annual income of EUR 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 EUR 5.000 for each dependent person.
- 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 EUR 30,000 in a fixed deposit account for three years. The necessary minimum deposit is increased by EUR 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 EUR 24,000 in a non-fixed deposit account that can be withdrawn anytime. The necessary minimum deposit is increased by EUR 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 under18 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.
VISA FREE TRAVEL
Timeline and Procedure
The Cyprus permanent residency can be obtained in 4-6 months.
Investors can opt for the fast track option.
Collection of documents, office fees, government fees and initial
deposit in Cyprus is due at this stage. Alt air team will assist
the applicant in selecting a property
Investment is made: full payment of the purchased property.
File submission to Civil Registry and Migration Department
Issuance of “Approved in Principal Letter’’ by the Civil
Registry and Migration Department