Investment Immigration: Cyprus Residence Investor Programme
Cyprus Residence Investor Programme
Cyprus is an island country in the Eastern Mediterranean Sea. It is an influential country in Europe, featuring excellent infrastructure and a very strong banking system which is known for its good data protection and confidentiality. Cyprus is a big hub for international trade. It is a member of the European Union and is expected to join the Schengen scheme in the near future.
Cyprus is a hot-spot for tourists, with its attractive beaches and lively night life. The country enjoys a pleasant tropical-Mediterranean climate and gets about 300 days of sunshine every year. The capital city is Nicosia; other big cities are Limossol, Larnaka and Pafos.
Benefits of Residency in Cyprus:
- Friendly English-speaking people
- Excellent infrastructure in terms of transportation and telecommunication
- Attractive tax laws and incentives for investors
- Good climate, beautiful beaches and lively nightlife
- High quality of life
- Popular as a retirement and holiday destination
Non-EU residents who want to apply for permanent residency in Cyprus can apply for an Immigration Permit issued by the government of Cyprus in lieu of fulfilment of certain investment criteria.
In May 2013, Cyprus introduced the fast-track (Category F) permanent residence permit. This programme (based on provisions of Regulation 6 (2) of the Aliens and Immigration Regulations), allows a permanent residence permit to be granted to foreigners who intend to invest in Cyprus, provided they meet the following requirements:
- Purchase residential or other property in Cyprus with minimum market value of €300,000
- Have a steady and secure annual income from abroad and from sources other than employment in Cyprus
- Get certain amount of funds transferred from abroad and deposited into a bank account in Cyprus in a three-year fixed deposit. In order to maintain the residency, the permit holder must visit Cyprus at least once in every two years.