Passport or permanent residence in return for investment
The head of the Cyprus MIA, Socratis Hasikos, spoke to parliamentary deputies and announced that PASSPORT AND PERMANENT RESIDENCE IN RETURN FOR INVESTMENT program helped to raise more than 2 billion of investment to Cyprus.
Cyprus is the part of EU and euro zone with low taxation and high living standards. The country boasts of developed infrastructure, low crime rate, quality education and health care along with excellent climate.
Cyprus has the fastest immigration investment program in Europe. Cyprus passport allows visa-free or simple entry to more than 150 countries in the world, including all EU countries, Canada, Great Britain and Hong Kong.
Two years ago, in May 2013, the government of Republic of Cyprus implemented program of Permanent Residence or citizenship for individuals who make investment in Cyprus economy.
Permanent residence on Cyprus for investment
Non-residents and their families in relation in the first degree can obtain the permanent residence card under the compliance of the following basic requirements:
- Availability of income documents from abroad: at confirmation of annual income 30 000 euro and 5 000 euro for every dependant
- Availability of bank account in Cyprus bank.
- Existence of rental agreement of the house, apartment, commercial property on Cyprus at the cost starting from 300 000 euro + VAT
- Clear criminal record
How to obtain Cyprus citizenship?
There are 5 main options of getting a Cyprus citizenship through investment. The first option is real estate investment. Such investment involves acquisition of property worth at least 5 million euro. The property may include 1 or more buildings. The second option is a deposit in a Cyprus bank. The applicant needs to have a personal deposit in Cyprus bank or corporate deposit of a private company on Cyprus (where applicant is a shareholder) worth at least 5 million euro and purchase real estate at amount not less than 500 000 euro (5,5 million euro in general). Such deposit must be made in Cyprus bank for the period of at least 3 years. The third and forth options are direct investments worth at least €5 000 000 in state funds or financial assets of Cyprus companies. The fifth variant is business undertaking and setting up own company. These two variants may be combined.
In 2014 one more program in Cyprus citizenship through investment was implemented – the investment of 12.5 million euro of the investor group (max. 5 individuals, 2.5 million euro for each investor). Group of investors may either choose any of five offered options for investment or combine several ones.
Cyprus citizenship program has at least 2 strong points as compared with programs in other countries – broad range of investment options (every investor can choose the most appropriate option or combine several ones) and the fastest time for application consideration (applicant can obtain Cyprus passport within 2 or 3 months). No other country in the world provides such flexibility. It should be also noted that Cyprus investment allows person to make an investment in his or her future and well-being of their family as well. Having obtained Cyprus passport, investor and his family become full EU citizens with all arising rights.
The advantages of Cyprus citizenship or residency:
- Visa-free admission in more than 150 countries in the world (passport).
- Admission in Schengen area in 2016-7 (permanent residence).
- Cyprus republic allows having a double nationality (passport).
- Confidence in safety of the investment, their rights and legitimate interests protection.
- Access to the best educational and medical institutions.
- The right to live, work and study in any EU country (passport).
- Cyprus citizenship is an effective tool of tax planning, characterized by the lowest income tax rate in Europe (passport).
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