Cyprus, officially the Republic of Cyprus, is an island country in the Eastern Mediterranean and the third largest and third most populous island in the Mediterranean, located south of Turkey, west of Syria and Lebanon, northwest of Israel, north of Egypt, and southeast of Greece.
Cyprus Residency by Investment Program
A Cyprus immigration visa with an indefinite duration can be obtained by successful applicants and their families in two months thanks to the Cyprus Residency by Investment scheme. After residing in Cyprus as the bearer of such a permit for five years, an investor may submit an application for citizenship.
Characteristics and benefits
Cyprus investment visa provides the following benefits:
- Enter and remain in Cyprus with no limitations
- It does not expire if the applicants visit Cyprus once every two years
- Granted to the spouse, children, parents, and parents-in-law of the applicant
- Right for healthcare under General Healthcare System
- No right to work in Cyprus (with exceptions)
Requirements for Cyprus Residency by Investment
Investors interested in residency in Cyprus must meet the following requirements as of 2022.
The applicant must make a minimum investment of €300,000 in one of the following areas:
- Purchase a new residential property.
It may be a residence that costs at least €300,000 (including VAT). It is also possible for the investor to purchase two homes for the aforementioned sum from other development firms. Off-the-plan homes are also included, regardless of the date of delivery. The real estate investment strategy used in the prior program is the same as this one. The new ones are listed below.
- Invest in Commercial Real Estate.
It may include offices, shops, hotels, or related developments. It can also be a combination of those. They can be resales / used properties as well.
- Invest in Cyprus Company’s share capital.
to invest in the share capital of a Cyprus company that has been established or to buy shares. The business must have its headquarters and conduct business in the Republic of Cyprus, have a legitimate physical presence there, and employ a minimum of five (5) employees.
- Invest in Units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF)
To purchase units in any of the above-mentioned.
The candidate must provide proof of an annual income of at least €30.000. Every dependent family member receives a raise of €5,000, and each dependent parent receives an increase of €8,000. (of the candidate and/or his partner). It is also possible to incorporate the spouse’s salary.
The income may include any of the below:
- salaries or wages,
- pensions, dividends, fixed deposits, rental income
If the applicant chooses to invest in residential real estate, all of his income must come from outside the country. If he picks one of the other investment alternatives, some or all of his income might come from sources in Cyprus.
The applications may include the below:
- Spouse and Children up to 18 years old.
- Children between 18 – 25 years old. They Have to be unmarried and also university students.
If they wish to study at any university in Cyprus, they need to apply initially for a student visa. After finishing their studies they will be able to submit their own application for an Immigration Permit (without expiry). The only requirement will be for the parents to show an extra annual income of €5.000 for every such child.
- Parents and parents-in-law
After five years of actual residence in Cyprus within a seven-year period, someone who holds residency in Cyprus through investment is qualified to petition for citizenship.
The equal number of days of stay, which is 1825 (5365), must be accomplished. The candidate must have lived in Cyprus continuously throughout the previous year (slight absences are acceptable).
You may read more about the requirements and the application process here.
Schengen Area or Europe Visa-Free Travel
A resident of Cyprus is not eligible for visa-free travel to any Schengen or EU nation. Cyprus isn’t a member of the Schengen region yet, which is the cause of this. Cyprus has applied to join the Schengen zone and the application is being examined.
- The candidates are not able to work in Cyprus. They have the right to hold a position as a director in a company they have decided to invest in.
- The applicants are qualified to hold shares of and receive dividends from Cyprus-registered corporations. Additionally, they have the right to work for free as a director in those businesses.
- Transferring the funds for the investments from outside to Cyprus is necessary.
- The application review process will take two to three months.
- Within one (1) year after the application’s approval, the applicant must travel to Cyprus. Additionally, they had to travel to Cyprus at least once every two years.
To obtain a Cyprus investment visa, the applicant needs to apply with the following required documents:
- Applicant’s passport photocopy.
- CVs of the candidates.
- (Official and verified translation*) Marriage certificate.
- birth certificates for children (with an official, verified translation*).
- Criminal History Report for the candidates from their country of residency (official and certified translation*).
- documents demonstrating the necessary annual foreign income.
- These earnings could come from employment-related pay, pensions, dividends, fixed deposits, and rent.
- documents demonstrating that the investment’s funding was sent from abroad to Cyprus via bank transfer.
- Birth certificate of the applicant’s kid to demonstrate the relationship, if parents or parents-in-law apply (official and certified translation*).
- When children between the ages of 18 and 25 apply, the university confirms.
The documents marked with a (*) need to be validated by both the Cyprus Embassy of the issuing nation and the Ministry of Foreign Affairs of that nation in addition to being translated into English and bearing the “APOSTILLE” stamp.
Investment related documents
- Investment in a home, an apartment, or business property: Sale contract and evidence of at least €200.000 in payments.
- Investment in the share capital of Cyprus Company: Share Purchase Agreement, Certificate of Shareholders and Incorporation, Business Profile, and Social Insurance records for employees are all required.
- Titles or other evidence of the purchased units are required for investments in units of a Cyprus Investment Organization (AIF, AIFLNP, RAIF).
Cyprus Golden Visa Program Summary
In comparison to the previous residence Fast Track Program, the Cyprus Golden Visa 2021 program has not undergone significant changes. It’s a good thing that there are now more investment possibilities available.
For young business people looking for a base of operations, the company set up option is highly appealing. The Employment in Foreign Companies Scheme may also be paired with it. The investor thus has the choice of obtaining immediate residency in Cyprus.He also benefits from hiring workers from other countries.
It’s also vital to keep in mind that the necessity to buy houses from the same development firm and the obligation to pledge €30.000 for 3 years will both be eliminated in 2021.
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