A Residency Permit grants you the right to live in Cyprus permanently, but not to undertake employment. This generally suits those with international business concerns or other independent financial means, including retirees.
Investment effectively shortcuts the normal immigration requirements and provides near-immediate permanent residency rights to those investing on the island.
The primary requirement is the purchase of a new-build property for a minimum value of €300,000 + VAT. This property can be purchased either by the applicant or jointly by the applicant and their spouse and can subsequently be rented to provide income.
Secondly you will need to deposit €30,000 (+€5,000 per dependent) with a Cypriot bank that will be held as a form of bond for three years.
In addition to this the state will want to know that you have the means to live independently in Cyprus and as such you will need to prove that you have income of at least €30,000 (+€5,000 per dependent) per annum derived from non-Cypriot sources.
You need to have a clean criminal record and must not have had property frozen by the EU as a result of sanctions.
Visa Kings Global provide a complete service for clients seeking residency rights and citizenship for Cyprus.
Our Cyprus and UK-based teams will guide you through options, identify suitable investment property and handle all legal matters required for your application.
If you are thinking about emigrating to Cyprus then it makes sense to seek the right advice. To find out more about applying for the Cyprus Permanent Residency Permit or Citizenship by Investment then please get in touch for an initial conversation about how our experts can help.