Cyprus Residence by Investment Program

Fast-track Cyprus residence in 2 months

Cyprus Residence by Investment Program

Fast-track Cyprus residence in 2 months

About the Cyprus Residence by Investment Program

Cyprus Residence by Investment Program:

The Cyprus Residence by Investment Program enables applicants to obtain a Cypriot permanent residence permit (PRP) in around two months, and can be used as the initial step towards citizenship of Cyprus and therefore the EU.

With a variety of investment opportunities offered by Cyprus’ permanent residency program, applicants may choose to invest in residential or commercial properties, purchase a share of a local company or unit in an investment fund. Depending on the chosen option, they can benefit from receiving regular rental income or dividends.

The Cyprus Residence by Investment program provides access to high-quality healthcare and education, a strong business environment, and does not require a physical presence on the island, though the PRP holders are obliged to visit Cyprus at least once in two years to maintain the permanent residence status.

Cyprus:

Cyprus is a Mediterranean island that lies at the crossroads between Europe, Africa, and Asia. It has been independent from the UK since 1960 and remains a member of the Commonwealth. Cyprus has been a part of the EU since 2004 and is going to join the Schengen Area within a short time.

Cyprus enjoys low tax rates and a diversified economy with prevailing tourism, shipping, and financial services sectors. It ranks 44 out of 141 countries, according to the World Economic Forum’s Global Competitiveness Report.

With its captivating history, rich culture, and fascinating landmarks described in ancient Greek myths and legends, Cyprus is home to numerous religious and secular monuments, among which there are three UNESCO’s World Heritage sites.

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Benefits of Cyprus PRP

Fast processing of application within 2 months

Favourable tax regime

Ability to rent purchased property with potential profit

Eligibility for Cyprus citizenship, if all the necessary requirements are met

Dual citizenship is permitted

Over 170 countries visa-free once Cypriot citizenship is granted, including the UK, Switzerland, Canada, Singapore, and Hong

Investment Options

1) Purchasing a residential property with a minimum value of €300,000 (plus VAT). The property should be a first-time sale and may comprise of up to two housing units which must be purchased from the same developer;

2) Purchasing a commercial property, such as a hotel, office, or shop, with a minimum value of €300,000 (plus VAT). The property can be new or resale;

3) Purchasing a share of a local company that must be registered and have a physical presence in Cyprus as well as employ at least five people. The minimum investment amount is €300,000;

4) Purchasing a unit of a collective investment fund (UCITS) for a minimum of €300,000.

The applicant should also fulfill the following requirements:

1) Provide supporting evidence of a secured annual income of at least €30,000 deriving from abroad. This income must increase by €5,000 for the spouse and every additional child and €8,000 for each dependent parent. The income may include, rents, salaries from employment, dividends from shares and pensions;

2) Confirm they do not intend to be employed in Cyprus, besides holding the position of Director in the company they have invested, without being paid a salary.

Requirements

No previous criminal record
Be over 18 years old
Have a legitimate source of wealth
Good character
Have available the required investment funds

Who else can be included in the citizenship application:

Spouse of the main applicant
Dependent children of the main applicant and spouse up to 25 years old

Stages of obtaining the Cyprus PR

Initial consultation

Initial free consultation with one of the GLS experts
Program information and due diligence check

Detailed fee schedule and a free of charge preliminary due diligence check
Client agreement and retainer fee payment

Signing of the client agreement and payment of the retainer fees
Preparation of the documents

GLS experts will assist you with the whole procedure of the documents’ preparation, including the translation, notarisation and apostille of the relevant documents
Application submission

Your complete application for the PRP, along with all supporting documents, will be submitted to the Civil Registry and Migration Department. The decision is made in around 2 months
Application approval

As soon as your application is approved you will be issued with an immigration certificate
Residence card

In order to receive the permits, the applicants must visit Cyprus within 1 year of approval
Citizenship

Citizenship may be requested after 5 years of continuous residence

Quick reference

Cyprus

Capital:

Nicosia

Area:

9,251 km2

Population:

1.17 million

GDP:

21,65 billion

Language :

Greek, English is widely spoken

Independence from Great Britain:

1960

F.A.Q.

How many visits are required to maintain the PRP?

1 visit every 2 years is required. There is no minimum duration of these visits

Can I buy an empty plot of land without a residence to qualify for the PRP?

No, buying land does not allow the investor to apply for the PR under the provisions of this category

How long does it take to get the PR?

It takes around 2-3 months after all the relevant documents have been submitted to the migration authorities

Contact Us

GLS Private Office offers global lifestyle solutions to established business people and their families. GLS operates as a one-stop-shop and is a single point of contact for wealthy families with a global mindset. The company takes care of every need of its globally-minded clients: from obtaining a second citizenship/residence by investment to finding the best schools for children’s education, global property acquisition, succession planning and many more. Ancillary services provided by GLS are limited to the extent of a client wish. Anything that can be priced, qualified, and quantified, we are ready to research, negotiate and manage.

Contact us and we will get back to you as soon as possible

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