The Island’s excellent location between three continents – Asia, Europe and Africa – offers great strategic investment opportunities as it attracts tourism and migration from all over the globe.
Located in the middle of the Eastern Mediterranean Sea, Cyprus’ residents and visitors benefit from the climate’s constant sunshine, stunning sandy beaches around the isle and organic food produce which is complimented by the country’s amazing cuisine which incorporates influences from the Middle East and Western Europe. These are only some of the reasons that Cyprus is one of Europe’s most popular holiday and residency destinations.
With an advanced high-income economy and a very high Human Development Index, the Republic of Cyprus has been a member of the Commonwealth since 1961 and was a founding member of the Non-Aligned Movement until it joined the European Union on May 1st 2004. On January 1st 2008, the republic of Cyprus joined the Eurozone.
The island is divided into 6 districts – Larnaca, Nicosia, Famagusta, Kyreneia, Limassol and Paphos.
Although Nicosia is the Capital and largest city, Larnaca hosts the country’s main and largest airport and second largest port in the Island.
The official language in the island is Greek with English being considered as a 2nd language.
The population is less than a million and the total area of the island is just under 10,000 Km2.
Cyprus Permanent Residence
Cyprus, an EU member has one of the most attractive Immigration by Investment Programs in Europe. The government of Cyprus has amended programs and made the process simpler and more economical to give more incentives to foreigners, to invest in Cyprus and acquire a European Permanent Residence and/or Passport for all the family.
The Cyprus Permanent Residence Program is the fastest, most assured route to gaining a European residence through investment in real estate. It is quick and guaranteed and is available to investors who purchase a minimum new residential property of €300.000 which grants them the Permit in 2-3 months or purchase any property, new or resale with average value of €150.000 which will grant them the Permit in 6-9 months.
An improved, simplified and faster procedure has been introduced by the Minister of Interior of Cyprus for the Permanent Residence program. All applications are examined in a positive way and the immigration permit shall be granted, provided all necessary criteria are met. The whole procedure takes from 2-3 months.
Compliance with all Criteria (2 weeks)
Applicant purchases a new property of minimum €300,000 + VAT, declares secured annual income and deposits €30,000 which are pledged for 3 years in a Cyprus bank account.
Preparation & Submission (1 week)
All other required information, supporting documents and application file are used to submit the application to the Civil Registry and Migration Department.
Processing time (4-8 weeks)
The application is evaluated and being examined by the Cyprus Civil Registry, the Migration Department and the Minister of Interior.
PERMANENT RESIDENCE PERMITS RECEIVED
EUROPEAN CITIZENSHIP BY INVESTMENT
Cyprus, an EU member has one of the most attractive Citizenship by Investment Program in Europe. The government of Cyprus has amended the process into a simpler and more economical way to give more incentives to foreigners, to invest in Cyprus and apply for a European passport at the same time.
The updated Citizenship Program have cancelled the collective scheme and the individual scheme has been discounted to minimum €2 million + VAT, including the private residence of €500.000 + VAT, when investment is made purely in residential real estate. Other types of investment such us commercial real estate, government bonds and participation in Cyprus companies are also accepted, but the minimum investment requirements reach €2.500.000 + VAT (€2.000.000 + VAT for the primary investment and €500.000 + VAT for the private residence).
Exit strategy is allowed after 3 years, where the investor is allowed to sell the primary investment but keep the ownership of the private residence.
An improved, simplified and more economical procedure has been introduced by the Government for the Cyprus Citizenship Program. All applications are examined in a positive way and the immigration permit shall be granted, provided all necessary criteria are met. The whole procedure takes 6 months. The exit strategy starts from the issue of the planning permit if the investment is made in off plan real estate.
Compliance with all criteria (2 weeks)
Applicant makes necessary investment of minimum €2,000,000 + VAT. The private residence of minimum €500,000 + VAT is also purchased for personal use. The applicant engages with a law firm for the application.
Preparation & Submission (2 weeks)
All other required information, supporting documents and citizenship application file are used to submit the application to the Civil Registry and Migration Department.
Processing Time (4 months)
After the Council of Ministers approval, the application is evaluated and being examined by the Minister of Finance and the Minister of Interior, which reviews the documents and the application and conducts due diligence.
Cyprus Passports (10 Days)
Once application is approved, the certificate of naturalization is issued and the passports are granted to the applicant and his family.