Some Noticeable Changes in Cypriot Residency Processing Application.
Cyprus Second Passport – Cyprus Golden Visa has become 2nd most demanding passport in last year amid coronavirus. A major increase of 75% has been recorded in the applications of Cyprus Second Passport in comparison to last year. Cyprus is a very safe and economically stable country to live in. The processing time and procedure have also become convenient to attract more applicants.
There is great news for all the investors who are interested to live and work in Cyprus. Cypriot government announced major changes in its residency by investment program. They did this just to make it easier for investors and their families.
- The major change is that now the whole family comes under one application.
- In the past, the Family was required to make separate applications. This process takes up to two years.
- Moreover, Parents of the main applicant and of the spouse are also added as part of the application now.
- Previously, it was only the main applicant’s parents. There is an option for the main applicant and his/her parents to invest in a single residence now.
The Government of Cyprus observed a significant rise in applications. Therefore, they updated their requirements and benefits according to the demands of investors. Moreover, Investors are now more inclined towards getting a Cyprus Golden Visa than ever before.
Why Cyprus Second Passport?
It includes the whole family and the citizenship passes to the generation
Having a Cyprus Second Passport, You are free to travel to 155+ countries without Visa
The government is allowing applicants to hold multiple nationalities
Applicants are free to travel, work and live all around Europe
A huge relief in taxation on worldwide income
Other Significant Changes:
- Applicants must be able to show held property proof in the duration of 5 years. The Ministry of Finance will check that the property is still under the applicant’s name.
- If the applicant is participating in business, It requires 5 to 9 employees residing in Cyprus.
- In addition, the parent’s application would not cater to married children anymore.
Ways to attain Cyprus Golden Visa
Residential Real Estate
The applicant can make an investment of 2 Million Euros with an addition of 1.5 million donation amount to purchase a residential real estate property. One requires to main the amount for 5 years. It allows the applicant to sell the property after 5 years once becomes a Cypriot citizen.
Commercial Real Estate
Another way to attain a Cypriot residency is to buy a commercial property. A commercial property worth more than 2.5 million euros along with an amount of 150,000 Euros donation. Similarly, the Applicant requires to maintain this payment for 5 years. This route also offers applicants to purchase a real estate property worth 5 million euros to maintain Cypriot citizenship.
Requirements to attain the Second Passport
- To attain Cyprus Second Passport, these requirements must be fulfilled. Ministry of Finance can reject the application if any of the following documents are missing.
- The applicant must maintain a clear character
- The main applicant must not hold any criminal record
- Everyone who is a part of the application must be in the best medical conditions
- The main applicant must maintain a great net worth
- A minimum of 35 days’ stay is a must for applicants and dependents in 5 years.