PERMANENT RESIDENCE IN CYPRUS
The Cyprus Residence programme is attractive to those that are attracted to the Mediterranean style Greek-island-influence living that Cyprus offers. The Cyprus Residence programme is very affordable and easy to comply with and allows for the investor to ultimately become a citizen and passport carrier of that country. Cyprus residence allows for a fairly significant low-tax financial service centre benefits.
The Cyprus Residence Programme has been in effect since 2009 and has been modified since. It is achieved through a Visa known as a Category F visa. The Category F Visa allows individuals to benefit from living in Cyprus for at least six years, after which they can apply for citizenship. In order for applications to be approved swiftly and with as little limitations and requirements as possible, the applicant needs to follow the following guidelines:
The applicant needs to make a residential property purchase of no less than €300,000. The property must be purchased for private use.
Bank statement showing deposit in a regent of 30,000 and Regular income demonstrating that the applicant receives income from abroad exceeding €30,000 per year (i.e. showing receipt of an income of at least €2,500 per month). In addition to this applicant must have a Bank guarantee for immigration (€500 – €800 depending on the nationality of applicant)
Investment in Cyprus company and Bank deposit in a Cyprus bank of at least €50,000 as well as regular income from abroad in a regent of 2,500- 3,000 per month
Instead of the usual 2 years or so until you gain residence, Cyprus processes Category F Visa applications within an accelerated 1 – 3 months. Cyprus has gained Schengen status; by gaining Cyprus Residence, you would automatically qualify with a Schengen Visa, meaning you can travel to any of the Schengen Counties without the need for a Visa (see below). The holder of the category F Cyprus Residence permit is also allowed to apply for Cyprus Citizenship (and Passport) in the 6th year of residency. In doing so the applicant will also enjoy all the full rights and benefits of any European Citizen of Cyprus.
Conditions of the Category F Visa include a 6 months per year in Cyprus minimum stay requirement. Citizenship through the Category F Visa, conditions of application:
- The applicant should be at least 25 years old; have a clean criminal record from the country of origin and from the Cyprus Police.
- Confirmation that the applicants’ name is not included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
Citizenship through Substantial Investment
There are also a number of ways in which a substantial investor can gain citizenship in as little as 3 – 4 months without requiring the Residence period with a Category F Visa. This citizenship option is achieved through substantial direct investment:
In the direct investment programme, at least €2.5 million should have been invested for investors that have a proven participation in collective investments schemes worth at least € 5 million. Earlier, it was €2 million not €2.5 million. This provision lapsed on 01/June/2014. Under this scheme, all family members will also be granted citizenship.
In Cyprus, anyone who invests over €300,000 in property could receive Cyprus permanent residence and travel around Europe and in and out of Cyprus and stay wherever they wish to for as much as they like, as explained earlier.