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• Fast track procedure - 3 months to approval.
• Total investment can be as low as €300. 000 plus VAT.
• Residency for the entire family - The investor, investor’s spouse, investor’s minor and adult children as well as the investor’s parents and parents in law, can obtain the permanent residence with no additional investment being made.
• The PR Permit of the adult children is valid even after they have exceeded the age of 25 years old and even if they do not remain students and/ or financially dependent on their parents.
• The Residences Permit is PERMANENT and last for a lifetime.
• A PR holder can obtain Cypriot Citizenship via naturalization after seven (7) years of legally residing in the Republic.
• A PR holder can upgrade his/ her PR permit to a long – term residency status which will enable him/ her to enjoy similar rights to EU Citizens, including the ability to work and operate a company. This long – term residency status is permanent and available to all non – EU nationals that have resided in Cyprus for over 5 years. The long term residency status is granted to applicants that have not been absent from the Republic for more than six consecutive months or more than 10 cumulative months within the 5 year period.
• No Inheritance Tax.
• No Immovable property tax will be paid by property owners as of January 2017.
• PR holder’s children can attend either a public Greek school for free or attend one of the many private English schools and Universities in the Republic which allow entry into EU and USA Universities.
Eligibility and Conditions
• Investment of at least €300.000 plus VAT.
• Applicant can purchase up to two housing units OR one housing and a shop of up to 100 sq.m OR one housing unit and an office of up to 250 sq.m.
• Must be a first sale property/ properties and must be purchased from a Developing Company.
• A deposit of €30.000 must be made in a financial institution in Cyprus which should be blocked for three years.
• Applicant must show income from abroad of at least €30.000. This income should be increased by €5.000 per dependent (spouse and children) and by €8.000 for each/ parent in law.
• Funds related to the investment and fixed deposit must come from abroad.
• PR permit to be issued will include applicant, spouse and minor children up to the age 18 years old.
• A separate PR permit can be issued for the spouse and minor children of the main applicant with no additional investment needed.
• Adult children up to the age of 25 can obtain the PR permanently. They must prove they are single, financially dependent on their parents and students for at least six more months as from the day the PR application is submitted. This applies to adult children that are students in an institution outside of Cyprus.
• Financially independent adult children are also eligible to obtain the PR permit provided the market value of the acquired property attributed to each child is at least €300, 000 plus VAT. The children would also have to deposit €30, 000 in a financial institution in Cyprus which shall be blocked for a period for three years and show that they have a secure annual income outside the Republic of at least €30.000.
• Parents and Parents in law of the main applicant can also obtain the PR permit with only requirements being that the PR holder presents an additional annual income of €8, 000 per dependent parent.
An island between EUROPE, MIDDLE EAST and AFRICA
Since ancient times the historical importance of Cyprus far exceeded its small size. Its geographic location, together with its agricultural, mineral and forest wealh, made Cyprus, a transit station and Centre of trade and culture.
Nowadays, Cyprus strategic location is considered a blessing as it attracts powerful forces with economic and strategic motives from all over the world. It has become a land of opportunities for many foreign investors, especially after its accession to the European Union in 2004 and its adaption of the E.U currency in 2008 where it facilitated easily international commercial transactions and also made the island a member of a huge, fast growing market. Additionally, it has evolved into an international business hub due to the island’s friendly, modern legal and tax regime with automatically motivates people to invest not only their wealth but also to expand and advance their business.
Cyprus is also a popular tourist destination that offers a multidimensional experience to everyone that visits the island. Here you will be exposed and discover more than 1 000 years of history and cultural heritage, where you will be welcomed by the Cypriot hospitality and enjoy the sunny weather which is more than 300 days of blue skies a year due to the islands mild climate. Cyprus is an island full of contrasts surrounded by sandy beaches and world class resorts with marinas that offer high standards which meet the needs both f leisure and work by offering professional services of conferences.
The recent discovery of oil and gas reservoirs found in the Exclusive Economic Zone (EEZ) are of major importance not only for Cyprus to solve its own energy dependency but at the same time it would develop the region around Cyprus and make the island a new energy hub for the whole Europe.
Despite the recent global financial and economic crisis, Cyprus has managed to overcome the challenges through its innovative tactics/ methods and modern business environment and has managed to adapt to the constantly environment in order to guarantee in every way the interests of the island.
The introduction of the highly successful “ Citizenship by Investment” Programme and the “Fat Track Residency by Investment Programme” has boosted further the economy and has rendered Cyprus a prime choice for many high net worth individuals who wish to enjoy the benefits of EU Citizenship.
• Cyprus is a democratic country with political stability and emphasis on full protection of human rights.
• The English language is spoken by the vast majority of the population, which makes it easier for non Cypriots to live and prosper in the country. Russian is also spoken by a large percentage of people.
• It enjoys a high standard of living developed infrastructure and excellent telecommunications, ranked as the fifth best place to relocate by Knight Frank Global Lifestyle Review.
• A secure and safe environment for the whole family to enjoy a stress free lifestyle.
• Cyprus has a very high standard of Education across all sectors. There are excellent private schools for both junior and secondary level foreign pupils. These schools are directly linked to the UK education system allowing graduates to easily obtain entry into the pop UK Universities Cyprus also has a wide selection of English speaking Universities which are directly related to the UK and USA Universities.
• Cyprus has the lowest corporate EU tax rate which is 12.5 % and its enviable geographical position between Asia, Europe and Africa makes Cyprus the ideal place to invest as it is a gateway for many emerging nations such as China, Iran and India to expand further their business throughout Cyprus.
• No inheritance tax applicable and no estate duty.
• No taxation on foreign source income received in Cyprus.
• Cyprus provides excellent health care at low cost. Each major town has its own Government Hospital, in addition to many private hospitals and clinics throughout the country.
Facts and Figures about Cyprus:
Geographical Location:
3rd largest island in the Mediterranean Sea located in the eastern Mediterranean - Middle East (between Asia, Africa and Europe).
Main Cities:
Nicosia (capital), Limassol, Larnaca, Paphos, Famagusta, Kyrenia.
Official Languages:
Greek and Turkish (English is widely spoken)
Population (2014 est.)
1, 172, 458.
Currency:
EURO, joined EUROZONE since January 2008.
Time Zone:
2 + GMT
E.U.:
Full E.U Member since May 2004
Legal System:
Common Law primarily based on the English Legal System.
Airports:
Larnaca and Paphos International Airport.
Drive:
On the left side
