Cyprus is a dream destination for many third country nationals due to the weather, hospitality and friendly tax environment. Cyprus is located in the Mediterranean Sea and as a part of the E.U.; it offers plenty of business and investment opportunities.
The “Cyprus Golden Visa” programme offers a permanent resident status for third country nationals and their family members in the Republic of Cyprus by investment. This new scheme serves as an opportunity for Third Country Nationals to obtain Cyprus Residency by investment, which allows them to become eligible after 5 years for a Cyprus Passport.
In order for such application to be successful, the applicant must satisfy certain income and personal criteria set out by the new scheme. In order for the Visa validation to continue after the period of 3 years and every 3 years after there on, the applicant must verify such criteria.
The requirements:
- Investment of 300.000 euros in the Republic in the following three ways.
- New residential property bought from a developer or a developing company. Real estate investment includes a house, a flat, or any of the two properties of the total value of 300.000 euros. Property may also mean a commercial property such as offices or any other property for a similar scope. In both cases, the applicant has to show that the amount was fully paid, that the money came from abroad and that the origin of the money satisfies the AML Cyprus Regulations.
- Investment in Shares in a company registered and located in Cyprus, employing personnel of at least five people.
- Investment in units in the Cyprus Investment Funds Association, collective investments such us Alternative Investment Funds, Alternative Investment Fund For Limited Number of Persons and Reserved Alternative Investment Fund.
- The applicant is to provide sufficient evidence of an annual income of 50.000 euros; out of the republic source of income. In any case, the applicant wishing to establish residentship for their spouse the annual income requirement increases by 15.000 euros per anum. For every additional under age child there is a 10.000 per anum income requirement.
- The applicant and their spouse must hold a clean criminal record from their country of origin or country of residence.
In order to maintain the Golden Visa the applicants must verify the following:
- Annual proof that they maintain their investment.
- Annual Health insurance certification of the applicant and their family.
- The applicant must provide every 3 years a clean criminal record from the country of origin as well as the Republic of Cyprus, for themselves and their family members.
- The applicant or any related family member with the Visa must not acquire permanent residence in any other Jurisdiction abroad for more than two years continually (The resident must visit Cyprus at least once every two years).
For more information adjusted to your needs, OUR TEAM OF EXPERTS IS READY TO ACCOMMODATE YOUR NEEDS AND ANSWER ANY RELATED QUESTIONS REGARDING INQUIRIES ABOUT THE GOLDEN VISA PROGRAMME.
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