Cyprus Permanent Residency

CYPRUS PERMANENT RESIDENCY BY INVESTMENT (CYPRUS GOLD VISA)

By virtue of Regulation 6(2) of the Aliens and Immigration Regulations, the Cypriot government has simplified the procedure for issuing Permanent Residency Permit to non-EU citizens seeking to invest in Cyprus (4^th Revision, May 2023). Cyprus Permanent Residency, also known as Cyprus Golden Visa, doesn’t expire, eliminating the need for renewal and entitles non-EU citizens and their families to reside in Cyprus as permanent residents.

This process may be completed within 2 months and will grant investors EU residency in a safe and secure jurisdiction which vaunts one of the lowest crime rates in the EU. Moreover, Cyprus offers a very cost-effective tax regime with favourable tax rates, high quality of life, a safe and secure living environment, advanced health care, perfect climate, excellent business environment and culture.

Financial Criteria:

1. Investment: To secure this permit, the applicant is required to invest a minimum of €300,000 in one of the following categories:
   • Residential Property: Invest at least €300,000 (plus VAT) in residential property derived from abroad. The applicant can invest in up to two units.
   • Other Properties: Invest at least €300,000 (plus VAT, if applicable) in shops, offices, hotels, or similar properties.
   • Company Share Capital: Invest at least €300,000 in the share capital of a Cyprus-based company with a physical presence in Cyprus, employing at least five individuals.
   • Cyprus Collective Investment Organisation: Investment worth €300,000 in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF) whose investments should be held in the Republic of Cyprus

2. Annual Income: The main applicant must demonstrate an annual income of at least €50,000, which should derive from abroad and may include salaries or wages, pensions, dividends from shares, bank deposits interest, rents, etc., which can only be proved through a tax return declaration from the country he declares tax resident.

 

Additional Terms and Conditions:

• Clean criminal record for the main applicant and their spouse.
• A declaration stating that the main applicant and their spouse don’t intend to work in Cyprus or receive employment-related income from Cyprus.
• Proof of accommodation in Cyprus, which can be a title deed, purchase, or rental agreement.

Dependent Family Members:

• For a dependent spouse, the annual income amount should be increased by €15,000 and for each dependent minor child by €10,000.  The Immigration Permit initially covers the main applicant, their spouse, and underage children. However, adult, unmarried children between 18 and 25 who are students abroad and financially dependent on the main applicant may also apply. Adult, non-dependent children can be included by making a larger investment, and they must demonstrate the required annual income.

• It must be confirmed annually that the annual income remains at this level and the applicant possesses the property or company acquired.

Additional Information:

• The application process takes approximately two months.
• The main applicant and their spouse can be appointed as Directors in the company they’ve invested in under criterion C.
• The main applicant and their spouse can be shareholders in Cyprus-registered companies and receive dividend income. They may also hold director positions without receiving payment.
• Annual proof of compliance with the requirements is necessary.

Why Cyprus: Cyprus offers several advantages, including its strategic location, favorable tax regime, high quality of life, excellent education, healthcare, and climate. It’s a popular tourist destination with a welcoming community of expatriates.

Why Christos Paraskevas LLC:

Our comprehensive services encompass a wide range of crucial aspects to ensure a smooth and successful process for your immigration permit application:

1. Eligibility Assessment: We begin by evaluating your eligibility and offering guidance on any aspects that require further clarification.
2. Document Preparation: We assist in drafting and preparing all the necessary documents, ensuring that they meet the required quality standards.
3. Legal Review: Our experts provide a legal overview of the purchase agreement and any other relevant documents, ensuring your interests are safeguarded.
4. Real Estate Due Diligence: We conduct a thorough real estate due diligence, examining potential tax implications, when necessary, to provide a comprehensive understanding of your investment.
5. Application Pack: We compile and organize the application package to align with the necessary quality standards and then submit it to the authorities on your behalf.
6. Application Monitoring: Throughout the review process, we keep you updated, ensuring you are informed about the progress of your application.
7. Liaison with Authorities: We act as your liaison with the authorities, facilitating communication and addressing any inquiries during the examination of your application.
8. Civil Registry and Migration Department: We accompany you and your dependents to the Civil Registry and Migration Department, ensuring a seamless transition.
9. Cyprus Company Setup: If required, we provide support in setting up and operating a Cyprus company, allowing you to meet the necessary criteria.
10. Cyprus Tax Residence: We assist in examining Cyprus tax residence requirements and, if relevant, proceed with registering with the local authorities.
11. Relocation Support: Beyond the immigration process, we offer exclusive relocation support, covering various aspects such as banking, schooling, and more, to facilitate your transition to Cyprus.

With our extensive experience and commitment to excellence, we aim to make your immigration journey to Cyprus as smooth and efficient as possible.

For any further information, please contact our law firm at info@paraskevasllc.com or telephone: +357 22432800.