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The Cyprus Residency Program is a simple mode of investment that serves to redefine freedom of movement, permitting unlimited access to an EU member state boasting a robust business sphere, and supreme quality of life. Cyprus is strategically located at the turkish citizenship crossroads of three continents, Europe, Asia, and Africa. Property acquired is freehold, there is a low property tax and there is reduced VAT on the property of just 5% . Cyprus has a very favorable tax regime for individuals and companies residing there.
If you are citizen of EU-country then different conditions for temporary residence acquisition apply. Cyprus offers the quickest, most assured route to citizenship of a European country through the Cypriot citizenship by investment programme. An investment of €2.0 million in real estate is required, plus a donation of €100,000 to the Governments Research and Development fund and €100,000 to the Land Development Organisation.
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Cyprus Pink Slip is a special immigration document that allows Non-EU nationals to live there for over 3 months . This document is valid for just one year and can be renewed annually. What makes this country special is the fact that it offers one of the easiest and quickest ways to obtain EU citizenship if you are a third-country national. Cyprus citizenship by investment can be passed onto future generations. A Cyprus citizenship is equivalent to an EU citizenship, and as such, one can reside or work in any of its 26-member countries.
If you are the citizen of only one country, as most people are, you are essentially at the mercy of your government. If they decide to harass you or confiscate your assets, most of the time you are on your own, unless you are a citizen of another country. Owning a second passport through dual citizenship in another country is an integral part of international diversification. We offer residency planning services and assist our clients to obtain a residence permit in their preferred location. Since June 2014 Cyprus accepts a valid Schengen Visa equivalent to its national visa for transit through or intended stay on its territory not exceeding 90 days in any 180-day period. EU citizens do not require a visa to enter Cyprus, but they must carry a valid passport or their national identity card provided there is a photo and the citizenship is declared on the card.
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Expats who hold the retirement permit will pay very low income tax on their pensions, while beneficial double-taxation treaties with many other countries means that pensions aren’t subject to withholding tax at source. Expat retirees can allow for their state pensions to remain index-linked when pensioners are residents in Cyprus. You will also receive duty-free importation of a car and many other personal items into Cyprus.
A bank statement from a Cypriot bank, showing the transaction and the current balance of your monetary funds. The transactions have to show that the source of your income is located abroad, while all the expenditures take place on Cyprus. Preferably, your current balance is at least €10000 per adult and €5000 per minor. This amount must be available at the time when the bank statement is issued. If you leave the country and do not come back after three months, your Pink Slip is automatically cancelled and you will have to enter the country with a visa and then apply for the issuance of a new Pink Slip. Your annual income must be from € + €5 000 for your spouse and each dependent member of the family, as well as €8 000 for each parent of the applicant.
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Residency rights enable citizens to transfer not only their place of residence but also to transfer or expand their place of business. In a world of uncertainty, a residence permit grants the holder relocation rights and mobility options, leading to safety and security in troubled times. Each jurisdiction has a set of criteria and conditions to be met in order to enable individuals and their families to relocate to the destination country. A written application with legal documents showing your identity – photocopies of your passport are acceptable. The Koçan and number of your residence or equivalent confirming your place of residence.
We have experience in a wide range of immigration matters, including the ones related to specific programs. If you are an Expat who has lived and worked in Cyprus we’d love to hear your story of immigrating to Cyprus. Contact us to share your experience of Cyprus visas, residency, and citizenship here. Permanent residency forever – there is no need to renew the permits. After having legally resided in Cyprus for seven years, a person may apply for citizenship bynaturalization.
Some countries, however, do not permit multiple citizenship e.g. adults who acquired Cypriot and Japanese citizenship by birth must declare, to the latter’s Ministry of Justice, before turning 22, which citizenship they want to keep. Cyprus suspended its citizenship for investment program from 1 November 2020. The scheme provided passports that guarantee visa-free travel in the European Union for a minimum investment of Є2 million.
To help navigate some of the choices of the immigration process we offer you a straightforward analysis of terms and benefits of the two most commonly used categories granting you an unlimited residency in Cyprus. The applicant can not rent his house or apartment, where he/she lives. If it’s commercial space or if he/she has a second property obviously the applicant can rent it. In cases where the investment does not concern the Company’s share capital, the applicant and / or his spouse may be shareholders in Companies registered in Cyprus and receive dividends.
If you retain your real estate investment, your permanent residency will not expire. You will do so if you sell your current home and buy a new one for at least Turkish work permit €300,000 while keeping your residency permit. Cyprus is undeniably one of the hottest and most famous investment immigration destinations in the world.
If you wish to stay longer or buy a property in North Cyprus, you must apply for a residency permit. On approval of the application, a temporary residence permit card is issued. The annual income required should be at least €9,560 for a single applicant and moreover at least €4,613 for every dependent person”.
If the company qualifies then the employee will also submit a set of documents in order for a permit to be issued. You should note that the first permit is issued for one year and then it is renewed on a two-yearly basis. After 5 years of residence and work in Cyprus you will be eligible to permanent residency permit. Purchase or long-term rental of housing in Cyprus of any value, new building, or non-resale property. Homebuyers will have an advantage over tenants, with a lower risk of rejection. Even though the law does not establish a minimum price for real estate for those who apply for permanent residence of category F according to the standard procedure, we are talking about quality housing.
Possession or purchase of a permanent residence in Cyprus for at least €500,000. This purchase can be included in the €2,000,000 required investment under any option. We kindly remind you that possession of one of the above-mentioned documents (such as a national Cyprus visa, a pro-visa, a Schengen visa, a residence permit in the EU and the Schengen area means no automatic right of entry. Registration certificates usually take between one and 30 days to be issued while permanent residency papers take one to six months. According to government figures, 7,801 people applied for registration certificates, which all EU citizens must do four months after arriving in the country, and 6,946 applied for permanent residency or MEU3 certificate. MEU3s are compulsory for EU citizens residing in a country for five years continuously.
- The interview is a face-to-face meeting with a migration officer who will discuss your application with you.
- If you plan to stay in Cyprus over 90 days, you will need the temporary residence permit.
- With temporary residence permit of Cyprus, a person is permitted to live in Cyprus on a temporary basis and also bring his close family members to live with him with the same conditions.
- The necessary minimum annual income is increased by €5.000 for each dependent person and by €8.000 for every dependent parent and parents-in-law of the applicant.
When you come to Cyprus on a student visa, the first thing you have to do is visit your college. The college will set you an appointment date with the Migration & Labour office. When the Migration Office processes your documents, you will be considered a legal student in Cyprus. Legally, an international student can only work 20 hours a week, and that also after six months of arriving in Cyprus. UK citizens can enter Turkish Republic of Northern Cyprus with their national identity cards.
You should speak to your vet before you travel to get the necessary pet travel documents and ensure you’re compliant with the EU Pet Travel Regulations. If you have a pet passport issued by Cyprus or another EU member state, you can use it to travel with your pet to Great Britain and elsewhere in the EU. The UK has a double taxation agreement with Cyprus to ensure you do not pay tax on the same income in both countries. Ask the relevant tax authority your questions about double taxation relief. If you have rights under the Withdrawal Agreement, you do not need any extra months on your passport to enter or exit EU countries.
2.2 In addition to the investment under Section 2.1, applicants must be able to prove that they have at their disposal a secure annual income of at least EUR 30,000. Suppose the applicants wish to add additional dependents in their application; then their annual income should increase by EUR 5,000 for each dependent family member and EUR 8,000 for each dependent parent (of the same and/or spouse). Cyprus Citizenship by Investment Program Permanent Residence Permit. Being a residence means that you have the right to live in another country and simultaneously continue to be a citizen of your home country. By acquiring a permanent residence, you may earn a lot of privileges, always according to the applied laws of each jurisdiction.
Future spouses or underage children cannot be included as dependent persons on this permit. You can stay for some time in Northern Cyprus and get a residence permit. An Immigration Permit will be automatically cancelled if the interested person fails to acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus. It will also be cancelled if he/she acquires permanent residence abroad or be absent from Cyprus for a period of two years. In this case the parents will need to prove additional income of at least €5,000 for each dependent child. In case they wish, two separate PR permits can be issued for each spouse without the requirement for the dependent spouse to purchase a property or deposit €30,000 into an account.
If you plan to live and invest in Cyprus on more or less permanent basis you should apply for a Permanent Residency Permit . If you wish to obtain permanent residency in Cyprus and you are willing to invest in the country, you may apply for a permanent residence permit through the fast-track option. The Cyprus PR program offers non-EU nationals guaranteed permanent residency within 2 months with a single, secure, real estate investment of €300,000.
Our fees are client friendly and we will grant you a free quote if you apply. If you are interested for a Cyprus Long Stay Visa please follow this link to read more information and advice on the subject. You should have at least 6 months left on an adult or child passport to travel to most countries in Europe . If there’s no deal, theEuropean Commissionhas proposed that British citizens would not need a visa for short stays in the EU, including Cyprus.
The applicant must conduct business in Cyprus or be employed in Cyprus or be a director of a company registered in Cyprus at any time during the tax year. Such business, employment or management must be maintained until the end of each year in which the status of Cyprus tax resident is requested. After 5 years of legal residence in Cyprus, foreign citizens are entitled to a long term residence permit . Holders of LTRP have equal rights with citizens of the Republic of Cyprus in everything except participation in elections. This resident permit is valid for 5 years, after which the document is automatically renewed for the same period. Agus Dietrich / UnsplashAll the documents enclosed with the application for permanent residency in Cyprus must be translated into Greek or English and duly certified.