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Cyprus Permanent Residency CYPRUS PERMANENT RESIDENCY Permanent Residency Programme CAPITAL CITY LANGUAGES Nicosia Greek, Turkish, English TIME ZONE CURRENCY Eastern European Time Zone Euro € (UTC+02:00) TOTAL AREA POPULATION 9,251 km² 1,170,13 NEAREST COUNTRY EU TRAVEL Lebanon, 264 km Easy Access cclex.com/citizenship CYPRUS LEGAL BASIS FOR CYPRUS PERMANENT RESIDENCY Being at geopolitical crossroads, Cyprus enjoys a European political outlook and the lifestyle of a Mediterranean island – BY INVESTMENT which along with its favorable tax regime makes the country one of the top relocation destinations in the world (2014, Knight In pursuance of the provisions of Regulation 6 (2) of the Aliens & Frank lifestyle review). and Immigration Regulations, Cyprus grants Non-EU nationals Cyprus has been a member of the European Union since 2004, the right to permanently reside in Cyprus with no renewal and a Eurozone Member since 2008. Besides the inherent requirements. The process is based on a set eligibility criteria benefits of EU Membership, the country enjoys high quality ensuring that the Permanent Residency status is only granted to healthcare and education, as well as, a stable political climate. reputable individuals. Permanent Residency under this programme grants the right to travel within the EU with less elaborate visa requirements and may be considered to be the first step towards gaining Cyprus Citizenship, (providing certain criteria is met). In this respect, the Cypriot authorities have recently simplified the procedure for issuing Permanent Residency Permits to Non-EU nationals. BENEFITS OF CYPRUS PERMANENT RESIDENCY BY INVESTMENT Tax Fast Process; Safe and Secure; Favorable Tax EU Wide Travel with High Quality; Valid for Life 2 Months Lowest Crime Rates; Low Rates, Less Elaborate Visa Healthcare, Levels in the EU International Double Requirements Education Taxation Agreements ELIGIBILITY FOR CYPRUS PERMANENT RESIDENCY BY INVESTMENT Eligible dependents include the spouse, parents of main applicant and spouse’s parents, as well as children up to the age of 24 years. The main applicant and dependants must declare the intention of not being employed in Cyprus. ‘FIT AND PROPER’ TEST FURTHER QUALIFYING FINANCIAL CRITERIA In complying with due diligence standards, applicants must To qualify for the Cyprus Permanent Residency by Investment demonstrate a clean criminal record issued by their country program, the main applicant is required to maintain a three year of origin. fixed deposit with a Cyprus bank of at least €30,000, and such funds must emanate from outside Cyprus. PROPERTY PURCHASE In addition, the applicant must provide evidence of secured Applicants are required to purchase a residential property(ies) annual income of at least €30,000. The funds must originate from of a combined value of €300,000 (excl. VAT if applicable). The abroad, and are to be increased by €5,000 for each dependent, purchases must be ‘first-time’ sales meaning that they are to be and €8,000 for each parent included in the application. bought for the first time from a property development company. ELIGIBILITY REQUIREMENTS € ResidenceCard Non-EU + + € + + 1 = 3 YEAR Main Applicant in Secured Annual A 3 Year Fixed Residential Property Visit Once within the Residence Card, Good Standing Income of €30,000 Deposit of €30,000 €300,000 as 1st yr. to Register No Renewal ‘First Time’ Sale Biometrics then every Requirements 2 yrs Thereafter CYPRUS PERMANENT RESIDENCY BY INVESTMENT Application Timeline Complying with the set 2 WEEKS criteria COMPLIANCE TIME • Purchase of 300K Property • Declaration of 30K secured income • Evidence of a 3 year fixed deposit Residency of 30K Application 1 WEEK PREPARATION & SUBMISSION • Prepare supporting docs & Application File Government of Cyprus • Submission of application to the Civil Application Registry and Migration Department Processing 2 MONTHS PROCESSING TIME Permanent 2 • Evaluation of application by the Residency by MONTHS Cyprus Civil Registry, the Migration Investment Department and the Ministry of Interior ResidenceCard WHY WORK WITH US? Success Rate: Trusted Legal & Tax Accredited Agent: Cyprus-Malta Cyprus-Malta Our Ethos: Problem Solving, Advisors: Maintaining For Cyprus Immigration Lawyers, Small firm personal, Integrity, Honesty client confidentiality Lawyers: 20+ Tax advisors, Big firm expertise Fiduciary staff: 150+ Malta Dr Jean-Philippe Chetcuti Cyprus Managing Partner, London Residency & Citizenship, Tax Zürich [email protected] The materials contained in this document are provided for general information purposes only and are not intended to provide legal or other professional advice. We accept no responsibility for any direct, indirect or consequential loss or damage which may arise from reliance on information contained in this document. Readers are advised to seek confirmation of statements made herein before acting upon them; specialist advice should also be sought on your particular cases. Please feel free to contact us at your convenience. © COPYRIGHT NOTICE: Reproduction in whole or in part is strictly forbidden, except with the prior written consent of CCLEX..
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