Cyprus – Permanent Residence Program
Cyprus is also considered one of the safest Countries in the EU and the cost of living is also of a competitive standard within the EU. For those residing in Cyprus as a family the Country provides an unmatched level of healthcare and the access to a level schooling which will give graduates access to the world’s top Universities.
The Cyprus economy had grown steadily over the past decade and the Country has been a member of the EU since 2004. The Cyprus Government is in favor of the Cyprus Permanent Residence Program due to the in flow of direct foreign investment through the Program.
The Benefits
- There is no existing requirement to live in Cyprus, to keep Residence active would require a visit to Cyprus once every two years
- No visitation required during the processing of the processing of the application, a visit will only be required to collect biometrics.
- The Permanent Residence can apply to the main applicant and all allowable dependents
- Access to a high level of schooling and education
- The application can be turned around in a short period of time (as little as two months)
- Applications have a high approval rate
Dependants
- Spouse of the main applicant
- Children under the age of 18
- Parents of both the main applicant and spouse
- Children up to the age of 25 may also be included under certain conditions and ideally should be enrolled in active studies
Eligibility Criteria
- Main applicant must be over the age of 18
- All applicants including dependents must have clean criminal records
- Adult applicants cannot be included on the list whose names have a freezing or confiscation order of property within the EU.
- Main applicant and all applicants over the age of 18 must provide a declaration stating that they do not intend to work in Cyprus
- All applicants must also have EU recognized health insurance in place
- The required documentation will need to have been translated
Investment Required
- The main requirement is the purchase of new immovable property of a total market value of at least EUR 300,000 plus VAT.
- The contract of sale must have been submitted to the Cyprus Department of Land and Surveys.
- The applicant must submit the application form accompanied by a contract of sale and proof of payment of at least EUR 200,000 plus VAT.
- The required property can be purchased by a company but this would require the main applicant or spouse to be shareholders of the company
- Applicants may purchase a combination of up to two separate properties as long as the value exceeds EUR 300,00.
- Newly developed properties would qualify however if multiple units are purchased this must be done using the same developer
- An amount of EUR 30,000 must be transferred by the applicant from abroad and this amount will be locked for a period of three years. Once three years have been realized the funds will then be released without restriction.
- Applicants must provide evidence of having an active income to the minimum value of EUR 30,000 annually from abroad. This required income will increase by EUR 5,000 for spousal and child dependants and EUR 8,000 for each parental dependent.
Procedure and Timeframe
immVest International will strive to ensure that the best option is arrived at prior to engaging. We will then perform an initial due diligence both internally and with our Country specific Delivery Office. Our Client Agreement will then be signed, and relevant Professional Fees will then be payable. Our immVest International Processing office together with our Country specific Delivery Office will begin full preparation on the application prior to submission and visitation (if required).
