Cyprus Golden Visa - Legal Law Firm in Dubai, UAE

Cyprus Golden Visa By Investment

Cyprus is an island in the eastern Mediterranean Sea that lies at the crossroads between east and west. The country has been an independent nation since 1960 and a member of the EU since 2004. The Island offers low tax rates and has a diversified economy in which tourism, financial services, and shipping are major industries. The official language is Greek with a population of 1.17 million Cyprus population is multi-lingual and English tends to be used as the language of business. The Cypriot Investment Scheme (CIS) is well-suited to families and once granted; citizenship is valid for life and can be passed on to future generations.

Cyprus is a popular destination for immigration or getting a “safe haven” among wealthy families, entrepreneurs and investors. The island is already a member of the European Union, but is not yet part of the Schengen zone. an application for membership is still pending. The country has a high standard of living, quality medicine and good education, including several British schools. Cyprus has one of the lowest crime rates in the European Union as it is the fifth safest in the world

Eligibility for Cyprus Residency:

You must be over the age of 18
The applicant and his spouse have no criminal record
No sanctions, restrictions or bans on entry to EU countries and the UK
Confirmation of the legitimacy of the source of income
An impeccable personal and business reputation
You cannot work for hire in Cyprus. But you can own a business. You can only invest money received from foreign sources

Investment Options:

Cyprus offers Fast Track Permanent Residency, which will take only two months to complete.

The investor can choose any of four investment options for obtaining permanent residence in Cyprus. All of these options require an investment of €300,000.

Residential real estate
Commercial real estate
Shares of Cypriot companies
Shares of Cypriot investment funds

Requirements for Cyprus PR:

Buy a first-time sale residential property or sets of properties OR Commercial properties for a minimum value of €300,000
Main applicant must maintain a deposit with a Cyprus bank of at least €30,000 for 3 years, transferred from abroad
It is not necessary to reside in Cyprus although in order to maintain permanent residence, you must visit Cyprus at least once every two years
Eligible Dependents:
A spouse
Children under 18
Unmarried student children under 25 who are financially dependent on the main applicant
Children of any age with physical or mental disabilities
Parents of both spouses
An adult and financially independent child can be included in the application, but an additional €300,000 will have to be added to the amount of investments, and the child must have an annual income of €30,000 or more

Cyprus residency benefits

It is not necessary to reside in Cyprus but PR holders must visit Cyprus every 2 years for minimum of 1 day
PR is valid for lifetime, no need to renew and it can be passed on to children
It enables you to access first class heath care and education services
There is no tax on global income, investments, inheritance, and property
Single European country with English as official language
PR is issued in just 2 Month time
Free govt. education till the age of 18Y
PR for 3 generations, Main Applicant and Spouse, Children and Parents
Safe and highly profitable investments, with potential profit from letting your property
The application can be processed in the applicant’s absence and filed on their behalf
Favourable tax regime. The corporate tax is lowest in the EU – 12.5%
Cyprus PR holder can apply for citizenship through naturalization after 5 years
Cyprus allows multiple citizenship, so the applicant will not have to give up his original citizenship

FAQs:

Who is defined as a Dependant under the Regulations?

The Immigration Permit issued to an applicant covers their spouse and children under the age of 18. For unmarried children of the Applicant from the ages of 18 to 25, the Law considers then as financial dependant if they are enrolled in tertiary education with at least six months of remaining study period from the date of the submission of the application. Parents and parents-in-law of the Applicant may also be considered dependants.

As a holder of a Residence Permit can I work in Cyprus?

No, paid employment is not allowed for a Resident by investment holder in Cyprus. The Investor must show they have sufficient financial means to support themselves and their dependants without the need to engage in any trade or profession in Cyprus, however, this condition does not restrict the Applicant from owning a Cyprus company that can provide them with a return in dividends.

Under the Regulations what types of assets are eligible for the Fast Track Procedure?

Under the Regulations the Applicant must have made an investment in Real Estate. The property purchased must be new with a minimum value of at least €300.000,00 (not including VAT). The Investment can either be in just residential properties or residential and commercial.

Does the Investor need to pay the full amount of €300.000,00 plus VAT before being eligible for the Residence Permit?

No, even if at the date of submission the Applicant has not fully paid up the investment amount the application can still be accepted if at the date of submission the Applicant has paid at least €200.000 (not including the VAT).

Do the children lose their Residency Permit after their maturity at the age of 18 or later?

Under the Regulations the Residence Permit does not expire even after their maturity at the age of 18, however, their future spouses and/or children will not be eligible as dependants for a Residency Permit.

Does the Residency Permit expire?

No, the Residency Permit will not expire provided the Investor maintains their residential property. It is however possible for the investor to sell the residential property and still maintain their Residence Permit provided that the Residential property is immediately replaced by another property of the same or higher value.

Is there a minimum visit requirement?

It is a requirement of the Scheme that the investor must visit the island at least once every 2 years for the Permanent Residence to remain in effect.

How do I qualify for Cyprus Permanent Residency (PR)?

To obtain PR in Cyprus, you need to invest 300,000 Euros in real estate. Deposit at least 30,000 Euro maintained for 3 years, and applicant shows income abroad of at least 30,000 Euro/year, increased by 5,000 Euro per dependents (spouse and children) and 8,000 Euro per dependent parent.

Can I earn any returns on my property?

Yes, you can earn returns on your property, especially if you opt for a resort property. Most developers offer fixed returns of between 3% and 5%. These maybe gross or net. In the event they are gross, buyers should account for less than 1% in ongoing management costs/taxes. So, a 5% Goss yield will actually be 4.2% Net (approx.)

Will I receive back my bank deposit after 3 years?

Yes, EUR 30,000 deposit will sit in the bank for 3 years and you will get some interest for it after 3 years.

Phone: (+971) 4 453 9090

Fax: (+971) 4 453 919

Office no. 2906, Prism Tower, Business Bay, Dubai- U.A.E.