Cyprus Residency by Investment Program

by XIPHIAS IMMIGRATION migration executive

Cyprus invites foreign direct investment into the country through the purchase of real estate properties in the country through their Cyprus Residency by Investment Program. The country is part of European Union since 2004. Cyprus is known for its high standards of living and for it being an international commercial center. It is also known as one of the safest place to live in the whole of Europe with lowest reported crime rates. The country also offers low tax regime for its citizens and residents.

Cyprus has two tracks defined to obtain the residency in the country. One is the fast track and the other is the non-fast track. It is one of the rarest combinations offered for Business Investment Immigrations.

The fast track procedure gets completed in exactly 2 months’ time. At the end of 2 months, the investor gets his Cyprus PR. He or she, who is the main applicant, can bring his family along who are also his or her immediate dependents. Cyprus residency program does not require the holder of the visa to visit the country. The property should be maintained for a minimum of 5 years and can be rented out as required.

For the fast track, the amount of investment required is a minimum of Euro 300,000. The process would be completed in 2 months straight. The residency is granted for a life time and thus the applicant need not apply for renewal of the visa. However, the applicant will need to visit Cyprus before the completion of one year of approval of the VISA to obtain the physical copy. If this is not complied to, there is a high chance of the visa being revoked. Regularly the holder of the VISA will need to visit Cyprus once in two years. Cyprus’ and Malta Residency Programs are pretty much on the same lines.

The investor will have to zero in on a property whose value is no less that Euro 300,000. Out of this, the investor will be paying Euro 200,000 initially. The program does not require the investor to prove his language abilities nor prove the source of the amount invested. He simply have to submit few required mandatory documents for the processing which will be submitted to Cyprus’ Civil registry and Migration department. If the holders of the visa visit Cyprus once every two years, they hold the residency permit for life. Else, the visa could be withdrawn, unlike Portugal Golden VISA program which requires a minimum of fortnight stay in Portugal to maintain the residency permit.

The non-fast track visa pathway for residency could take a minimum of 15 months to process. The requirements are more or less the same as the fast track visa pathway. For the non-fast track pathway, the investor will zero in on a property whose value is no less than Euro 150,000. Dependent children and spouse can accompany the main applicant. This pathway too doesn’t require the investor to prove the source of their income.

It is important however, to partner with immigration firms like XIPHIAS to ease the investment and immigration process. XIPHIAS is one of the top investment immigration firms in the country. They are a team of certified international investment experts who have the right connections across the globe. They provide investment immigration services to European countries, Caribbean islands, Vanuatu, Canada, Australia, New Zealand and others. They have helped hundreds of HNIs to realize their dreams of investment in foreign lands. Choosing the right partner is half way up the ladder to reach one’s dreams.