Relocate to Cyprus with the Permanent Residence ProgramME which gives investors and their families visa free travel to Cyprus and the right of residence.
The Cyprus Residency Programme is a very appealing choice for people wishing to live in a European Union country with a good standard of life and a favorable tax structure. This program permits non-European Union nationals to get a permanent residency status in Cyprus by investing in real estate on the island. The required investment starts at €300,000, and there are no restrictions on the sort of property that can be purchased. Aside from real estate investment, other eligibility criteria include a clean criminal record, proof of sufficient annual income and medical insurance coverage.
After obtaining a residency permit, the individual and their family members have the right to live, work, and study in Cyprus, as well as travel freely within the European Union. The residency permit is likewise renewed every five years, as long as the real estate investment and other eligibility criteria are met.
- Family members of the investor can also obtain permanent residence through the main applicant's investment.
The procedure can be initiated and monitored while the applicant is abroad. A visit will be required though at the conclusion of the procedure for biometric capturing.
- If the investor and/or family members complete seven years of legal residence in Cyprus, they then have the right to file an application to obtain Cyprus Citizenship.
- Visa free travel to Europe.
- Fast and simple procedure with no exams or other language tests required.
- Purchase a property with a minimum value of €300.000 + VAT
- An income certificate is required
- A clear criminal record is required
- Proof that funds came to Cyprus from abroad
- Parents of main applicant and his or her spouse are also eligible to apply
- The applicant must have a clean criminal record.
- The applicant must present a statement confirming that he has no intention to work in Cyprus. However, the applicant can be a shareholder in a Cypriot Company which can do business in Cyprus or abroad and receive dividend income from this company.
- The applicant is required to visit Cyprus at least once every two years.
Once all of the documents are ready, the application will be submitted to the Civil Registry and Migration Department. Applications are typically approved within 2-3 months. Once approval has been granted, the applicant and family members must visit Cyprus within one year to receive the permit.