Latest Updates on Cyprus Residency Programme
The Cyprus Permanent Residency Programme allows applicants the opportunity to invest in real estate in the country of Cyprus to receive permanent residence in Cyprus, and, subsequently, the EU. This citizenship by investment offered by Cyprus is highly desirable, and is viewed worldwide as an excellent investment, both in property on Cyprus, and for the EU access generated by citizenship.
Initially, this investment programme allowed the investor, spouse, and children (up to 25 years old, if they are financially dependent) to benefit under one investment. Recent changes have now been implemented, and this investment now includes the parents of the investor. This now provides the ability for a multi-generational family to participate in the Cyprus Permanent Residency Programme under a single application. Applicants must have valid passports, and may continue their current citizenship, as dual citizenship is permitted.
When reviewing all opportunities for EU citizenship, the Cyprus Residency Programme is the fastest method available. In reference to specific Cyprus citizenship qualifications, the Residency Programme provides the most immediate EU citizenship (2 months) as compared to Citizenship by Investment (3-4 months). It also does not require residence prior to application; however it does require a visit to Cyprus at minimum every two years.
The investment amount requirement is €300,000 in a new permanent residence, alongside proof of non-Cyprus income of €30,000 plus €5,000 for each dependent between 18 and 25 years of age, and €8,000 per dependent parent. Additional requirements are a €30,000 three year deposit with a Cypriot bank, and a commitment to not work within the Cyprus economy.
A Cyprus Citizenship allows the holder to live, work and study anywhere in the EU. It also allows Visa-free travel to all EU countries including the UK, as well as Canada. EU citizens can attend schools and Universities across the EU at exclusive rates.
Cyprus provides many incentives for residency and citizenship. It’s taxation levels are very desirable, especially for those with high net worth. Located in the Mediterranean, the climate is ideal. Cyprus boasts over 300 days of sunshine per year. Most residents speak English. Families have access to excellent schools, as well as universities on the island that are partnered with UK establishments. Culturally and historically, Cyprus is an attractive place to live, with excellent nightlife, luxurious amenities, and stunning scenery.
YDVISAS specialise in all visa categories and are specialist immigration lawyers in the UK. Please contact the expert team at YDVISAS, should you need any professional help with your visa application.