About CyprusCyprus has a modern, free-market, service-based economy, and its efficient and transparent regulatory and legal framework instills confidence in international investors and businesses to invest, expand, and flourish. Cyprus is ranked 54th out of 190 countries in the World Bank's Ease of Doing Business Index 2020. Following the extensive and painful restructuring of the country's financial sector, the government has taken a number of additional steps to aid the economy's recovery. These policies are aimed, among other things, at promoting economic growth.
The Cyprus Residency by Investment Program allows overseas investors to receive a Cypriot permanent residency permit (PRP) in as little as two months by purchasing a property for €300,000. (plus VAT). The property must be a first-time sale and may include up to two housing units, all of which must come from the same developer. After receiving the PRP, applicants must return to Cyprus within one year to submit their biometric data for the issuing of their PR card, and they must not leave the country for longer than two years. Cyprus residency can be used as a stepping stone to citizenship in Cyprus. If all of the qualifications are met, this can be obtained in 5 years.
Cyprus Residency by Investment
Investment ProgramsShare Capital Fund: A minimum investment of EUR 300,000 into Units of the Cyprus Investment Funds Association's collective investments Share capital of a physical firm registered and operating in Cyprus that employs at least five individuals (AIF, AIFLNP, RAIF)
Secure Annual Income Source: A minimum yearly income of EUR 30,000 from sources other than employment in Cyprus is guaranteed.
Validity of ResidenceTo keep their residency status, the holder of a residence permit must visit Cyprus at least once every two years. If a PR holder is awarded permanent residency in another nation, their PRP may be removed.
Real Estate InvestmentApplicants must purchase a first-time-sale residential property or a set of properties with a minimum value of €300,000 to qualify for the Cyprus Permanent Residency by Investment program (plus VAT, if applicable). The term "first-time sale" refers to new properties rather than resales. They had to have been purchased from a real estate development firm.
There will be no consideration for a resale property. To be legally binding, the Contract of Sale must be filed with the Cyprus Department of Lands and Surveys.
Updates & New RulesAdditional investment channels have been established by the Cypriot authorities, which can be used instead of purchasing real estate from March 2021.
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