Residency By Investment

BECOME A GLOBAL CITIZEN




Cyprus offers investors the chance to get European Residency through its Permanent Residency by Investment Program that has two investments schemes: either the normal path which takes up to 12 months to issue the Cyprus PR cards, or the fast track path which grants investors their residency cards within 3 short months.

Cyprus, a magnificent country located in the eastern Mediterranean, is where the heritage of the past beautifully blends with the modernism of today. With its golden beaches, crystal clear water and great climate, Cyprus has something to offer each and every visitor.

Foreign investors will need to purchase a real estate property and meet minimum annual income requirement in order to qualify for the Cypriot Residency. Under the same investment, investor’s family can also get the Cypriot Residency and benefit from high standards of international education and healthcare.

Once Cypriot residency is obtained, investor and his family will be able to live and do business in Cyprus. Businessmen, specifically, have been favoring Cyprus Residency by Investment program over similar programs due to the country’s attractive tax environment; Cyprus has one of the lowest property tax rates globally and doesn’t impose tax on inheritance.

Cyprus Permanent Residency is a lifetime residency that doesn’t need to be renewed and will lead to Cyprus Citizenship if investor resides in Cyprus for 7 or more years. Moreover, Cyprus will soon join the Schengen Zones allowing Cyprus PR holder to travel and work freely within other EU countries.

Cyprus doesn’t have any education or experience requirements. Only requirement, apart from the investment, is to visit the country once every two years.

CAPITAL

Nicosia

LANGUAGE

Greek

TOTAL AREA

9,251 km2

POPULATION

1.18 million

GOVERNMENT

Unitary state, Presidential system, Constitutional republic

CURRENCY

Euro

INVESTMENT SCHEME

- Regular Track Cyprus Permanent Residency: The applicant is required to have purchased a resale
property residence for his/herself and his/her family in Cyprus at a value starting at €150,000 (excluding VAT).
 
- Fast Track Cyprus Permanent Residency: Under this track, the applicant is required to have
purchased a new (not resale) property residence from a developing company for him/herself
and his/her family in Cyprus at a value no less than €300,000 (excluding VAT).
 
- Locations:
Property can be purchased everywhere in Cyprus. In recent years, Bluemina has helped
applicants purchase property in Larnaca, Paphos, Limassol, and Protaras.
 
-Projects in Larnaca:
Situated on Cyprus’s southernmost coast, Larnaca is the country’s third largest city and
home to the second largest commercial port. Larnaca International Airport is located on the
outskirts of the city, with easy access to and from the city centre.
 
-Projects in Paphos:
Paphos is a charming harbor town southwest of Cyprus. Besides its golden sandy
beaches, it is one of the most culturally rich areas of the island.
 
-Projects in Limassol:
Limassol is the second largest urban area located on the southern coast of Cyprus.
It is a great base for travelers who want to enjoy a vibrant seaside lifestyle while
still experiencing the cultural heritage of Cyprus.
 
-Projects in Protaras:
Family-friendly and tranquil, Protaras is situated along the sandy coastline of
Cyprus’s Fig Tree Bay.
 

Benefits of Cyprus PR 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.

QUALIFICATIONS


 

  • 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.

 

LEGAL BASIS


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.

VISA FREE TRAVEL


Cyprus Only

Timeline and Procedure

The Cypriot permanent residency can be obtained in 3-4 months. Investors can opt for the fast track option.

Month 1-2
Step 1
File Preparation Collection of documents, office fees, government fees and initial deposit in Cyprus is due at this stage. Bluemina team will assist the applicant in selecting a property
Month 2-3
Step 2
Investment is made: full payment of the purchased property
Month 3-4
Step 3
File submission to Civil Registry and Migration Department
Step 4
Issuance of “Approved in Principal Letter’’ by the Civil Registry and Migration Department
Step 5
Issuance of Permanent Residency Card