Cyprus or the Republic of Cyprus is an island in the eastern Mediterranean. Cyprus is the 3rd largest and populated island in the south of Turkey. It also shares borders with Syria, Egypt, and southeast Greece. Cyprus is under UK’s administration in 1878 and was annexed by Britain.
Cyprus is the tourist hub of the region with at least 20 percent of the whole tourist population. The geography and natural sights in Cyprus tend to amuse everybody vising the region and increase the global information about the region. Based on the current records, the economy of Cyprus is stated as a high-income economy. Most of the income comes from the tourist business held by the republic and as of 1961 when Cyprus became a member of the commonwealth.
For living and travel purposes, Cyprus has a lot to offer with its advantages of course, such as beautiful natural sights to visit. The economy and good job positions make Cyprus a good place to live too. The cost of living is not that high but affordable with reasonable incomes and expenses. Also with the presence of a semi-arid weather situation, you will be experiencing a balanced climate change, including cold winters and hot summers.
General Requirements for Cyprus Residency
- Investors must have a minimum age of 18,
- Investors can include both the main applicant and spouse parents,
- Investors can include children below 24 (If financially dependent and are full-time students) as well as adding the dependent children with physical or mental disabilities (Unlike some immigration programs),
- All applicants will have to be in possession of a Schengen visa,
- Have a minimum annual income of at least €30,000 from abroad (€5,000 for every dependant person and 8,000 Euro for each parent),
- Proof of not having any business in Cyprus (Previous and active business included),
- Visit the country once every 2 years,
- Have a worldwide clean criminal record not older than 6 months.
In April 2021, some promising changes have been made to the Cyprus residency program. Currently, the only possible way to make an investment in Cyprus, is through the Cyprus Golden Visa program, because the Cyprus CIP has been suspended for amendments.
Investment options for obtaining permanent residence in Cyprus:
You can apply for permanent residence in Cyprus by investing at least € 300,000 in one of the following options:
Option 1- Investing in a home / apartment
- The property must be newly built and sold by a developer.
- The applicant can purchase up to two residential units (apartment or house).
- Proof of ownership or the contract of purchase must be provided.
- Evidence must be provided that the amount of investment came from abroad.
Option 2- Investing in other real estate
- Offices, shops, and hotels. These properties can be new or resale.
Option 3- Invest in shares of Cypriot companies with the following conditions
- The company must be based in Cyprus.
- The company must be active.
- At least five people are employed in it.
Option 4- Investment in shares of Cyprus collective investment funds
- AIF, AIFLNP, and RAIF.
Financial Requirements
- The applicants must provide evidence to prove that their annual income is at least €30,000, which can include monthly salary, dividends, rental revenue, bank deposit interest, and pensions.
- The applicant must also demonstrate at least € 5,000 annual income for each dependent family member, including spouse and children.
- The additional minimum income of € 8,000 per year must be provided set for the parents if they are to be included in the application for the permanent residence card.
- In case of investment in option 1, the income must be provided abroad, but in other options, all or part of the income may also include the internal resources of Cyprus.
- If the applicants choose to invest in one of the options 2, 3, and 4, they must provide information about their residence in Cyprus, such as title deed, real estate purchase, or rental document.
The applicant and members of his family cannot be:
- politically exposed persons holding office or who held office during 12 months before making the application; or
- persons that have been convicted or are under criminal investigation; or
- persons who are connected or were connected in the past in any way with physical persons or legal entities on which restrictive measures and/or sanctions have been imposed by the EU or the United Nations; or
- persons wanted by Euro-pol or Interpol.
Investment Option for Cyprus Residency
Investment of a minimum amount of 300,000 Euro as follows:
- The Property should be Brand New and purchased from a Developer in Cyprus,
- The property should be Residential.
Benefits of Cyprus Residency Permit (Golden Visa)
- The fast process between 2-3 months,
- Including parents and children in the application,
- Low-income tax،
- No need to Provide the management experience history, source of income or capital,
- Make the Schengen zone traveling easier,
- Enjoy a country with high social welfare, peaceful and safe with one of the lowest crime rates.
CBF’s highly experienced specialists offer you professional help on different Investments and how to obtain Cyprus Residency by Investment. We customize the best solution for you and your family based on your specific situation and requirement. To get started please contact one of our consultants in the U.A.E, Denmark, or Canada, and we will do our utmost to guide you through your Investment and your Cyprus Residency by Investment process.
