CYPRUS PERMANENT
RESIDENCY

VALID FOR
LIFE
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COVERS THE
WHOLE FAMILY
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VISIT CYPRUS
EVERY 2 YEARS
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EASY ACCESS
WITHIN THE EU
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PROPERTY INVESTMENT
€ 300.000 + VAT
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GRANTED WITHIN
2 MONTHS
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Cyprus enjoys a European political outlook and the lifestyle of a Mediterranean island. Permanent Residency under this program grants to non-EU nationals the right to permanently reside in Cyprus with a single, secure, real estate investment of €300,000. It applies to the investor, their spouse, dependent children up to age 25 and the parents of the applicant. What’s more the Permit is granted for an indefinite duration and it is considered to be the first step towards gaining Cyprus Citizenship.

For more information regarding the law click here.

CRITERIA & CONDITIONS

The applicant must:

a. Submit a confirmation letter from a financial institution in Cyprus that he has deposited a minimum capital of €30.000 into an account, which will be pledged for a period of at least three years. It must be proved that the said amount has been transferred to Cyprus from abroad.

b. Prove together with his spouse that they have at their disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person. This income should derive from abroad and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents etc.

c. Submit, with the application, title deeds or a contract of sale in his name and/or his spouse, which has been officially deposited with the Department of Lands and Surveys, for a dwelling or other building, of a total market value of at least €300.000 (V.A.T. is not included therein) and official receipts for the payment of at least €200.000 (excluding V.A.T.), irrespective of the date of the delivery of the dwelling. It should be stressed that the full payment of the value of the dwelling shall be settled in an account in a financial institution in Cyprus.

d. For the purpose of implementing this policy, the applicant may purchase up to two housing units (apartments or houses) which might be independent, or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m., provided that the total market value satisfies the conditions in paragraph 2.3. In the case of a couple, these restrictions apply for the couple and not for each of the persons involved. The said purchase must be in relation to a dwelling (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same company.

e. The Immigration Permit issued to an applicant cover his spouse, children under the age of 18 and the parents of the main applicant and of the spouse. Unmarried children aged between 18 and 25, who may prove that they are students or undergraduates and are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit. In such a case, the father or mother and/or both parents together must present an additional annual income of €5.000 for every such dependent child. It is noted that every such dependent child, shall submit with his application, all the documentation defined further below. The said permit is still valid even if the holder has exceeded the age of 25 years old.

f. An immigration permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, provided that the market value of the acquired property attributed to each such child is at least €300.000 (e.g. in the event the applicant has a child that is 30 years old and wishes to obtain an immigration permit, the applicant must purchase a dwelling valued at €600.000, if the applicant has 2 adult children, financially independent, he must purchase a dwelling valued at €900.000 etc).

In addition to the above criteria the applicant must fulfill the following conditions:

  • The applicant and his spouse must submit a confirmation of a clean criminal record from their country of residence and generally, they should not be considered as a threat in any way to the public order or public security in Cyprus.
  • The applicant and his spouse shall confirm that they do not intend to be employed in Cyprus in any direct or indirect manner. It is to be noted that the applicant and/or his spouse may be a shareholder(s) in a Company registered in Cyprus and the income from the dividends of such a company in Cyprus are not deemed an impediment for the purpose of obtaining an immigration permit.
  • The applicant and his family included in the Immigration Permit must visit Cyprus at least once every two years.
  • All the necessary documentation, that is attached to the application for an immigration permit, including the translation of the same into the Greek or English language, must be duly certified.
  • Applications are reviewed by the Civil Registry and Migration Department and the Minister of Interior grants final approval.
  • The processing time is 2 months.

PROGRAM BENEFITS

  • Accelerated Procedure – 2 MONTHS
  • Freedom to live freely in Cyprus
  • Permanent residency for applicant, spouse, and dependents up to the age of 25- The permits are valid forever, no renewal is required.
  • Insurance policy for the future.
  • Access to first class healthcare and education.
  • The process and requirements are very simple.
  • It has a 100% approval rate.
  • Access to Cypriot citizenship after 7 years.
  • Visa-free travel to Germany, France, Italy, Netherlands & Luxembourg
  • Easy to receive Schengen Visa that is valid for 2 years and allows easy travel in Europe with direct flights from the International Airport of Larnaca.
  • Tax benefits: Setup a Cyprus company as an intermediary for export trading throughout the world, thus benefit from Cyprus’ low corporation tax of 12.5% and 0% tax on dividends offered to non-tax residents.
  • The English Language is widely spoken.
  • A low rate of crime.
  • Multicultural society.

APPLICATION KEY INFORMATION

Applicants must provide the following documents:

  • Copy of valid passport of the applicant and his dependants.
  • Copy of valid temporary residence permit (if the applicant resides in Cyprus).
  • Curriculum Vitae (including academic qualifications).
  • Original Letter from a financial institution in Cyprus (Bank, Coop) of a deposit of €30.000, pledged for three years.
  • Declaration of a secured annual income from abroad of €30.000 at least, (original documents and affidavit or declaration). The necessary annual income is increased by €5.000 for each dependent person.
  • Title of ownership or contract of sale of a built property in Cyprus of a minimum market value of €300.000 (original or true copy). If the title of ownership has not been obtained yet, the applicant must submit the contract of sale duly stamped by the Stamps Commissioner and the Department of Lands & Surveys and proof of payment for at least €200,000.
  • Official Statement by the applicant and his/her spouse that he/she does not intent to work or be engaged in any form of business in Cyprus.
  • Health Insurance Policy for the applicant and his dependants
  • Original Criminal Record Certificate duly certified for the applicant and his spouse (if the applicant resides abroad, the certificate must be issued from his country of residence, and submitted with an official and certified translation).
  • Marriage Certificate duly certified (official and certified translation).
  • Children’s Birth Certificates dully certified (official and certified translation).

THE PROCESS

  1. The application should be submitted on form MIP (1) to the Civil Registry and Migration Department or to the District offices personally, through post or through a representative. The presence of the applicants isn’t necessary, as the paperwork can be undertaken by a lawyer.
  2. The application will be examined by the Civil Registry and Migration Department and shall be submitted to the Minister of the Interior, through the Permanent Secretary of the Ministry, for a decision. Personal interviews are not usually necessary for this category of permit.
  3. The Ministry of Interior shall inform the applicant/representative through the Civil Registry and Migration Department of their decision.
  4. The examination period of these applications is two months.
  5. Once the approval has been granted, the applicant must visit Cyprus within one year to obtain the actual permit card.
  6. The Immigration Permit shall not be canceled, provided that the applicant and dependents visit Cyprus at least once every two years.

Profit from our experience

  • In-depth knowledge of the relevant legislation and procedures to ensure successful applications.
  • Vast experience in successful preparation and processing of permanent residency applications
  • Close collaboration with the authorities and trusted Legal/Tax Advisors
  • Confidentiality-Integrity-Honesty
  • Peace of mind - our problem solving professionals will help you address all issues.

 

EU CITIZENSHIP

Cyprus has been recently ranked as the 5th best relocation destination in the world by an international lifestyle review (source: 2014 report by Knight Frank). Cyprus ranked highly due to its favorable tax regime for new residents, particularly high net worth individuals. With at least 320 days of sunshine a year, Cyprus has classified the sunniest European location.

Legal Basis
On the basis of a Council of Ministers’ revised Decision (dated 13 September 2016), non-Cypriot Investors, are eligible to acquire the Cyprus Citizenship by Naturalization (by an exception on the basis of the Civil Registry Law 2002-2015).
For more information regarding the law click here.

KEY BENEFITS OF OBTAINING CYPRUS EU CITIZENSHIP

Recent studies conducted by global immigration experts have classified the Cyprus Citizenship by Investment program among the “top ten best in the world” mainly because of the following benefits it offers:

  • A single application provides CYPRUS EU CITIZENSHIP & PASSPORTS for all the Family; that includes the spouse of the applicant, children under 18 years, and adult dependent children (over 18 years and up to 28 years). Neither the spouse nor the children are obliged to meet any financial criteria. Parents of the investor have the right to obtain citizenship as well.
  • FAST-TRACK process - 90 days from application to receiving Citizenship & Passports.
  • As of September 2016, the Investment amount has been reduced to 2m.
  • No Tax Consequences- Applicant does not become a tax resident in Cyprus, unless he/she spends more than 183 days in one calendar year.
  • Visa-free travel to more than 157+ countries.
  • Valid for life and passed on to new generations.
  • Cyprus allows Dual Citizenship - The acquisition of citizenship in Cyprus is not reported to other countries.
  • Applies for all nationalities.
  • NO requirement to physically reside in Cyprus - Neither before the application nor after obtaining the Citizenship.
  • Cypriot citizens enjoy the freedom to live, work, study and travel throughout Europe.
  • Freedom to establish a business in any European country.
  • No Restriction on Movement of Capital - Transfer any amount of money from any EU Member State to another, purchase property in any EU Member State and invest in any activity.
  • No local Language and History tests.
  • Cyprus does not have Inheritance Tax allowing for long-term tax planning.
  • NO GOVERNMENT DONATIONS - Unlike the other Citizenship programs, 100% of your investment goes against your investment.
  • Excellent Rental Yields on Real Estate investments.

 

FREEDOM of movement

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CRITERIA & CONDITIONS

One of the following financial criteria must be met:

a. Direct Investments in Cyprus amounting to a minimum of €2 million, held for at least 3 years, in one of the following:

  • Investment in real estate, land development, and infrastructure projects purchase, creation or participation in businesses and companies based and operating in Cyprus. Such companies are required to have a physical presence in Cyprus and to employ at least 5 Cypriot citizens.
  • Investment in Alternative Investment Funds (“AIFs”) is established in Cyprus and licensed by CySEC which invest exclusively in Cyprus. This criterion includes financial assets of Cypriot companies or organizations issued after approval by CySEC.

b. The combination of the aforementioned criteria amounting to €2million. In the context of this criterion, the applicant may also purchase Cyprus government bonds of a maximum amount of €500.000.

In addition to the above criteria the applicant must fulfill the following conditions:

  • hold a Clear Criminal Record from the country of origin or/and country of residence.
  • confirm that the applicant’s name is not included in the list of persons whose property is ordered to be frozen within the EU.
  • privately owned residence in Cyprus, the costs of which must exceed the amount of €500.000 excluding VAT. If the direct investment is made in residential property, this requirement is not applicable.
  • in case the investor’s parents are included in the application either purchase an additional property of at least €500.000 or the investor and parents acquire one residential property of a total value, minimum, €1 million.
  • The applicant must be a resident before being granted citizenship, thus a simultaneous application for both residency and citizenship must be made.
  • have at least one visit to Cyprus.

Notes

  • The main investment may be sold after three years; however, the investor must always maintain/purchase a property with a value of at least €500,000
  • Property purchased up to 3 years prior to the submission of the citizenship application will count towards the required investment
  • Abolishment of the criterion of bank deposits.
  • The criterion of Collective Investments abolished.

APPLICATION KEY INFORMATION

  • The approval of Citizenship under the relevant Decision is granted by the Cyprus Council of Ministers.
  • The application package is submitted to the Ministry of Interior. The Ministry of Finance assesses the financial criteria.
  • The application of the spouse is submitted concurrently with the application of the main applicant. Upon the approval of these applications, children applications follow.
  • After examination by the two Ministries, the application is presented to the Council of Ministers.
  • The application processing usually takes 3 months
  • Low government fees for the filing of the application

In addition, applicants must supply the following documents:

  • Passport
  • Birth certificate*
  • Police clearance certificate* from country of origin and/ or country of residence
  • Marriage certificate* (if applicable)
  • Detailed biography
  • Evidence of proof of funds

The documents with (*) require an apostille.

Cypriot Citizenship Processing Fees

Applicant Application Submission Fees Certificate Issuance Fee 
Investor €2,000  €5,000
Spouse €2,000  €5,000
Adult Child €2,000  €5,000
Minor Child €80  -

Taxes

Vat may be reduced to 5% on the first property purchase (first 200m2)
Standard vat rate is 19%.
Additional taxes and duties apply (approximately €4,000)

THE PROCESS - FAST TRACK 3 MONTHS

Step 1 - Review & select real estate investment
Select property (through a visit to Cyprus or via correspondence). Sign purchase agreement and transfer funds to a secure account. Receipt issued by QG, which is required for the application.

Step 2 - Preparation of citizenship application
The client will receive a detailed application package and document checklist. Applicant must gather all necessary papers required for application (see Application Criteria page). The documents must be officially translated into Greek or English and certified with apostil (if in a country which has signed the Hague Convention of 1961) or stamped by the Ministry of Foreign Affairs and relevant Cyprus Embassy.

Step 3 - Acquire pre-approval
The appointed lawyer completes a pre-clearance check

Step 4 - Citizenship and PR application submitted to Government
Payment of submission fee €2,000 per adult applicant. Application lodged, together with the property purchase agreement and all required documents, at the Ministry of Interior.

Step 5 – Issuance of Cypriot citizenship
Once ratified by the Council of Ministers, a citizenship certificate is issued. This Certificate must be signed by the applicant either in front of a Registrar of a Cypriot Court or a Consular at any Cypriot Consulate abroad within 3 months of receiving approval. In Cyprus the process, including a collection of biometric ID cards, takes under 1 day, through an embassy the process takes up to 2 weeks. It should be noted that the application submission date is the date on which the submission fees were paid.

Step 6 - Naturalization of children
Submit the applications of children to be naturalized. Applications of minor children are processed within 3 weeks; they can visit Cyprus anytime to collect their papers. Adult children’s applications are processed within 2 months and are subject to a submission fee of €2,000 and approval fee of €5,000. The children must visit Cyprus within 3 months to collect their passport and identity card.

Note: Further to the changes announced on the 13.09.2016 by the Ministry of Interior, an additional government fee may be applicable for the PR application. We are also waiting for clarification on the procedure concerning the submission of the main applicants' parents.

Profit from our experience

  • In-depth knowledge of the relevant legislation and procedures to ensure successful applications.
  • Vast experience in successful preparation and processing of citizenship applications
  • Close collaboration with the authorities and trusted Legal/Tax Advisors
  • Confidentiality-Integrity-Honesty
  • Peace of mind - our problem-solving professionals will help you address all issues.

 

CONTACT US

sales@qualitydevelopments.com
TEL: +357 24 821855
FAX: +357 24 662922
FREE PHONE IN CYPRUS: 80007766
Constantinou Paleologou 41,
6036  Larnaca, Cyprus

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