A Mediterranean country Cyprus is a favored tourist destination and a financial hub. It boasts of famous holiday sites and is a second home for many High Net Worth individuals. Cyprus is also a member of the European Union and Schengen Zone enabling permanent residency holders the right to travel around Europe.
Cyprus Residency Overview
The Cyprus government intends to increase foreign investment in Cyprus through the Residence by Investment Programme to enhance economic development. In 2021, High Net Worth Immigrants can apply for a Cyprus EU Permanent Residency Permit through simple and fast property investment in an apartment or villa anywhere in Cyprus, including Larnaca, Limassol, or Paphos.
The process of getting a Cyprus PR card takes only two months. It grants you and your family visa-free entry to Cyprus, permanent residency, and the right to reside in the country and also open your business.
It’s valid for life with no need to renew. Also gives you easy access to Europe. You can make it your holiday home too & for the period you don’t want to live in it you can earn a good rental income. Permanent residency is valid for life as long as the property remains in the name of the applicant.
Applicants from non-European countries, provided they meet the following requirements:
- Invest 300,000 EUR + VAT, in the purchase of a new property in Cyprus.
- Open a bank account in a Cyprus local bank and maintain a 3 year fixed deposit of 30,000 EUR (excluding VAT, if applicable), during which period the interest can be accrued on such deposit, with interest rates ranging from 3-3.5% on average.
- The minimum joint annual income of the principal applicant and his/her spouse is 30,000 EUR, and another 5,000 EUR for each additional applicant, such as each child, and 8,000 EUR for each dependent parent.
- The applicant must purchase Personal Insurance (about 185 EUR per person, per annum).
- All applicants over the age of 16 years are required to comply with the ‘Fit and Proper Test’, and provide non-criminal records issued by their country of residence.
What are the requirements for Cyprus Residency?
- Title deed or contract of sale/rent (submitted to the Department of Lands and Surveys) for a property purchased/rented in Cyprus
- Proof that you have at your disposal the minimum annual income required, accrued from overseas
- Clean criminal record certificate issued by the authorities of your country of origin
- A statement confirming that you will not be working as an employee in Cyprus
How to get Cyprus Residency?
Empire, a leading Professional Services & Advisory Firm focused on immigration and residency offers you a simplified path to apply for the MRVP program and secure approvals within the shortest possible time. With our team of immigration experts, you are assured that your application is in informed hands. If you are interested in obtaining more information about this program, please complete the form. One of our representatives will be in contact with you. You can reach us by phone at +60350331665 or visit our website empireglobal.partners. We also look forward to your emails at email@example.com. We offer clear written contract agreements mentioning the applicable charges including the refund policy, in the unlikely event that the application is unsuccessful.