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This week, the government of Cyprus published amendments to the Cyprus Residency Program (CPRP). The amended permit still applies not only to the main applicant, but also to the spouse, children under 25 (who are not married and are studying at university) and parents of the main applicant and spouse.
The minimum amount of the investment will remain the same – EUR 300,000 (plus VAT if applicable), however the new investment options are introduced:
Investors now will have the option to invest not only in residential property, but also in commercial properties, including offices, shops, and hotels (which can be new or resale). Also, the applicant will be able to invest in the share capital of a Cyprus company. This will require having a physical presence and activities in Cyprus, as well as employing at least five people.
The last new investment option is investment in compartments of Cypriots UCITS (AIF, AIFLNP, RAIF).
The applicant should prove a secure annual income (including salaries from employment, pensions, dividends, fixed deposits, rentals) of at least EUR 30,000, increased by EUR 5,000 for every dependent person (spouse and children) and by EUR 8.000 for every dependent parent or parent-in-law.
It is no longer required to have a pledged deposit in a Cyprus bank account. Moreover, the applicants should confirm that they do not intend to undertake any sort of employment in Cyprus (besides the position of Director in the company in which they have chosen to invest), however the applicants can be shareholders.
Cyprus Residency program is an ideal route for obtaining a PRP (Cypriot Permanent Residence Permit) in just 2 months. The investment is safe and and profitable, the property can be rented and investor can gain regular rental income. The Residency program does not require physical presence and lets the whole family apply for Cyprus Citizenship in 5 years. Cyprus offers more than 320 days a year of sunshine, beautiful scenery and beaches and mild climate.
Entrepreneurship also thrives in the country as government officials are working tirelessly to curtail government bureaucracy. Procedures for business owners have been streamlined and made easy to remove delays and excess costs. Beside, Cyprus offers favourable tax regime, as there are no tax on worldwide dividends, interest, inheritance or income tax.
Cyprus Residency by Investment Program grants the applicant a 5-year residency permit and let’s apply for permanent residence and citizenship after this period. The Program does not require to reside in Cyprus, however the permit holders must visit the island at least once in 2 years to keep the permit. In addition, Cyprus Residency Program lets investor obtain regular rental income from letting the property.
• Brand new residential property purchase from property development company (property can be rented)
• It is also possible to invest in commercial properties, including offices, shops, and hotels (which can be new or resale).
• This will require having a physical presence and activities in Cyprus
• At least 5 people should be employed
• UCITS is a mutual fund based in the European Union
• The investment can be made in AIF, AIFLNP, RAIF.
• Clean criminal record
• Secure annual income evidence (including salaries from employment, pensions, dividends, fixed deposits, rentals) of at least EUR 30,000, increased by EUR 5,000 for every dependent person (spouse and children) and by EUR 8.000 for every dependent parent or parent-in-law.
Full Support with our Immigration Advisers & Property Consultants:
Property search based on your requirements (from residential properties to high-value luxury developments)
Property virtual tours, 3-D tours, and in-person tours available.
Due diligence checks and additional property checks completed by our experts.
Residency & Citizenship document preparation and submission.
Full support until you receive your second passport & residency.
Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).
For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at email@example.com or call +44 207 993 63 46.
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