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Why Cyprus for residency?
Why Cyprus for buisiness?
Timing:
Life-long validity:
Life-long validity:
No requirement to reside in Cyprus either before, during or after the application. The only requirement is for the applicant to visit Cyprus once every two years, unlike other European countries that insist on residency for at least 3 months per year.
Fast track procedure in two months:
The main requirement is the purchase for lifetime of new immovable property in Cyprus of a total market value of at least €300.000 +VAT 5%. The applicant must submit the application form accompanied with a contract of sale and proof of the payment of at least €200.000 +VAT. The contract of sale must have been deposited in Cyprus Department of land and Surveys.
Normal procedure in 18 months:
No, unless they spend more, than 183 days in Cyprus in a year. There are significant tax advantages for foreigners who become Cyprus tax residents.
The Investor must have completed 7 years of legal residence in Cyprus prior to the date of application and to have resided legally and continuously in Cyprus during the 12 months preceding the date of the application.
Unmarried children aged between 18 and 25, who may prove that they are university students for at least 6 months after the application date.
Children which are financially dependent, may submit a separate application to obtain the “life-time” Permanent Residency. In this case, the parents will need to prove additional income of at least €5,000 for each dependent child. The “life-time” Permanent Residency will still remain valid even after the child turns 25 years old and even if they are no longer single and/or a student and/or financially dependent. However, the “life-time” Permanent Residency will not be inherited to next generations.
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