Cyprus Overview
Cyprus, with its warm and stable climate and convenient geographical position, is considered an attractive place for both business and residence. The investment landscape in Cyprus is beneficial due to the island’s well-qualified labour force and a reliable transport and telecommunications system.
Cyprus has a modern, free-market, service-based economy, where in conjunction with its effective and transparent regulatory and legal framework, it offers international investors and businesses confidence to invest, grow and prosper. Cyprus was ranked number 58 out of 144 countries by the World Economic Forum Global Competitiveness Report 2012 – 2013. A number of new measures have been put into place designed to reboot the economy in the wake of the massive and difficult restructuring of the country’s banking sector, which aim, among other things, at helping stimulate economic growth.
Residence in Cyprus
The fast-track (Category F) permanent residence permit has been introduced by a Council of Minister’s decision in May 2013. This procedure (based on the provisions of Regulation 6(2) of the Aliens and Immigration Regulations), enables the granting of a permanent residence permit to foreigners who intend to invest in the Republic provided that the following requirements are met: (i) residential or other property with minimum market value of EUR 300,000 purchased in Cyprus; (ii) secured annual income from abroad and from sources other than employment in Cyprus; (iii) funds transferred from abroad and deposited in a Cyprus Bank in a three year Fixed Deposit Account. The residence permit holder must visit Cyprus at least once every two years to maintain his status.
Cyprus Residency by Investment
Cyprus is an attractive place to reside, with a warm and stable climate, and located in a convenient geographical position in the eastern Mediterranean.
In line with the Cyprus Government’s intent to increase foreign investment, and to help its economic development, Regulation 6(2) of the Aliens and Immigration Regulations 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:
| 1. | The main requirement is the purchase of new immovable property of a total market value of at least EUR 300,000 plus VAT. The applicant must submit the application form accompanied with a contract of sale and proof of payment of at least EUR 200,000 plus VAT. The contract of sale must have been submitted to the Cyprus Department of Land and Surveys. The property can also be bought by a company provided that the company is registered in the name of the applicant or the applicant and spouse, and they are sole shareholders. |
| 2. | 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. |
| 3. | 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 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. |
Procedures and Time Frame
A fee of EUR 500 is payable with the submission of the application and EUR 50 extra for the biometric capturing. The application will then be examined by the Civil Registry and Migration Department and will be submitted to a permanent secretary of the Ministry of Interior for a decision within two months. Once approval has been granted, the applicant and all the members of the family must visit Cyprus within one year to obtain the actual permit.
When in Cyprus, a visit is organized to the migration office in Nicosia in order to capture the biometric data for all members of the family applying. The biometric data can be submitted either with the submission of the application for residence, during the application process, or immediately after approval.
Benefits of the Cyprus Residence
- Fast track application procedure, within two months
- High approval rate if all criteria is satisfied
- It is not necessary to reside in Cyprus but a visit once every two years is required
- Dependents can be enrolled in high quality private schools, offering English language courses
- Residence applies to the whole family (applicant, spouse and children under 18 years old)
- Dependent children between 18-25 and parents of the applicant are also eligible
- The whole process can be arranged without being present in the country, however, a visit is required for biometric capturing