Cyprus and Residency By Investment
Description
Cyprus is an independent island State, Nicosia is the capital. This Country has a long and ancient history where the island was inhabited more than 10,000 years ago in ancient times. It was one of the most powerful and rich countries in the Mediterranean, and the ideal location made it a very desirable piece of land for other countries.
Over the years, many countries fought for Cyprus to be their own including the Ottoman and British empires. However, in 1960 the island finally gained its independence from Britain and became the Republic of Cyprus.
It is located south of Turkey, west of Syria, northwest of Lebanon, north of Egypt and southeast of Greece. With a total area of 9.251km², and a population of 876.000 people, Nicosia is the capital, Greek &Turkish are the official language, and the currency is the Euro €. It is worth mentioning that Cyprus is a member country of the EU since May 1, 2004.
Applicants can obtain Permanent Residency in Cyprus by: Cyprus Golden Visa
Main conditions:
- The applicant must be a non-European citizen.
- To have property worth €300,000 + VAT or more.
- Moreover, maintain a 3 year fixed deposit with a Cyprus Bank of a minimum 30,000 Euro with funds that have originated outside Cyprus.
- In addition, provide proof of an annual income of 30,000 Euro minimum which has been originated from abroad, an additional 5,000 Euro for each dependent and 8,000 Euro for each parent included on the application.
- The main applicant and dependents must declare their intention of not been employed in Cyprus.
What are the Advantages of the Residency by Investment Program OF CYPRUS ?
- Processing time 2 months
- Certainly, no language requirements.
- Include the family in the application. To clarify , eligible dependents include the spouse, parents of the main applicant, and spouse’s parents as well as children up to the age of 27.
What are the Benefits of Obtaining Residency by Investment in Cyprus?
- Easy access to EU Schengen.
- Low tax rates and free trade within the EU, No inheritance tax , zero property tax and in addition, lower vat 5%.
- Good living and a first class healthcare system.
- Excellent Educational.
- It is a peaceful and politically stable country.
- High quality living standards.
- Acquired property is freehold property.
- Full confidentiality in carrying out the procedures.
- Beautiful beaches, pleasant mild climate, rich culture and heritage
- Lowest crime rate in Europe.
Steps to obtain this Residency :
The process may be simplified into the following steps:
- Firstly, visit Cyprus as a first step, as NTL will arrange the offers for real estate investment, and meeting with a legal representative.
- Then, buy the property after choosing the appropriate.
- After that, submission of Documentation after buying the real estate.
- Finally, Issuance of Residency.
- However, You are require to visit Cyprus with all family members once every two years.
