The Cyprus Government, in its continuous efforts to attract foreign investments, has initiated a range of investment incentive schemes that allow third country nationals (non-EU citizens) to participate. One of them is a Permanent Residence Permit (PRP) investment Scheme. This permit can be easily obtained for people who purchase property in Cyprus.
Advantages of a Cyprus PRP Holder
- Fast access to Europe
- 2 months procedure
- 1-year Schengen visa in any European Embassy in Nicosia
- Permanent Residence Permit is not renewable, it is permanent meaning it is valid for life.
- Possibility to enjoy education of British Universities based in Cyprus
- The best medical facilities and high quality healthcare
- No inheritance tax
- Rental income
- Passport opportunity
- High quality of life
Immigration Permit to Third Country Applicants Based on Investments
In order to acquire a permit under this scheme, the applicant must meet one of the investment criteria as well as all the quality criteria set by the Government of Cyprus. It is noted that the money that will be used for the investment must be proven to have been transferred to Cyprus from abroad.
Among other options, one which is very common is the purchase of a house or apartment from a development company of at least €300,000 plus VAT. Alternatively, the applicant may purchase up to two (2) housing units (apartments or houses), provided that the total market value meets or exceeds the above amount.
The applicant in addition to the investment should be able to prove that he has at his disposal a secure annual income of at least €30,000. This annual income increases by €5,000 for each dependent family member and €8,000 for each dependent parent (of the applicant and/or his spouse).
In case the applicant choses the option above, this income should derive from abroad and may include salaries or wages, pensions, dividends from shares, fixed deposits, rents, etc. In calculating the total amount of income, the spouse’s income may also be taken into account.
It should be stressed that the real estate purchase will be accepted even when it is made in the name of a legal person, provided that the applicant and/or his spouse are the sole shareholders or the ultimate beneficial owners of it, and that this legal person is legally established and in the Republic or in any other member state of the European Union or of the European Economic Area.
The obtained PRP applies to spouse and financially dependent children under the age of 18. Unmarried children, between the age of 18 and 25 who must prove that they are students and financially dependent on the applicant, can submit a separate application to obtain this Permit which they can keep for life. This permit may also be granted to the parents and parents-in-law of the applicant/holder with the submission of an application.
Higher Value Investment for Including Adult Children
An Immigration Permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, on a higher value investment, subject to the provisions set out below:
The market value of the €300,000 investment should be multiplied by the number of adult children, who will invoke the same investment for the purpose of obtaining an Immigration Permit. For example, in case the applicant has one adult child he should make an investment worth €600,000, if he has two adult children the value of the investment should amount to €900,000 etc.
It is estimated that the examination period of the application from the date of submission of the completed application will be approximately two (2) months.
According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, within one (1) year from the date of the approval of the application, the holder of an Immigration Permit, is obliged to become a permanent resident in Cyprus. At the same time, the holder of such a permit, as well as his dependent persons are obliged not to be absent from the Republic for more than two (2) years.
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