Cyprus offers to non-EU citizens one of the most attractive schemes to obtain permanent residence (PR) through investment. The program has attracted to Cyprus thousands of investors during the last few years. Many of the applicants come from China, Russia, Ukraine and the Middle East. The program is simple, straightforward and applications are processed in a time efficient manner. The main requirement to obtain the PR is to invest on real estate in Cyprus a minimum of 300.000 Euros. Below is a list of frequently asked questions and their answers. The questions relate to the program, its requirements and benefits.
1. Why do investors want to obtain permanent residence in Cyprus?
Cyprus is a member of the European Union and strategically located between Europe, Asia and Africa. The living standard is high, crime rate is low and the island enjoys around 300 days of sunshine each year. A permanent residence holder can obtain easily visa to visit other EU countries. Moreover, after 7 years of having obtained the PR, the investor can under certain conditions apply for the citizenship. A Cypriot citizenship is an EU citizenship with the right to live, work and travel freely within the EU. Further, a Cypriot passport holder can travel visa free or visa upon entry to 159 countries.
2. What type of investments qualify someone to apply for the PR?
The investment can only be on real estate. The investor can buy a residence or 2 residences or 1 residence and 1 office or 1 residence and 1 shop. The purchase price must be a minimum of 300.000 Euros.
3. Can I buy an empty plot of land without a residence?
No. Buying land does not allow the investor to apply for the PR under the provisions of this category.
4. Can my spouse and children obtain the PR as well?
The spouse of the applicant and underage children can also obtain the PR. Adult children until the age of 25 can also apply for the PR if they are financially dependent on the applicant.
5. Are there any other requirements in order to obtain the PR?
The applicant for the PR, besides having to prove that he has indeed purchased real estate worth a minimum of 300.000 Euros must also provide documentation demonstrating the following:
a) Clean criminal record for the applicant and his/her spouse.
b) Secured annual income coming from abroad to Cyprus. This should be a minimum of 30.000 Euros for the applicant and an additional 5.000 for every dependent of the applicant.
c) A 3 year fixed term deposit with a Cypriot bank for a minimum of 30.000 Euros.
d) Health Insurance Policy for the applicant and his dependents.
e) Official statement that the applicant does not intent to work in Cyprus.
6. How long will it take until I obtain the PR?
Around 3 months from the date the application and attached documentation has been submitted to the Migration authorities.
7. Is there any risk that my application will fail?
If the applicant has submitted to the authorities all the required documentation there is no reason why an application would fail.
8. Do I have to renew the permanent residence permit?
No. Permanent residence is for life and does not have to be renewed.
9. Do I have to live in Cyprus in order to maintain the PR status?
In order to maintain the PR status the PR holder must visit Cyprus at least once every 2 years. There is no minimum duration for these visits. It can just be for a day or less.
10. When can I apply for the citizenship after having obtained the PR?
The PR holder can apply for the citizenship after staying in Cyprus for 7 years. The last 12 months before applying for the citizenship must be continuous.
11. Why should I choose the Cypriot program for PR instead of other similar programs of other countries?
Cyprus is a beautiful island with high quality of living, low crime rate and the majority of people speak English very well if not fluently. Further, Cyprus has a large number of high standard English speaking schools. Furthermore, the program is simple, straightforward and applications are generally processed within just 3 months. Permanent residence is for life and can eventually lead to an EU passport.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.