Immigration to CYPRUS
Cyprus has a history that dates backs thousands of years. It is the Largest and most cosmopolitan island in the Eastern Mediterranean. The Republic of Cyprus joined the European Union in 2004 and the Euro zone in 2008. Cyprus is connected with most European capitals on a daily basis by air and residents enjoy one of the highest standards of living amongst European states in issues regarding crime rates, education, economy and lifestyle.
The fact that it is the birthplace of Aphrodite, the Greek Goddess of ‘beauty’ and ‘love’ herself, is no coincidence; the natural beauty is stunning. Being surrounded by a coastal lace with crystal clear waters, smooth sandy beaches, green valleys, picturesque mountain villages and with a warm Mediterranean climate with 330 days of sunshine, makes Cyprus a dream destination where visitors can enjoy swimming and water-sports throughout the year.
Cyprus was the meeting point of great civilizations due to its strategic location. In its 9,000 years of recorded history, the culture of the islands has been shaped by its conquerors; ancient Greek sanctuaries, Roman temples and medieval castles, reveal the rich history of the island. Ten of the numerous Byzantine frescoes-painted churches have been inscribed on the UNESCO heritage list, along with other archaeological monuments. All these influences blend harmonically with the modern cosmopolitan Cyprus of today.
In Cyprus there is much to enjoy, see and do. It is a whole world condensed in a small area.
WHERE IS CYPRUS
Cyprus is an island nation on the cross-roads of three continents. It is located in the Eastern Mediterranean. The strategic location of the island is ideal for traveling to Europe, Asia, Gulf Region and Africa.
Leisure and Lifestyle
A tourist destination for millions, Cyprus offers activities such as horse riding, mountain climbing, swimming and bathing at one of the many blue flag beaches, sailing, skiing, snowboarding, hiking and nature exploring amongst others. Cypriots are unusually friendly to foreigners and very welcoming thus; do not be surprised if they invite you to their home for coffee.
Cyprus is a popular holiday destination. Its tourism infrastructure is ranked 5th in the world by the World Tourism Organization and attracted more than 2.7 million tourists in 2015. Cyprus has a Mediterranean climate with warm summers and mild winters with 330 days of sunshine. In addition, Cyprus has been awarded with 57 blue flag beaches by the Foundation of Environmental Education topping all countries in Europe for 10 consecutive years. Rich natural resorts such as the Troodos Mountain provides for snowboarding and skiing during the winter months and the Larnaca Salt Lake where tens of thousands flamingoes visit the lake each year is ideal for bird viewing and strolling.
In addition, there is much to explore with more than 9,000 years of History and numerous UNESCO World Heritage Sites – Roman Temples, Byzantine Churches and Medieval Castles are located in Cyprus. Larnaca (‘Citium’ as it was founded) is featured as one of the oldest cities in the world by researchers.
Standard of Living
Cyprus enjoys a very high standard of living $30,881 (GDP per capita PPP) per the International Monetary Fund as estimated in 2014. Also, Cyprus is ranked 5th for best relocation destination in the world by the International lifestyle review (Knight Frank Global Lifestyle review 2013), the only European state to make it into the top five along with Switzerland. Cyprus was ranked highly because of its business and leisure benefits and a favorable tax regime, particularly towards entrepreneurs.
Moreover, a study conducted by ValuePenguin in 2015 ranked Cyprus 1st as safest small country to live in the world with population less than 5 million and 5th out of all 107 countries in the study. Cyprus enjoys low air and noise pollution and first class medical health care with excellent private and public hospitals.
State education in Cyprus is free and the country was ranked 3rd in 2011 amongst European states for expenditure on education as a percentage of GDP (7.9%) according to Eurostat, surpassing countries such as Norway, Switzerland, USA and the UK. The private sector’s expenditure on education as a percentage of GDP was ranked 1st in Europe by Eurostat.
Furthermore, Cyprus has English speaking private schools and Universities while UK Universities have set up campuses in Cyprus and offer UK University courses. The Cyprus state University (University of Cyprus) was ranked 351st in the world by the World University Rankings published by the Times Newspaper.
Professional Services and Workforce
A very high education index has contributed in developing Cyprus’ labour pool into a very skilled workforce which provides high quality services and excellent business opportunities, factors which lead Cyprus in evolving as an economic hub and a trade centre in the region.
Strong Legal System and Reliable Land Registry
Cyprus is a member of the Commonwealth and ex-British colony. The legal justice system is based on the common law principles and is similar with India and the UK. Indeed Cyprus contract law is closer to India than the UK. The Land Registry provides security and reliability to all property buyers. A title deed holder is the sole legal owner and freeholder of property.
Cyprus has the lowest corporate tax in Europe 12,5% and no inheritance tax. It is no coincidence that Cyprus has attracted a lot of international companies to relocate in the island because of its favorable tax system towards entrepreneurs and businesses. Double tax agreements have been signed with more than 40 countries including Russia, China, USA, Qatar and Iran.
Hydrocarbons reserves have been discovered off the South coast of the island. Already there is a process underway by oil and gas giants Noble (USA), ENI (Italy), KOGAS (S. Korea) and British Gas Group (UK) to exploit the reserves. Cyprus is an emerging energy hub for the Eastern Mediterranean region.
The strategic location of the island and proximity to three continents is ideal. Cyprus is served by two modern International Airports which accommodate travelling to and from Europe, Asia – Middle East and Africa while the ports offer trips to the Greek islands, Lebanon, Egypt, Israel and many more.
Cyprus is a full member of the European Union since 2004 which grants access to the EU market of more than 500 million citizens. Combined with Cyprus’ adoption of the Euro € in 2008, this led to the lifting of property and trade restrictions, an increase to financial attractions as well as greater business investments.
Most notably Cyprus is, also, a member of the United Nations, the World Bank, the International Monetary Fund, World Health Organization, the Commonwealth and the Council of Europe.
Cyprus enjoys excellent relations and economic ties with Europe, the Middle East and Gulf Countries as well as major economies such as Russia, China, India and the USA.
Cyprus enjoys free movement as a member state of the EU. The Cypriot passport was ranked 9th in the world by the Passport Index rating and allows you to travel to more than 176 countries and territories around the globe VISA free or upon arrival.
Investment in Real Estate and Land Development.
Residential Investment Scheme
- Minimum of €2 million in residential property investments.
- Total: €2 million net of Tax.
Golden Investment Scheme
- Minimum of €2 million in any property investments and at least €500,000 in a single residential property.
- Total: €2.5 million net of Tax
Naturalization of parents of the investor
- Available with an additional purchase of a single residential property worth at least €500,000.
BENEFITS OF THE PROGRAM
NSimple, non-disruptive procedure
- The requirements are clear and straightforward to achieve approval of the citizenship application.
Applies to all nationalities
- Any nationality is eligible to apply for the program.
Citizenship for the whole family
- The spouse of investor, the parents and children under the age of 18 or financially dependent children up to the age of 28 will also acquire the citizenship.Investor and parents of the investor may collectively purchase and maintain a residence worth at least €1 million net of Tax.
Approval within 3 months
- The fastest and most direct way to EU citizenship with less than 3 months duration on approval time, while the whole procedure takes a total of 6 months.For the duration of the 6 month process, the applicant will poses a permanent residence card for ease of travel or living permanently in Cyprus.
Financial Criteria is an investment not a donation
- Real estate in Cyprus is stable and growing which gives the ability to gain a profit or redeem most of the investment.
- Any excess amount over the minimum of €500,000 for the private residence, counts towards the investment financial criteria.
The investment can be sold after 3 years
- After naturalization approval, the investment can be sold while only needing to maintain a residence worth €500,000 or €1 million if the parents of the investor naturalized as well.
Cyprus allows dual citizenship
- You do not need to renounce or withdraw your existing citizenships.
No minimum stay requirement
- There is no requirement to live or reside in Cyprus prior or during the application, or even after citizenship has been granted.
No health certificate and no language test are required
CYPRUS PERMANENT RESIDENCY VISA
Financial Criteria & Conditions
Minimum of €300,000 in property net of Tax
- Can be one or two new properties.
- Must be sold for the first time from the same development company.
- At least 1 must be residential while the other one can be residential, a shop of a surface of up to 100m_ or an office of a surface of up to 250m_.
- Payment must be a transfer from abroad to a Cypriot financial institution.
Create a long term deposit of €30,000
- Minimum of €30,000.
- Transferred from abroad to a Cypriot financial institution.
- Must be pledged to a Cypriot financial institution for at least a three year period.
Secure annual income of at least €30,000
- Investor must prove secure income over €30,000 per year from businesses outside of Cyprus.
- Income may include salaries from employment, pensions, dividends from shares, fixed deposits, rents etc.
- This requirement is increased by €5,000 for every dependent person.
- This requirement is increased by €8,000 for every parent of the applicant.
BENEFITS OF THE PROGRAM
The Permanent Residency VISA is forever
- There is no need for renewal as long as the applicant still owns the property/ies worth €300,000 in Cyprus.
This VISA allows the holder to travel to Cyprus
- No extra documentation is required.
The whole family can be issued the Permanent Residency VISA
- Married couples, children under the age of 18 and parents of the applicants are also eligible for the PR VISA.
- Unmarried children between the ages of 18 and 25, provided they are students or undergraduates and are financially dependent on the applicant. The VISA permit is still valid even if the holder has exceeded the age of 25 years old.
Property can be replaced
- The investor can sell his/her property and still keep the VISA as long as he/she replace the property with another worth at least €300,000
The VISA is issued within 2 months
- Swift and simple procedure