Located in the Eastern Mediterranean sea, Cyprus counts on a pleasant weather, beatiful beaches and an affordable cost of living, which makes this island country very attractive for both business and residence purposes.
In line with the Cyprus Government’s intent to increase foreign investment and to help its economic development, a permanent residency by investment program has recently been simplified by the Ministry of Interior in order to issue Residence Permits to applicants from non-European countries, provided that the following requirements are met:
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The main requirement is the purchase of new immovable property of a total market value of at least EUR 300,000 plus VAT, which applicant must submit the residence application form accompanied with a contract of sale and proof of payment of minimum of EUR 200,000. The property can also be bought by a company registered in the name of the applicant or the applicant and spouse, and they are sole shareholders.
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The applicant must submit a confirmation letter from a Cyprus bank that they have deposited a minimum capital of EUR 30,000 from abroad into an account which will be locked for three years. After the expiration of this period, the money will be released without restrictions.
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The applicant must provide supporting evidence of a secured annual income of at least EUR 30,000 deriving from abroad . This income must increase by EUR 5,000 for the spouse and every additional child, and EUR 8,000 for each dependent parent. This income may include salaries from employment, rents, pensions, and dividends from shares, etc
Benefits of Cyprus Residence Program
- Fast-track approval
- Travel mobility within the Europe Union countries
- Free EU trade
- Immediate family members allowed to obtain residence (married spouse and dependent children
- Great educational system
- Good air links to Europe and to Asia continent
Please contact us for more detailed information.