For this, 2 conditions must be met:
- The investment must be larger. If there is only one adult child, the investment will be €600,000, if there are two - €900,000.
- The adult child must provide proof of an annual income of €30,000.
CYPRUS PERMANENT RESIDENCY BY INVESTMENT
Opportunity to open a business in Cyprus. Citizenship after five years.
Starting investment at $300,000
Processing time 2 months
UNIQUE OPPORTUNITY
Advantages of a Cyprus residence permit
The lowest income tax in Europe - 12.5%
Opportunity to own a business in Cyprus (receive dividends)
Possibility to obtain citizenship after 5 years
It takes 2 months to obtain a residence permit
You do not need to reside in Cyprus, you need to visit every two years
Remote processing, only one visit is required to submit biometrics
Lowest crime rate in the EU
Education for children in branches of international schools and universities
Indefinite residence permit (automatic renewal every 10 years)
Investments from €300,000
Give the freedom for those closest to you
The Cyprus Permanent Residence Program allows you to grant permanent residency to family members. Namely:
- Spouse
- Children under the age of 18
- Adult financially dependent children between the ages of 18 and 25 if they are not in school or married
- Parents of the principal applicant and/or spouse
The applicant's children who are not financially dependent can also obtain a residence permit
Investment options for obtaining permanent residence in Cyprus:
Other requirements for obtaining a residence permit for investment
- when investing in commercial real estate, Cypriot companies or funds, it is necessary to prove the presence of own or rented housing in Cyprus (in sobsarenda).
- the applicant must prove an annual income of at least €30,000 for a period of at least three years.
a) €5,000 for each dependent person
b) €8,000 for parents.
In order to prove that the annual income from abroad is at least €30,000 per annum, a Cyprus bank account must be opened, but the money can be held in any currency, not necessarily Euro.
Real estate market review
The real estate market in Cyprus is one of the most diverse in the Mediterranean.
For foreign investments are open such fashionable complexes as Minthis Hills in Paphos, ONE, Limassol Marina in Limassol and many others. If in the first you can buy a cozy bungalow, the second sells exclusive apartments with terraces and penthouses overlooking the sea, and the last is created especially for lovers of yachting. Prices start from €1.2-2 million.
In what cases can there be a denial?
- Providing false information;
- Involvement in terrorism, money laundering, crimes against humanity or crimes that violate human rights and freedoms, or pleading guilty to such crimes;
- Having a criminal record or criminal proceedings in any country in the world;
- The existence of a potential threat to the public order, national security or reputation of Cyprus or any other country.
| Investment in real estate | Investment in non-residential real estate | Share in Cypriot business | Share in Cypriot investment funds |
|---|---|---|---|
| Depending on the object | During the tenure of permanent residence | From €300 000 | Yes |
| Depending on the object | Depending on the project | During the tenure of permanent residence | €300 000 |
| Depending on the project | Depending on the project | During the tenure of permanent residence | From €300 000 |
| Depending on the project | Yes, depending on the fund | During the tenure of permanent residence | From €300 000 |
Key Stages in the Application Process
SIMPLE AND CLEAR PROCESS
Fees and Costs
- Confirmation of income — €30,000 (for the main applicant)
- Due diligence — €15,000 (for the main applicant)
- Registration fee —€70,000 per applicant
- Immigration submission fee — €500 (for the main applicant)
- Medical insurance — €2,000 per each family member per year
- VAT — €57,000 (standard rate applicable for residential property and commercial property)
- €15,000 — only housing
Documents for applying for permanent residence in Cyprus
To apply for Cyprus residency (and later for a Cyprus passport), you need to submit a package of required documents.
Required documents to become a Cypriot resident and later a Cypriot citizen:
- Clean criminal record certificate
- Medical insurance
- Copy of a valid passport
- Marriage Registration Certificate (for those who are married)
- Children's Birth Certificate (for those who have children)
- Documents that prove required annual income from other countries
- Cyprus bank transfer
- University Confirmation (if children from 18 to 25 will apply)
MIGRONIS IS ALWAYS MORE THAN YOU EXPECT
Post Immigration Service
Opening a local bank account
Local tax residency
Insurance registration
Company registration
We will help you solve any problem, for example, we will tell you all about the path to Cypriot citizenship through permanent residence.
Why clients choose Migronis
Post-paid service
Offices in the Europe
We are online 24/7
We obtain additional documents in Cyprus
Minimal participation on your part, we do all the paperwork
No intermediaries and no middlemen
Get a free consultation
Frequently Asked Questions
Why Cyprus?
Permanent residence in Cyprus is a profitable investment with the opportunity to increase your capital by renting real estate, as well as entering a new market. In addition, it is a status that gives you the right to live freely on the territory of the state, enjoying a mild climate, beautiful landscapes, beaches, and more than 300 days of sunshine a year! Cyprus is an opportunity for relatively inexpensive accommodation. Here you will be able to provide yourself with a great standard of living with the opportunity to save for the future. Especially when compared to Central European countries and the UK.
All these and many other advantages can be obtained by having a residence permit of this country. To obtain a residence permit, it is enough, for example, to invest in real estate, provided that the minimum investment amount is not less than €300,000. A Cyprus residence permit can also be obtained for investments in business or commercial funds.
It is important to remember that the applicant's proven annual income from abroad must be at least €30,000 per year.
Permanent residence in Cyprus for investment
Residency in Cyprus for investment is a popular program for immigration or “reserve airfield" among businessmen, entrepreneurs and investors. Doing business in Cyprus is easy and inexpensive, and the residence permit of this country from €300 000 will allow you to do it legally and be exempt from paying a lot of taxes. Judge for yourself, registration of a company takes only 2-3 days, and bureaucracy is minimized. Corporate tax in Cyprus is the lowest in Europe - only 12.5%. The normal VAT rate is 19%, but there is a possibility of reduction to 5% (when buying real estate and fulfillment of certain conditions) and 0% (when buying secondary real estate in Cyprus).
In what cases do clients choose the program of residence in Cyprus for investment?
According to The Financial Times, Cyprus ranks 7th out of 12 among countries that offer citizenship for investment. Cyprus is ahead of Malta, Bulgaria, Austria and other European countries. According to Henley & Partners passport rankings, Cyprus is ranked 14th (out of 100) for freedom of movement. Thus, Cyprus may be the choice of residents of countries that offer few opportunities to travel visa-free. Given that it is currently impossible to acquire Cypriot citizenship for investment, those people who are interested in this country should consider acquiring a permanent residence in Cyprus.
The process of applying for a residence permit is relatively simple. In addition, permanent residence in Cyprus is a direct opportunity to obtain citizenship of this country. Even the minimum amount of investment (from €300,000) will give access to the consideration of citizenship when living in Cyprus for 5 years. It should be understood that citizenship for investment in Cyprus can not be bought. The program is suspended. However, the residence permit gives the opportunity to obtain the desired passport in the future without the need to reside in Cyprus (only a visit once in two years).
The Permanent Residence Card is issued for a period of 10 years and then automatically renewed every 10 years from the date of issue at the request of the person concerned and upon payment of a fee of €20.
The maximum period for granting a residence permit is 2 months. The 2-month period starts on the day the Ministry of Interior issues a confirmation of the application for a residence permit. The guarantee of the residence permit depends on the fulfillment of all conditions by the applicant. A 2-week grace period for administrative costs is allowed. It is also worth considering that in order to obtain a residence permit in Cyprus, it is necessary to visit the country for processing. However, this is a very small period of time and further residence in Cyprus is not necessary to maintain this status. The applicant must visit the state once every two years, and that's it. The status of tax resident is assigned to those who are in the country for more than half a year. If an investor is interested in obtaining tax resident status in Cyprus, he will need to prove that he is in the country for at least 183 days a year.
Cyprus is the best choice for living, vacationing and investing
Officially, Cyprus has almost the lowest crime rate in the world. Here they do not put bars on the windows, and the height of fences is legally limited to just above one meter. There are also no guards in hotels, banks, or stores. The likelihood of theft is minimized here.
Most Cypriots speak fluent English. The country was a British colony for almost a hundred years, so it is not difficult to adapt. English is also the second official language of the country in the southern part of Cyprus. Here the main religion is Christianity. For the most part in Cyprus also understand Russian. In this sense, the island is compared to Georgia or Poland. In many cafes menus are translated into Russian.
The education received here allows you to grow and develop in an international cultural environment and in the future to continue studying in the best higher educational institutions in America, Europe, or Asia. Another advantage is the presence of Russian-speaking and English-speaking kindergartens.
In addition, there is almost no heavy industry in Cyprus. This indicates that this country has a low level of pollution.
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