Cyprus Permanent Residency by Investment program

by XIPHIAS IMMIGRATION migration executive

Cyprus is one of the top countries in Europe located in the Eastern Mediterranean sea. It is the third largest and most populous island in the world. This country which looks like a cigar pipe invites immigrants into the country through their Cyprus Permanent Residency Program. Their citizenship program was closed on the 1^st of November 2020. There are three towns in Cyprus which are declared as world heritage site by UNESCO. It is one of those countries which has the lowest record of crime there. Cyprus is a multi-lingual, multi-cultural and multi-religion country.

Cyprus provides its residency in exchange for the investment that one makes in the country. Cyprus has brought about different categories to apply for residency permit for migrants. They invite self-employed investors who intend to be self-employed in the below fields – agriculture, cattle, fish & bird breeding, mining, trade or professionals, or any other relevant field. This immigration program is much different from other investment immigration programs. To hold a Permanent Residency in Cyprus has its own set of benefits which include the below and more –

1. A successful Cyprus PR holder will have the same privileges as a Cyprus citizen does

2. The PR holder can apply for the same along with his immediate family, thus they all get to be Cyprus PR visa holders

3. Children who are Cyprus PR holders can study in any university across Europe at discounted fees

4. The Cyprus PR holder gets easy VISA for other European countries.

5. Cyprus has Low tax regime

6. Cyprus provides good European kind of living at affordable costs

Cyprus allows corporates to set up their companies in the country. It is one of the most famous destinations in Europe for offshore companies. The corporate tax in the country is as one of the lowest in the whole of Europe. Malta Residency Program is also similar to this program.

To be eligible for this program –

1. The applicant will be proving his annual income to be euro 30,000. For every additional applicant, they need to prove an additional income of Euro 5000

2. If the applicant intends to purchase a home in Cyprus, then the minimum value of the property should be Euro 300,000. Along with this, the applicant should provide proof of payment for atleast Euro 200,000

3. The applicant should provide proof of a bank deposit of Euro 30,000 in a Cyprus bank which should be maintained for a period of 3 years

4. The source of income for all of the above should be from outside Cyprus.

5. The applicant will have to submit Police clearance certificate, medical certificate and others as would be required

Investing in another country is a huge proposition. It is important that the immigrants understand the intricacies involved in these programs and work as would be required. However, the biggest step-up for high net-worth individuals intending to invest in another country with an intention to obtain the country’s PR or citizenship is when they partner with the right immigration firm which is internationally acclaimed for their services. Be it Portugal Golden Visa program or France Talent Visa program or any other program; the guidance from an experienced and certified investment immigration agent can help clear a lot of confusions and also help the applicant get the right net-work in the country of investment.

Investments are a high proposition. It is important to take these decisions with enough deliberation. Countries provide citizenship or residency in exchange for the investments that are made in the respective country. The investor needs to make the right choice by understanding these pathways and correlating them to their requirements.