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CYPRUS

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COUNTRY AND PROGRAM OVERVIEW CYPRUS

    Located at the intersection of three continents, the Republic of Cyprus, is one of the safest and best destinations in the world for doing business with the stable and fast-growing economy, high-quality healthcare system, and international education system in the European Union famous for its sunny Mediterranean climate, excellent transport infrastructure, beautiful beaches, and historical and cultural attractions. The Permanent Residence Permits (PRP) known as Golden Visa Program provides permanent residency with unlimited renewable option and minimum physical requirement in just two months. Applicants and their dependent family members can live and study in Cyprus and enjoy from facilitated travel within the European Union with the option to obtain the powerful passport and Cyprus nationality after five years.

    Capital : Nicosia

    Language :Greek and Turkish

    Population : 1,227,000

    Currency : Euro (EUR)

    CYPRUS CITIZENSHIP BY INVESTMENT OVERVIEW

    PROCESSING TIME

    • 2 – 3 months

    EASY ACCESS TO EUROPE

    • Holding a Cyprus PRP makes it easier to apply for a Schengen visa and travel across Europe.

    INVESTMENT TYPE

    • Investment in real-estate or shares
    • Annual income

    INVESTMENT AMOUNT

    • Minimum investment of EUR 300,000
    • Minimum annual income of EUR 30,000*
    *Plus, EUR 5,000 for each dependent family member and €8,000 for each dependent parent (of the applicant and/or his spouse)

    DEPENDENTS FAMILY

    • Spouse, children under 18*, parents and in-laws
    *Children up to the age of 25 can be included if they are unmarried, students at tertiary level and financially dependent.

    KEY BENEFITS

    • Right to live and study in Cyprus
    • Opportunity to own a business in Cyprus and benefit from the attractive tax system
    • Retain permanent residency with minimum residency requirement.
    • Right to free public healthcare and participation in the General Health System (GHS)

    CYPRUS PASSPORT HOLDERS’ ADVANTAGES

      KEY FACTS

      Obtain permanent residence in Europe in a fast, efficient, and secure process.

      The possibility of an unlimited renewable residence permit.

      Low physical presence required to retain permanent residency (visit once every 2 years).

      Possibility of becoming a citizen after a five-year period of uninterrupted legal residence.

      No need for an interview, language, education, managerial or business experience for permanent residency.

      High-quality healthcare service and excellent English schools and universities.

      Having one of the lowest crime rates in Europe.

      Having an attractive tax system with the possibility to become a Cyprus tax resident after living for a certain period of time in Cyprus.

      GLOBAL MOBILITY

      The right to live and study in Cyprus.

      Streamline visa application process to get the 1-year Schengen Visa.

      Visa-free travel to +170 countries including the Schengen countries, UK, UAE, and Canada with the Cyprus passport.

      The 16th strongest passport of the world.

      ASSET PROTECTION

      No tax on foreign income, dividends, interests, and inheritance.

      Lowest income and corporate tax rates in Europe.

      Having favorable international double tax treaties.

      Profitable investment with rental income of 3-5% on properties.

      Low-cost European permanent residency program.

      Possibility of owning a business and receiving shareholder dividends.

      English language is widely spoken in professional companies.

      Highly-trained and well-educated work force with competitive fees.

      Highly reputable zone for doing business with transparent legal framework and free-market economy.

      INVESTMENT TYPE AND AMOUNT

      Investment Route

      Minimum EUR300,000plus VAT for one of these options

      • -Purchasing a new residential real-estate
      • -Purchasing up to two non-residential properties
      • -Investing in a company by buying shares or establishing a new company
      • -Purchasing shares in the Cyprus Investment Funds Association (AIF/AIFLNP/ RAIF)
      • need to be held for residence permit renewal

      Annual Income

      Minimum EUR30,000000 annual income* from abroad

      • Plus EUR 5000 for each dependent family member and €8000 for each dependent parent (of the applicant and/or his spouse).
      • need to be held for residence permit renewal
      • * This income should derive from abroad and may include salaries or wages pensions dividends from shares fixed deposits rents etc.

      TIMELINE

      WEEK 1

      After retaining MICS and paying its initial professional fee, the first step is to choose the investment type, you can visit the properties in person or online.

      The MICS professional team will start the Due Diligence on the property and check the source of income.

      WEEK 2-4

      The MICS professional team will prepare the Contract of Sale and after getting the agreement from the developer and client, it should be signed by the client or under a Power of Attorney (POA) document.

      Then, MICS will provide a detailed checklist of required documents. After collection of documents MICS processing team will verify the translations and apostille them. At this stage, MICS second professional fee will be due.

      MONTH 1-2

      Once the client makes the investment, the complete application will be submitted to the Civil Registry and Migration Department. This will be done by MICS and the receipt of the file will be delivered to the client.

      MONTH 2-3

      Once the application is approved, the applicant and his family members should visit the Cyprus within a year to collect their biometric features in the Migration Department.

      Once the PR cards are issued, they can be collected in the MICS head office, or they can be delivered to the applicants by registered mail. This is when the payment of MICS professional fee balance will be due.

      CYPRUS VISA FREE COUNTRIES

      CONTACT AN ADVISOR

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