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PERMANENT RESIDENCE PERMIT BY INVESTMENT, 24/03/21

For many years Cyprus has been a favourite place for permanent residency and holidays among foreigners from all over the world. Due to its pleasant Mediterranean climate, warm sea, clean beaches, as well as a safe and comfortable lifestyle, Cyprus is often chosen as a country of permanent residence for young couples, families with children and retired people. Cyprus is a member of the EU and has a high standard of living, excellent medical and educational systems, great investment opportunities and favourable conditions for business.

In the current pandemic situation, a special permit granting the right to enter Cyprus can be obtained by purchasing real estate and applying for permanent residency remotely. A special permit allows the applicant and his / her family to fly to Cyprus and live here while the application is being processed by the Authorities. 

If you are interested in immigrating to Cyprus, please, contact Vizus Group: https://vizus-property.com/page/contacts

Our company provides all necessary services, including sale of contemporary apartments, legal and immigration services, that can help you fulfil your plans.

BENEFITS:

  • Valid for lifetime

  • Applicable for the whole family: the main applicant and spouse, their parents and their children under 18 years old and financially dependent children up to (and including) the age of 24

  • Fast-track procedure – approval can be granted in 2 months from the date of filing

  • Lifts travelling restriction and elaborates visa requirements (i.e. Visitor’s Visa) across the EU facilitating access to the Schengen zone

  • Application can be processed in the applicant’s absence and submitted on his/her behalf

  • Allows ownership of your company in Cyprus, however, excludes the right to maintain the employment in Cyprus

  • PR holder might be eligible to apply for becoming Cyprus Tax resident with the advantage of being exempt for worldwide dividend and passive interest income and from the profit of the sale of securities

  • There is no any restriction to the period of stay in Cyprus after obtaining the permit; nevertheless, the PR holder is required to visit the country at least once every 2 (two) years.

INVESTMENT CRITERIA

  1. The applicant is required to invest at least € 300,000 (plus VAT if applicable) in one of the following categories:

  • (A) Investment in a house/apartment. Purchase of one or two new residential properties from a developer. By submission of the application the payment of €200,000 is required to be settled and the sale agreement needs to be registered in the Land Registry Department.

  • (B) Investment in other types of real estate such as offices, shops, hotels or similar developments or a combination of these. These properties can be new or resale.

  • (C) Investment in share capital of a Cyprus Company with activities and staff in Cyprus. Such company must employ at least five (5) people.

  • (D) Investment in shares of Cyprus Investment Collective Funds (type AIF, AIFLNP, RAIF)

! Any alienation of the PR holder from the investment he / she has made without its immediate replacement with another of the same or greater value, provided that this investment also meets the present requirements, will entail the cancellation of the Permit.
  1. The applicant must be able to prove an insured annual income of at least € 30,000, plus € 5,000 for each dependent family member and € 8,000 for each dependent parent (of the same and / or spouse).
! If the applicant chooses to invest in category (A), the whole amount of income must come from abroad; the income of the applicant's spouse can also be taken into account.
! If the applicant chooses to invest in categories (B), (C) or (D), the whole amount of income or part of it can also be from activities within the Republic.

QUALITY CRITERIA

  1. The applicant and his/her spouse must submit a certificate of clear criminal record from their country of residence or from the Republic in case they reside in Cyprus.

  2. The applicant and his/her spouse must certify that they do not intend to work in the Republic with the exception of their employment as Directors in a Company in which they have chosen to invest (category (C).

  3. In cases of investment in categories (A), (B) or (D) the applicant and/or his/her spouse may be shareholders in Companies registered in Cyprus. They may also hold the position of Director unpaid in such companies.

  4. In cases where the applicant chooses to invest in categories (B), (C) or (D), he/she must provide information about his/her place of residence in the Republic (title deed for a residential real estate, sale agreement, rental agreement).

DEPENDENT APPLICANTS

  1. The Immigration Permit includes the applicant's dependents: the spouse and their minor children up to the age of 18 years or unmarried children aged 18 - 24 (including) years old (if they are higher education students abroad or financially dependent).

  2. The Immigration Permit can also be granted to the applicant's parents.

The estimated examination period of the application: 2 (two) months from the date of submission.