Cypriot Citizenship and Permanent Residency Permit

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Cyprus offers many key benefits to foreign investors and their dependent family members who are looking for a jurisdiction that offers a gateway to Europe, high quality standards of living and working infrastructure and services. Overall, Cyprus offers an enviable combination of climate, business and culture.

For those seeking to live in a European Country like Cyprus, Consulting Zone team can advise and make the process for Cyprus Citizenship and Permanent Residency Permit.

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CYPRIOT CITIZENSHIP BY EXCEPTION

A non-Cypriot Citizen will now be eligible to apply for the obtainment of the Cypriot Citizenship by Exception which provides full EU Citizenship to an Investor and his / her dependents. The applicant needs to obtain a residence permit in Cyprus prior to his / her application for the obtainment of the Cypriot Citizenship. In the event that the applicant does not hold a Resident Permit, then he / she may apply for a Permanent Resident Permit simultaneously with the application for the Citizenship. The applicant is required to make the required investment during the three (3) years preceding the date of application.

One of the following investment criteria needs to be met:

 A. Investment in Real Estate, Land Development and Infrastructure projects

  • The applicant must have made an investment of at least €2 million for the purchase or construction of other Land Development Projects (residential or commercial developments, developments in the tourism sector) or other infrastructure related projects
  • ‘Investment in real estate, land development and infrastructure projects’, by purchasing a residential property amounting to at least €0,5 million, then he / she will not have to purchase another residential property of €0,5 million
  • The investment in land under development which will be supported with an investment plan for the development of the purchased land

B. Investment in financial assets of Cypriot Companies

  • The applicant must have made an investment in the purchase, creation or participation in Companies that are based and operating in the Republic of Cyprus, amounting to at least €2 million
  • The respective amount must be invested to financially support the local operations of the Companies.
  • The investment to be made should be supported by a comprehensive investment plan
  • These Companies must have proven physical presence and significant activity in Cyprus for a minimum of 5 years preceding the submission of the respective application
  • The minimum number of employees of the specific Company increases in the event that more than one applicant invests in the same Company

C. Investment in Alternative Investment Funds (AIF’s) or Financial assets of Cypriot Companies or Cypriot Companies licensed by the Cyprus Securities and Exchange Commission (CySec)

  • The applicant must have purchased units from AIF’s which are established, licensed and supervised in Cyprus by CySec, amounting to at least €2 million
  • Such investments must be exclusively made in the Republic of Cyprus and fulfil the criteria of the Scheme and be approved by the Minister of Finance
  • In order to confirm that the investments made, under this criterion, will be retained for at least a three – year period (3), the manager or the auditor of the Fund should provide annual reports to the Ministry of Interior and Finance with reference to the value of the initial investment
  • An investor may acquire financial assets of Cyprus Companies such as bonds, bills and securities amounting to at least €2 million, issued with the approval of CySec, by Companies that have proven physical presence and substantial economic activity in the Republic and aim to finance the investment plans of these Companies exclusively in Cyprus.
  • The investment to be made in this respect should be supported by a comprehensive investment plan.

D. Combination of the aforementioned criteria 1 to 3

The applicant has to:

  • Proceed in investing at least €2 million, in a combination of the abovementioned investment criteria
  • Purchase Government bonds of the Republic of Cyprus of up to €0,5 million, issued by the Public Debt Management Office of the Ministry of Finance, provided that the investor will retain these bonds for a three-year (3) period.
  • Investments in Government bonds through the secondary market are not considered eligible.

A high-ranking senior manager may apply for the obtainment of the Cypriot Citizenship and provide that:

  • He / She receives such a remuneration that generates for the Republic tax revenue of at least €100,000 over a three (3) year period and
  • This tax has already been paid or prepaid

The Company, in which the high-ranking senior manager works for, needs to fulfil one of the abovementioned investment criteria.

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Additional conditions & requirements

  • In all investment criteria listed above an additional purchase of a permanent residential property amounting to €0,5 million (plus VAT) is required.
  • In the event that the amount of the residential property exceeds €0,5 million, then the additional amount paid can be considered as part of the  total amount of the main investment
  • Ensure that the said investment is retained for a period of at least three (3) years from the date of acquiring the Citizenship
  • The parents of the investor may apply for the obtainment of the Cypriot Citizenship, as soon as the main applicant will acquire the Citizenship, provided that they will purchase another Permanent Residential Property amounting to €0,5 million (plus VAT)
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Additional documentation needed:

  1. valid passport
  2. clean criminal record from the country of origin and the country of residence (if different)
  3. birth certificate
  4. marriage certificate
  5. CV etc.
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 IMPORTANT NOTE

  • Notwithstanding compliance with the above conditions, the decision to grant Cyprus Citizenship by exception remains at the absolute discretion of Council of Ministers
  • Note that the above Regulations are subject to change, at any time, following a decision of the Council of Ministers
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PERMANENT RESIDENCY PERMIT (PRP)

Application for a Cyprus Permanent Residency Permit can be the first step towards gaining Cyprus Citizenship. However, a third Country National is allowed to apply for Citizenship and become a Cypriot Citizen in case he has resided in Cyprus for at least seven (7) years.

 The Permanent Residence Permit - Regulation 6 (2) grants to Non EU Nationals the right to have fully and freely at their disposal a secured annual income, high enough to allow a decent living in Cyprus for him / herself and dependents, without having to engage in any business, trade or profession.

A Cyprus tax resident is exempt from tax on gains on disposable of securities on worldwide dividends and interest income for a period of 17 years. This is recognised as the most attractive personal income tax regime in the entire onshore tax.

Furthermore, Cyprus Permanent Resident status is recognised by Denmark, Latvia, Ireland and Slovenia.

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Passport for all Family Members

  • The main applicants’ children up to 17 years old
  • The main applicants’ spouse
  • The main applicants’ and / or spouse’s parents
  • Adult children of the PRP applicant between 18 and 24 years old, can join a PRP application (provided they are enrolled students and cannot be working towards a professional degree i.e. PhD, lawyer, chartered accountant, medical doctor etc.)
  • Married children of PRP applicants between 18 and 24 years old, who are students can join their parents’ application
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Requirements

  • Evidence of a steady income from abroad of at least €30,000, from sources other than employment in Cyprus i.e. certificates of dividends, certificates of fixed deposits, pension statements, rents or salary advice
  • Confirmation letter from a Cypriot Bank, showing deposits in a Local Account of a minimum capital of €30,000, from sources other than employment in Cyprus
  • The Capital should be transferred from an International Bank to a local Cypriot Bank and it should be pledged for at least a period of three (3) years
  • The necessary minimum income, is €5,000 for the spouse and for each child and
  • The necessary minimum income for each parent of the main applicant and / or the spouse of the main applicant is €8,000
  • Title deed or purchase agreement of a residential property, issued on the name of the applicant
  • The minimum market value of the property should be €300,000 plus VAT
  • Proof of payment of the property for at least €200,000 excluding VAT
  • A reduced VAT rate, of 5%, is applied for first residences and on the first 200 square meters of the property, provided that they are to be used as the primary and permanent place of residence for the next 10 years
  • Anything above 200 square meters is subject to the standard rate of VAT, currently 19%.

In addition to satisfying the above financial criteria, the applicant, their spouse, their parents and their dependents, as applicable, must fulfil all of the following conditions:

  • Apostil clean Criminal Record from Country of Origin
  • Declare their intention not to be employed in Cyprus (holders of a PRP may however, own a Cyprus Company and receive dividends from its profit)
  • Declare they have a secured annual income from abroad
  • Ensure the applicant’s name is not included in the list of persons whose property is ordered to be frozen by the EU
  • Birth certificate
  • Medical insurance certificate
  • CV

Once the Permanent Residency Permit has been granted, the successful applicants:

  • Must visit Cyprus within one year to obtain the actual permit and have biometrics taken by the authorities (for issuance of PR card), and subsequently once every two years thereafter
  • Are not allowed to grand a Permanent Residence Permit in another Country (other than the Country of his Nationality)
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 Application Procedure

  • Application and Legal documents must be prepared and submitted to the Civil Registry and Migration Department (this can be done on your behalf by our representatives, through the granting of a Power of Attorney)
  • All applications are reviewed by the Civil Registry and Migration Department and the Ministry of Interior grants final approval within 2 months from the date of filing
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IMPORTANT NOTE

  • Note that the above Regulations are subject to change, at any time, following a decision of the Council of Ministers.

 

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Why Cyprus

Cyprus has proven to be attractive for third country nationals for the following reasons:

Geographical Location         

  • Crossroads of three continents: Europe, Asia and Africa
  • Is the third largest island in the Mediterranean Sea

Economy                 

  • Services Industry  
  • High Human Development Index (HDI)

Labour   

  • Professional Labour force

Legal System    

  • Based on English common Law

Tax    

  • Low rate taxes 
  • Highly favorable International double tax treaties

VISA Free:

  • Travel to 158 countries around the world with all the rights of residing, working and doing business in the EU

Safety 

  • Low crime

HealthCare

  • Hospitals

Education   

  • English language is widely spoken
  • Private and Public schools
  • Private and Public Universities   
  • British Universities based in Cyprus                   
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HOW CONSULTING ZONE LTD CAN ASSIST

Consulting Zone’s team is well positioned to provide an extended scope of services to foreign investors and High-Net-Worth Individuals in cooperation with our Associate Partners. Our professional team can advise you on the most suitable Migration solution, tailored to your specific Business and personal needs.

In partnering with Consulting Zone Ltd you gain the utmost benefit for the following reasons:

  • We possess in-depth knowledge of the related Legislation and Procedures
  • We offer independent advice in regards to different investment options
  • We are prompt in handling the associated documentation and procedures
  • We act as your professional liaison with the Local Authorities
  • We find the right property matching your criteria via our network (of reputable licensed real estate agents and developers, and ensure the applicant is presented with properties that are good value for money)
  • Confidentiality is our cornerstone

Please do not hesitate to contact us at info@consultingzones.com for further information.