CYPRUS Immigration Permit – Policy

  1. Introduction

  • According to article 6 (2) of the new immigration regulations issued by the Ministry of Interior in March, 2016, the applicant has to purchase residential property worth a minimum of €300,000 and fulfill other investment requirements.
    • The main applicant and,
      • Spouse
      • Minor children under 18
      • Adult children under 25 (dependent on parents, enrolled in a higher education institution.
    • Parents of main applicant
      • The parents of the main applicant’s spouse
  • Following the requirements above will ensure that all dependents above will receive permanent residence.
  1. Investment Option

  • The applicant must have in his/her possession a residence in Cyprus,
    • Conditions for the residence:C
      • Worth (total market value) no less than € 300,000 (excluding VAT)
      • The property investment must not be a second-hand property
  1. Conditions

  • In addition to the investment option, the main applicant must fulfill the following conditions:
    • Above 18 years of age
    • Non-EU citizen
    • Clean Criminal Record
    • Proof of €30,000 Annual Income in addition to (€5,000 for each additional child and €8,000 for each additional parent or in-law)
    • €30,000 Deposit for three years
    • Not intending to undertake any kind of employment
  • Requirements of Family Members
    • The family members who apply for the permanent residence must fulfill the following requirements:
      • Non-EU citizen
      • Clean Criminal Record
      • Not intending to undertake any kind of employment
  1. Benefits & Returns

  • Safe and stable conditions of Cyprus: highly specialized pool of human capital, reliable legislative and regulatory framework, stable and beneficial tax system;
  • No living requirements: the applicant just needs to visit Cyprus every two years to maintain the validity of the Immigration Residence Permit;
  • Low tax rate and free trade within European Union;
  • Strategic location: an active transshipment center and attractive business hub; easy access to new markets
  • Beautiful living environment: 340 days of sunshine a year;

Disclaimer: The communication herein is intended to convey general information only and not to provide legal advice or opinions. It should not be construed as, and should not be relied upon for, legal or tax advice in any particular circumstance or fact situation. The facts stated may not reflect the most current legal developments. No action should be taken in reliance on the information herein. Qualified legal practitioners should be contacted for professional legal advice on specific issues.

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