Cyprus residency by investment in 2023 :
The Cyprus Residency by Investment program grants qualified applicants and their families the opportunity to obtain an unlimited-term immigration permit to Cyprus within two months. After five years of residing in Cyprus as a holder of such a permit, an investor can apply for citizenship.
In 2023, applicants can obtain residency in Cyprus by showing an annual income of €30.000 and investing at least €300.000 in real estate or securities. The applicant's entire income must come from outside the country if he or she invests in a residential property. His entire or a portion of it may also come from Cyprus if he chooses to invest elsewhere.
Benefits and characteristics The Cyprus investment visa has the following advantages:
The right to enter and remain in Cyprus is unlimited; it does not expire if the applicant visits Cyprus once every two years. It is granted to the applicant's spouse, children, parents, and parents in law. The applicant does not have the right to work in Cyprus (with a few exceptions). The following requirements for investors seeking Cyprus residency will be in place in 2023.
The applicant must put at least 300.000 euros into one of the following areas:
Purchase a brand-new residential property :
It is possible to purchase a home or apartment for at least €300,000 (plus VAT). The investor can also purchase two properties from various development companies for the aforementioned sum. Off-Plan properties are also included, regardless of when they are delivered. The investment-based list of real estate for PR.
The same real estate investments can be made in this manner as in the previous program. The most recent are listed below.
Buy commercial real estate.
It might include hotels, offices, shops, or developments related to them. There is also the option of combining those. They can also be used or resold properties.
Invest in the share capital of Cyprus Company.
to acquire shares or to start a business in Cyprus and invest in the share capital. The business must be established and operating in Cyprus, have a demonstrated physical presence, and employ at least five (5) people.
Buy units in any of the aforementioned organizations by investing in their units through the Cyprus Investment Organization of Collective Investments (AIF, AIFLNP, or RAIF).
Criteria for Income:
The applicant must demonstrate a minimum annual income of €30.000. Each dependent member of the family receives an additional €5,000, and each dependent parent receives an additional €8,000. of the candidate and/or his or her spouse). It is also possible to include the spouse's income.
Any of the following may be included in the income:
Income from fixed deposits, dividends, pensions, salaries, or wages Income Source If the applicant chooses to invest in residential property, all of his income must come from outside the country. His total income, or a portion of it, may also come from activities in Cyprus if he chooses any of the other investment options. Dependents The applications may include the following:
Spouse and children under the age of 18:
Between the ages of 18 and 25. They must be single and attending university.
They must first apply for a student visa if they want to study at any university in Cyprus. They will be able to apply for an unlimited immigration permit on their own after completing their studies. The parents will only be required to demonstrate an additional €5,000 in annual income for each such child.
Citizenship of parents and parents-in-law in Cyprus A person with a residency by investment in Cyprus can apply for citizenship after seven years and five years of actual residency in Cyprus.
It is necessary to complete the equivalent number of days of stay, which is 1825 (5x365). The applicant must reside continuously in Cyprus for the preceding year (although brief absences are acceptable).
Visa-Free Travel to Europe or the Schengen Area :
The residence in Cyprus does not permit visa-free travel to any EU nation or the Schengen area. This is because Cyprus is not yet a part of the Schengen area. Cyprus has submitted a request to join the Schengen area, and the request is currently being evaluated.
The applicants are not permitted to work in Cyprus. In accordance with this policy, they are entitled to be employed as directors in a company in which they have chosen to invest.
The applicants are permitted to receive dividends and be shareholders in Cyprus-registered businesses. They are also entitled to serve as directors without compensation in those businesses.
The money for the investments must be brought to Cyprus from another country. The application will be looked at in about two to three months.
Within one year of the application's approval, the applicant must arrive in Cyprus. Additionally, they ought to travel to Cyprus at least once every two years.
The applicant must submit a request for a Cyprus investment visa along with the following documents:
The applicants' copies of their passports.
CVs for candidates.
Certificate of Marriage (a certified and official translation*).
Birth certificates for children (translated in an official and certified manner*).
Criminal Record Certificate (official and certified translation*) for applicants from their home country.
evidence of the necessary annual income from outside the country
This income could come from wages, pensions, dividends, fixed deposits, rents, or other sources.Documents demonstrating that the money used for the investment was sent to Cyprus from another country via bank transfer.
If parents or legal guardians apply, the applicant's child's birth certificate (official and certified translation*) to establish the relationship.
If children aged 18 to 25 intend to apply, university confirmation is required.
The documents marked with an * must be translated into English and stamped with the "APOSTILLE" stamp, or they must be certified by both the country's Ministry of Foreign Affairs and the Cyprus Embassy in that country.
Documents pertaining to investments in commercial or residential properties:
Proof of payment in the amount of at least €200.000 and a contract of sale
Investment in the share capital of the Cyprus Company: Documents indicating personnel employed by the company include a Share Purchase Agreement, Certificate of Shareholders and Incorporation, Business Profile, and Social Insurance.
Investment in units of an AIF, AIFLNP, or RAIF Cyprus Investment Organization: a copy of the unit's title or another form of evidence
Summary of the Cyprus Golden Visa program In general, the Cyprus Golden Visa program differs little from the previous residency Fast Track Program. A positive development is the addition of additional investment options.
Young entrepreneurs looking for a location to base their operations will find the company establishment option to be very intriguing. It is also possible to combine it with the program for employment in foreign companies. As a result, the investor can choose to acquire Cyprus residency right away. He also has the advantage of employing workers from third countries.
Additionally, it is essential to note that the requirement to purchase properties from the same development company and the requirement to pledge €30.000 for three years will be eliminated in 2021.
A specialist at CYPRUS INVESTMENTS can help you acquire your PR today !