Cyprus Permanent Residency – Cyprus, the third-largest island of the Mediterranean and a beautiful destination for not only tourism but for having a home there. Located in the European region, living in Cyprus clearly means direct exposure to multiple business and work opportunities. Cyprus Permanent Residency is not a new scheme but there are some recent reforms to the permanent residency program. The government of Cyprus is expecting a great response from foreign investors on these changes in Cyprus Permanent Residency Program. Similarly, Non-EU nationals are excited to explore the amendments to the residency program.
In this article, we’ll give you an overview of the program. Also, we’ll share the new changes so the reader can get a better understanding of the program. Moreover, Cyprus is one of the few countries with the lowest crime rate. There is no tax on inheritance & affordable living costs. Although, Cyprus has a fast-growing economy and offers the world’s best medical facilities. However, Being a part of the European region, access to the best education and luxury lifestyle are some additional perks. Cyprus Permanent Residency is your gateway towards a new world of opportunities. Cyprus Residency by Investment has the fastest processing time of 60 to 90 days only.
Major Reforms in Cyprus Permanent Residency Program
- Addition of Commercial Real Estate Investment Options
- No Need to pledge a deposit amount
What are the Real Estate Investment Options Now?
Residential Real Estate Investment Option:
Basically, applicants need to make a real estate investment in new residential properties in Cyprus to get PR. The investment amounts start from EUR 300,000 plus VAT. In addition, The applicant will complete the application submission and provide proof of payment. Once the application is approved by the Land & Surveys Department in Cyprus, you will get the property. The applicant needs to maintain this real estate investment for 5 years. Also, This Permanent Residency is leading to Citizenship if applicants will maintain the property successfully.
Non-Residential Real Estate Investment Option:
This is a new option that didn’t exist in the past. The investment budget for this option is the same as EUR 300,000 plus VAT. But applicants can purchase properties in form of shops, hotels, offices, or a combined venture of all these. Moreover, These commercial properties promise great returns on investment.
Company Shares in Cyprus:
Applicants have a choice to make an investment of EUR 300,000 in a Cypriot company with a minimum of 5 employees. The company needs to be based in Cyprus and a registered one having all the legal documentation.
Cypriot National Fund:
Another option is to make an investment of EUR 300,000 to one of the national funds. Applicants either invest in an Alternative Investment Fund (AIF) or Registered Alternative Investment Fund (RAIF).
Note: Applicants need to maintain the investment amount for 5 years no matter which option they choose to get Cyprus Permanent Residency. All these investment options are refundable. After 5 years, applicants will qualify for citizenship and free to rent or sell their purchased properties.
Does Applicant require to make a Fix Deposit?
Previously, Applicants were supposed to pledge a certain amount as a fixed deposit in a bank based in Cyprus. But now Cypriot government revised this policy and there is no need to have a fixed deposit to attain Permanent Residency. Another important factor that needs attention is that the applicant can not avail of any employment position in Cyprus. Also, it is important to hold a position of director or something similar in the company they intend to invest in. It clearly means that the applicant cannot be in a position of taking a salary from the company.
Additional Information regarding Cyprus Permanent Residency Program
It is a must that the applicant has an annual income of EUR 30,000. This will include employment salary, pension or dividends, or any kind of fixed deposit or rental income. Moreover, an additional EUR 5000 for each dependent and EUR 8,000 for a dependent parent & parent-in-law. Applicant must earn this income through any work sources abroad in case of residential investment specifically. Also, the spouse’s income will also be considered in annual income if the applicant wants to be.