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Category Archives: Cyprus Residency Visa

February 8, 2023

Cyprus, an island country on the south of the Anatolian Peninsula, has tried to survive through all means including tourism, but ultimately decided to start selling citizenships to raise capital. Concluding the decision, a Cyprus citizenship by investment program was launched in 2013, the same year as the Cyprus banking crisis.

All it required from people was to invest a certain amount of money and obtain residency, which was their golden key to work and travel across European Union, visa-free. But just as simple as the program requirements were in the beginning, they are now as difficult since the government has constantly improvised on the criteria and finally concluded the program officially in 2020.

Let’s dive deep into the criteria for Cyprus’ permanent residency program, which was once the easiest way to attain EU citizenship. 

Who is Eligible to be a Cyprus Permanent Resident?

To be a permanent residency holder in Cyprus, you must fall under any of the below-mentioned categories;

1. An Investor or the main applicant

With no personal or family criminal record
Minimum of €30,000 as proven annual income outside Cyprus
An additional increase of €5,000 for every child and €8,000 for every dependent parent
Rent out or purchase property in Cyprus

2. Children

Any child who is a student, is single, up to 25 years of age, and is financially dependent on the main applicant.

3. Family

The spouse of the investor along with parents and in-laws with no criminal record.

Upon clearing the first step of eligibility for this program, it’s now time to check your investment capacity.

Investment Options

Investors have the liberty to choose from multiple investment options, but as a prominent immigration attorney in India, we advise you to go for 2 types of investment, also the most popular ones.

1. The Real Estate Investment

  • This investment can either be of a residential or commercial property with a property value of not less than €300,000.
  • You can invest in real estate based on some specific combinations but remember that only new property counts. The choices are;
  • One land and one building
  • One or two residential units
  • One shop and one housing unit
  • One office/commercial and one residential
  • Please note that if you decide to purchase more than one property, it has to be from the same authority.
  • In case you already own a property and wish to opt for a residence permit, you can sell the original property and purchase a new one with a minimum value of €300,000.

2. Business Investment

In case you wish to invest in a Cypriot business (local or native business of Cyprus) or if you are looking to start your venture in Cyprus, we can beneficially extend our hands to help.

Now that you are briefly aware of the investments, let’s take you through the features of this program for better clarity on why this can be beneficial.

Features of the Cyprus Investment Residency Program

Listed below are some benefits and conditions of this Cyprus investment residency program.

  • By maintaining an investment residence, you can enjoy permanent residency for life
  • You must visit Cyprus once every two years to keep hold of the residency
  • Even a permanent residence permit holder can apply for citizenship after living for 5 years in Cyprus out of the 8-year period.
  • Before submitting the citizenship application, ensure that you have completed a stay of 365 days
  • The applicant or the spouse cannot work in Cyprus on the grounds of a Permanent Residency Permit (PRP). However, PRP holders can establish businesses and register organizations to earn dividends.

Be a Cypriot with the Help of Ajmera Law Group

What’s better than having a passport that unlocks your dream of traveling across Europe?

Let’s plan your investments and work on the documentation requirements precisely to make sure that you are granted Cyprus permanent residency from the pile of files.

July 28, 2018

Cyprus real estate market is ready for Indian investors and developers alike.

Cyprus is small island country in the Mediterranean region south of Turkey.  The island’s natural beauty and its dynamic real estate market has attracted the attention and investment of HNIs and businessmen all over the world. The most attractive facet of investing in Cypriot real estate is that it can get you and your family residency or citizenship of this country. Hence you can become a resident of the EU by purchasing real estate in Cyprus thus gaining automatic access to the huge European market.

It is true that the Cypriot economy was heavily affected during the economic crisis of 2013 that brought many European economies to the brink of collapse. But interestingly, Cyprus was one of the few countries that was able to turn the tide around rather quickly. Now the Cypriot economy is thriving under its able administration.

The real estate market of any country directly reflects the overall performance of its economy. After the 2013 crisis, the government of Cyprus introduced the Residency & Citizenship program fornon-EU citizens. Under this program, investors making an investment of €350,000 in real estate are granted Cypriot residency and those making an investment of €2 million to €2.5 million in other various combined assets, including residential real estate of €500,000, are granted Cypriot citizenship.

The Cypriot Residency & Citizenship program is one of the most attractive and value-for-money programs in the world. It has garnered interest not only from investors but also reputed developers who have entered into joint ventures with local developers.

This has increased the confidence level of the local real estate market and consequently the economy. The GDP growth in 2017 was 3.4 % and International Monetary Fund (IMF) predicts further GDP growth of 2.6% in 2018.

Due to strong market indication and high demand for real estate across Cyprus, there was a substantial increase in real estate transactions and new construction permits in 2017.

Interest from foreign buyers for high end properties (€1.5 million and above) has increased by 45% in 2017.

Growth in all property price indices was recorded during 2017, reflecting the increased demand and activity levels in the real estate sector.

Following are the highlights of the real estate market in Cyprus during the year 2017:

  1. There was 49% increase in the value of new building permits. The capital city of Cyprus accounts for 35% of the total permits or market share.
  2. There was 24% increase in sale contracts across Cyprus. Though the capital is Nicosia, Limassol is the country’s financial capital and it recorded 35% of the total transactions. At the same time, Famagusta recorded the highest annual growthof 44%in number of sale contracts during 2017. Nicosia recorded a growth of 42%.
  3. There was an increase of 33% in sale transactions by foreign buyers. Paphos and Limassol are the most popular destinations among foreign buyers. However, during my recent visit to Cyprus, I observed that the Ayia Napa area is not very popular among investors and is an attraction only for tourists. This area has great potential for foreign investors.
  4. There was a rise of 45% in the purchase of high-end real estate as these purchases are directly connected with Europe passport/ Cyprus citizenship program.

Experts believe that the Cypriot real estate market will be doing really well in the coming years.

As attorneys, we assist Indian HNIs and developers to make suitable investmentsin Cyprus and manage all legal aspects associated with the process.

E-mail us at: info@ajmeralaw.com for more information visit www.ajmeralaw.com