Cyprus Residency
The Cyprus Residency program is an investment-based immigration program, directed mainly to individuals or families that want to have a second home from home for security, tax or other reasons. It applies to the whole family. Husband, wife, and depending on the program children up to the age of 25 . The main rationale behind the programme is to provide a PRP to anyone willing to purchase a residential property in Cyprus and has the funds to support himself and his family. There are currently two Residency programs available with substantial differences between them.
Key Points
- Granted within 10 or 30 months
- Issued for life
- Spouse, dependent children up to the age of 25 are eligible
- No actual residency requirement
- No language requirement
- Need only visit Cyprus once every two years
- Investment in residential property with the possibility of renting out with good return
- Finance of up to 70% available
- Eligible to apply for Cyprus/passport after 5 years
- Soon to be part of Schengen
Requirements
- Purchase a residential property of no less than €150,000 or €300,000 (depending on the PR program chosen) in Cyprus
- Proof of annual income of €50.000 (plus €15.000 for every dependent). This can come from employment outside Cyprus, rents received, dividends from companies etc.
- Clear criminal record certificates for all adults are required.
Main Services
- Provide all necessary information in relation to each PR program and explain the differences between them
- Liaise with the client and assist in their decision to choose the most suitable PR program subject to their family’s needs and requirements.
- Advise on the required financial criteria.
- Advise on any legal issues and perform required due diligence on the investment chosen.
- Legal advice and support in relation to the acquisition.
- Identify and assist in gathering all required documents for the PR application.
- Prepare and assist in drafting/filling all required forms/documents for the PR application.
- Follow up of application and respond to any requirements by the governmental authorities up to approval.
Ancillary Services
- Assist in opening a bank account with a local bank
- Assist in finding suitable properties in Cyprus.
- Assist applicant in their setting down in Cyprus.
- Assist successful applicant in renting out the property.
- Provide management services for the property(ies)
- Assist in financing application