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Obtaining residence and citizenship in Cyprus

Cyprus is an attractive place for living and recreation for both Europeans and citizens of the countries of the former Soviet Union. Due to the mild Mediterranean climate, warm sea with clean beaches, as well as a safe and comfortable life, Cyprus often is chosen by wealthy people and families with children as their place of permanent residence. It has a high standard of living, excellent healthcare and education systems, huge investment opportunities and favorable conditions for doing business.

Liberal immigration law allows foreign investors to apply for a permanent residence permit for themselves and their family’s members through the purchase of real estate on the island quickly and easily.

  1. PERMANENT RESIDENCE PERMIT IN CYPRUS (CATEGORY F) THROUGH A PURCHASE OF REAL ESTATE

The main advantages of obtaining permanent residence in Cyprus are:

  • The procedure is clear and easy;
  • It gives right to reside in Cyprus to all family members;
  • Permanent residence status gives the right to visa-free entry, accommodation, recreation and education in Cyprus;
  • There is no need to permanently reside in Cyprus, the status of a permanent resident imposes one obligation – to visit the island at least once every two years;
  • Having a permanent residence in Cyprus does not oblige the applicant to pay taxes on income received outside the island;
  • The possibility of obtaining Cypriot citizenship. Having lived in Cyprus for 7 years (or 2555 days for 10 years), you get the right to apply for citizenship.

Applicants interested in obtaining a permanent residence permit in Cyprus have the opportunity to submit an application for consideration in standard terms or on a “fast – track” basis.

To apply for a permanent residence permit in Cyprus – Category F on a “fast – track” basis you should:

  • Prepare documents for the Applicant and family members: copies of passports, marriage certificate and birth certificates of children, certificate of criminal record (issued in the country of permanent residence), medical insurance policy (issued in Cyprus), the applicant’s CV in English;
  • Sign a real estate purchase agreement worth at least 300,000 Euro + VAT, as well as provide proof of payment of at least 200,000 Euro. The receipt of funds from abroad must be confirmed;
  • Registerthereal estate purchase agreement withtheDepartmentofLand;
  • To get a confirmation of the deposit account opening with the Bank in Cyprus for an amount of at least 30,000 Euro for a period of at least 3 years. Source of funds must be confirmed. After the end of the 3-year period, the funds will be returned to the applicant’s account;
  • To submit documentary evidence sufficient to support the family of the applicant’s annual income received outside Cyprus. The minimum amount is 30,000 Euros for a married couple and an additional 5,000 Euros per child.

Terms: 2 months after submitting the application.

To apply for a permanent residence permit in Cyprus – Category F in accordance to the standard procedure, you should:

  • Prepare documents for the Applicant and family members: copies of passports, marriage certificate and birth certificates of children, certificate of criminal record (issued in the country of permanent residence), medical insurance policy (issued in Cyprus), the applicant’s CV in English;
  • Get statement from the Bank of Cyprus, confirming funds on the personal account of the applicant or spouse. Recommended account balance is minimum of 50 000 Euro. The source of funds from abroad must be confirmed;
  • Present ddocuments proving ownership of real estate (contract of sale, inheritance, gift), cash on bank accounts (bank statements indicating the balances on current or deposit accounts), various assets (shares in enterprises, shares);
  • Show the real estate purchase agreement and payment confirmation for the purchased property. The receipt of funds from abroad must be confirmed;
  • Prove ownership of assets outside Cyprus;
  • Submit documentary evidence sufficient to support the family of the applicant’s annual income received outside Cyprus. The minimum amount is 30,000 Euros for a married couple and an additional 5,000 Euros per child.

Terms: 12-16 months after submitting the application.

At the time of filling and submitting forms, the Applicant may not be in Cyprus. You must sign a special form – a certification (Affidavit) in Court in Cyprus. Signing the form requires a visit to the court within one day of the working week (Monday-Friday).

The maximum term for consideration of permanent residence (category F) depends on the chosen scheme – standard of “fast-track”.

  1. CYPRUS CITIZENSHIP ON INVESTMENT PROGRAM

According to the decision of the Council of Ministers of the Republic of Cyprus dated March 19, 2014, foreign investors are given the opportunity to obtain the Cyprus citizenship according to the accelerated scheme.

For investors who wish to obtain the citizenship of Cyprus, new conditions from 09/13/2016 have been introduced. The new criteria are more favorable than the previous ones, since the amount of individual investments has been reduced from 2 500 000 Euro to 2 000 000 Euro.

The main advantages of Citizenship in Cyprus are:

  • Return on investment. No government donations or hidden fees;
  • Visa-free travel and the possibility of permitted residence in more than 157 countries: including all EU countries, Canada, and others with whom Cyprus has signed bilateral agreements;
  • Ability to live, study and work in the territory of all countries of the European Union without getting additional permits;
  • The possibility of issuing citizenship to all members of the investor’s family: investor’s spouse, small children and dependent children (students) under the age of 28;
  • The possibility of obtaining citizenship to the parents of the investor, subject to the implementation of additional requirements;
  • No need for permanent residence in Cyprus (one short-term visit in a seven-year period is enough);
  • Permission for any second citizenship along with the citizenship of Cyprus;
  • The ability to take full advantage of the tax laws of the Republic of Cyprus for tax planning.

Economic criteria and conditions:

  • The applicant must purchase residential property in Cyprus, the value of which is at least 500,000 Euro + VAT (subject to the acquisition of real estate from the developer), or purchase real estate in the amount of 500,000 Euro, including VAT (subject to the acquisition of secondary real estate, the VAT for which was paid earlier);
  • The applicant must make direct investments in one of the sectors of the economy of the Republic of Cyprus (construction or investment projects, land, assets of Cypriot companies (subject to certain conditions), Cypriot alternative investment funds);
  • The applicant must not have a criminal record;
  • The applicant must obtain a permanent residence permit of the Republic of Cyprus.
  • Required documents: Birth certificates, passports and marriage certificates of the applicant and his / her spouse;Birth certificates of children;Criminal records in the name of the applicant, spouse / children and children over 16 years old;Autobiographies of the applicant, spouse and children 16 years old.

Terms:  6 months after submitting the application.

Learn more about the procedure for obtaining permanent residence and citizenship in Cyprus a, as well as related by calling TBP LTD consultants at +357 22222 066 or email: info@tigerpartners.eu.

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