Cyprus Profile | Legal Background | Program Details | Program Advantages

 


Cyprus Profile:

Cyprus_symbolSovereignty: The Republic of Cyprus has “de jure”  sovereignty over the island of Cyprus and its surrounding waters, except for the British Overseas Territory of Akrotiri and Dhekelia, administered as Sovereign Base Areas.

Location: Officially the Republic of Cyprus is an island country in the Eastern Mediterranean Sea. It is located east of Greece, south of Turkey, west of Syria and Lebanon, northwest of Israel and north of Egypt.

Government Type:  A government framework comprised of a presidential representative democratic republic, whereby the President is both head of state and head of government, and of a multi-party system.

Interesting Facts:  Expansive coastline providing a wide variety of beaches, ranging from secluded bays, to lively resorts, sandy beaches and rocky coves. Cyprus is also known for having a rich natural heritage.
Population: A population of 1,155,403 and a land area of 9251 km2.

Demographics:  Ethnic groups  Greek 77%, Turkish 18%, Other 5%. Religions Greek Orthodox, Muslim, Maronite, and Armenian Apostolic.

Economy: The economy of Cyprus is classified by the World Bank as a high-income economy, and was included by the International Monetary Fund in its list of advanced economies in 2001. Its strong economic sectors include professional services, tourism and shipping. Cyprus’ maritime sector continues to grow and the island is considered one of the most influential global hubs for ship owning and ship management services – boasting some of the world’s most influential names in shipping. In addition to the traditional ‘sun and sea’ package, Cyprus has been diversifying its tourism product with the development of luxury marinas and golf courses and niche markets such as cultural, sports, conference and agro-tourism.


Legal Framework:

Flag_Cyprus

In pursuance of the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, Cyprus Government issue Immigration Permit to third country applicants, provided that fulfill the following criteria:


Program Details:

INVESTMENT / FINANCIAL CRITERIA:

  • Deposit of a minimum capital of €30.000, which shall be transferred to Cyprus from abroad, into an account of a financial institution in Cyprus, which will be pledged for a period of at least three (3) years.
  • Evidence of secured annual income of at least €30.000 which should derive from abroad and is increased by €5.000 for every dependent spouse and children and €8.000 for every dependent parent or parent-in-law.
  • Purchase of a residential real estate sold for the first time in Cyprus of total market value of at least €300.000 (plus V.A.T if applicable). The payment of the real estate value shall be transferred to Cyprus from abroad and settled in an account in a financial institution in Cyprus. Payment receipts submitted with the application should amount to at least €200.000 (+VAT).It is noted that the real estate purchase can be made in the name of the spouse or in the name of a legal person established in Cyprus or other member state of the EU or EEA, where the applicant and/or the spouse are the sole shareholders or the ultimate beneficial owners of it.

    Provided that the total market value is at least €300.000 (plus V.A.T – if applicable), the applicant has the option to purchase:

    • Up to two housing units, which can be independent, but be purchased from the same development company, 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.

 

FAMILY MEMBERS OF THE MAIN APPLICANT:

Along with the main applicant, the following family members may also obtain the Cypriot residency:

Spouse and financially dependent children: Immigration Permits are also granted to the investor’s spouse and all financially dependent children (up to the age of 18 years old, or between 18 and 25, provided that they are unmarried, students in an institution of tertiary education abroad with at least six (6) months of remaining study period from the date of the submission of the application).

Financially dependent, unmarried, students who wish to study in an institution of tertiary education in Cyprus, have to submit through the institution an application for acquisition of a temporary residence permit as students, according to the provisions of the relevant legislation (EU Directive).  After the completion of their studies in Cyprus, they will be able to submit their own application to obtain an Immigration Permit, regardless of their age.

Parents / Parents in Law: The applicant’s parents may also be granted an Immigration Permit with the submission of an application.

Non financially dependent children: An Immigration Permit may also be granted to non-financially dependent children of the applicant over the age of 18, provided that the market value of the acquired real estate attributed to each child is at least €300.000 (+VAT). In such an event non financially dependent children shall submit the necessary documentation with their application (e.g. secured annual income of €30.000, a deposit in a financial institution in Cyprus amounting to €30.000, which is bound for three (3) years).

Terms and Conditions:

  1. Clean Criminal Record: for the applicant and the adult members of his family (i.e. spouse, children, parents and parents in law) from their country of residence or from Cyprus, in case they are residents of the Republic, and generally they should not be considered as a threat in any way to the public order or public security in Cyprus.
  2. The undertaking of any form of employment in Cyprus is not allowed. It is 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 to be an impediment for the purpose of obtaining an Immigration Permit.
  3. Holders of an Immigration Permit must acquire residence in Cyprus within one (1) year from the date of the issuance of the Immigration Permit certificate and visit Cyprus once every two (2) years.
  4. Time frame: Provided the criteria are satisfied and there are no reasons with regard to either the criminal record of the applicant or to public order and public security issues, the application shall be examined by the Minister of Interior in a positive manner and an Immigration Permit shall be issued, within two (2) months from the date of the submission of a complete application.

Program Advantages:

  • Immigration permit for so long – not subject of renewal
  • No requirement of living permanently in Cyprus
  • Right to live freely in Cyprus
  • Insurance policy for the future
  • Option to apply for Cypriot citizenship after 7 years of residency
  • High quality of life including natural beauty and pleasant Mediterranean climate with year-round sunshine
  • Safe environment with low crime rates, ideal for a peaceful family life
  • Strategic geographical position and excellent worldwide connections
  • Base for travelling throughout Europe, excellent flight connections and quickly obtained visas
  • Right to own a business in Cyprus or setup a Cyprus company as an intermediary for export trading throughout the world
  • Benefits from the excellent business and tax advantages
  • Corporation tax regime 12.5%
  • No tax on dividends for Non-domiciled Cypriots
  • Comprehensive double tax treaty network (more than 50 double tax treaties with third countries)