Cyprus Residency
If you’re a well-off entrepreneur and wish to become a resident of Cyprus, you must know that this country offers a special residency program to affluent individuals in the EU and worldwide. The island has lots of prospects for business and leisure, which makes the Cyprus Residency by Investment Program a popular choice among investors. If you strive for a quality life, tax benefits, and business opportunities, Astons has compiled everything you need to know about the program.
The Requirements of the Program
The primary criterion for eligibility for this program is investing of at least €300,000 (plus VAT) in the island’s residential properties. Applicants must acquire those properties from the developers (not resellers) and use them as permanent places of residence. The funds used to purchase the property must come from outside of Cyprus.
The next requirement is proof of stable income to convince the authorities the property is not a one-time purchase. The minimal income requirement is €30,000 a year, €5,000 for each of dependent, and €8,000 for each dependent’s parent.
Applicants must pass background checks and have clear criminal records in the country they’ve resided previously for at least five years. Lastly, the applicants’, their dependents’ and parents’ health insurance must be valid in Cyprus.
The Benefits of the Cyprus Residency by Investment Program
The program offers benefits to those who fit the requirements. The life-long residency applies to the entire family, including dependents and parents. There’s no need to permanently live in Cyprus after attaining residency, but residents must visit the country at least once every two years to keep their status.
Cyprus has an inviting tax system. Residents pay no inheritance tax and enjoy low corporate tax. In addition, Cyprus has a network of double taxation treaties with over 60 countries. All this serves a prime real estate market, creating dynamic opportunities in residential, commercial, and mixed sectors.
Residents of Cyprus have exemplary quality of life. Pleasant climate, top-of-the-line healthcare, and education system are perfect for families who want to settle down and enjoy life-long residency. After being a resident of Cyprus for at least seven years, you become eligible to become a citizen and get even more benefits.
The Application Process
To apply for the program, first, you need to pick a property to invest in. If you’re not sure, contact Astons for help. Collect all the necessary documentation, including your proof of income, lack of criminal record, health insurance papers, and the document identifying you as the owner of the Cyprus residential property. The documents must be notarized and come in both Greek and English versions. Then, submit the documents to the Civil Registry and Migration Department of Cyprus and pay a processing fee (€500 for the main applicant + €500 per dependent + a one-time fee of €70 for the Permanent Residency Card).
The review usually takes 2-3 months, after which you will receive your Permanent Residency Card. Congratulations! Now, you are a resident of Cyprus.
