0:00 – Introduction
In this video, we will introduce the Cyprus residency by investment program.
We will guide you through the main requirements, costs, steps and benefits of obtaining a second residency.
At the end of this video, we will also answer the most frequently asked questions about this program.
0:23 – About the Cyprus Residency by Investment Program
As of 2016, the government of Cyprus allows applicants to obtain a permanent residency by investment.
To qualify, you are required to be over 18 years of age, in good health and without a criminal record.
Additionally, you are required to deposit capital in a financial institution in Cyprus, which will be pledged for 3 years.
You are also required to make a real estate purchase and provide proof of a secure annual income for yourself and all dependants.
0:53 – Investment Options
The Cypriot residency by investment program requires a combined investment in 2 categories:
In the first investment category, you need to make a minimum deposit of 30,000 euros into a Cypriot bank account which should be pledged for at least 3 years.
In the second category, you are required to purchase real estate in Cyprus or prove ownership of existing property worth at least 300,000 EUR.
Additionally, you should have a secure annual income of at least 30,000 euros. If you wish to include your spouse or children above 18, you will need an additional 5,000 euros per person. Including parents or parents-in-law will require an additional 8,000 euros per person.
Please note that the spouse’s income may be taken into consideration in the total annual income.
1:51 – The process of obtaining a Cyprus Residency
The process for acquiring a Cypriot residency by investment is divided into 5 steps over a period of 2 to 3 months.
1. We will do an initial background check to make sure you are qualified to apply to the program. If you pass the qualification process, a down payment of our professional fees is required to start working on your application and move to the next step.
2. Our team will assist and advise you with the collection of the required documents.
3. You are required to visit Cyprus and meet with a dedicated attorney. We will also assist you with choosing a property, opening a bank account and preparing the property purchase documentation. An initial payment of at least 200,000 euros for the real estate property must be made at this time.
4. Once the purchase is finalized and all other relevant documents are fully gathered, the residency application is submitted to the government. The approval can be expected within 2 months.
5. After the residency permit is granted, you must visit Cyprus within 1 year to obtain the Permanent Residency. The balance of professional fees is settled at this time.
3:01 – Benefits of Cyprus Residency
As a resident of Cyprus, you and your family can freely reside in the country. You will also have access to the best universities and schools, and world-class healthcare.
Another benefit is that you can register a company or be a shareholder in any Cypriot company.
Cyprus has one of the lowest taxation rates in Europe, with no foreign income tax, inheritance tax and withholding tax on interest earned.
Additionally, Cyprus allows dual residency, permitting you to keep your existing nationality and any other residencies.
If requirements are met, this residency program can lead to Cypriot citizenship.
As a citizen of Cyprus, you will enjoy visa-free and visa-on-arrival travel to more than 170 countries and territories worldwide including the European Union, the United Kingdom, the Schengen Area and Canada.
3:56 – Frequently Asked Questions
1. Can I include my family?
Yes, you can include qualified members of your family in the application or add them after you have obtained your residency for an additional fee. A qualified family member can be a child not older than 18 years, unmarried children up to 25 years of age that are currently enrolled in an educational institution, a spouse, parents and in-laws all of which are financially dependent on the main applicant.
2. Are there any interviews, language tests, or work experience requirements?
The Cypriot Government does not require you to pass any interviews, language tests or have previous work experience to be able to apply for this program.
3. What if I get rejected?
Savory & Partners will assess your eligibility before submitting your application. Anything that might cause issues in the process will be explained to you before any action is taken. Once your file is submitted, the Government will conduct their own assessment.
4. Can I travel, work or live in other European Union countries?
No, you will only be able to live in and travel to Cyprus with your permanent residency. If you apply for citizenship, you will be able to do so in all European Union countries.