The Republic of Cyprus, located on the eastern side of the Mediterranean Sea, has a considerable economy in the European Union. While it is well-known for its high tourist appeal worldwide, it is also one of the best-performing countries in terms of Human Development.
What more could an investor ask for? Cyprus ticks virtually all of the important boxes, and its Permanent Residence by Investment Program eliminates the one source of concern shared by all investors: administrative lags. The program’s provisions were changed in 2021 to improve the application procedure. As a result, the Cyprus Residence by Investment Program may be an excellent option.
This is part of an unofficial series on various residence/citizenship programs around the world. So, without further ado, let us attempt to address the title’s question.
Investment requirements
As implied by the name, the applicant will need to invest in order to obtain permanent status. The fundamental criterion is investment, but there are additional standards that must be completed as well. We will get to that eventually. In any case, in terms of investment, the applicant must make specified types of investments.
The applicant must invest in one of the following: buy residential real estate worth at least EUR 300,000; invest in any commercial real estate worth at least EUR 300,000; invest in any local company worth at least EUR 300,000; or invest in local investment funds worth at least EUR 300,000. Previously, the applicant was required to create a savings bank account in a local bank for a minimum of EUR 30,00 for three years, but the change abolished that requirement.
Other conditions to be met
As I have stated, funding is not the only decisive element. Other requirements must be satisfied in order to be eligible to apply for the program. These prerequisites include the applicant being of legal age, having no criminal history, having a legal source of income, having adequate financial health to make the necessary investments, and having a clean past of the family members you intend to bring along. Cyprus, unlike a few other nations that offer such programs, does not require any knowledge of the native language.
Advantages of the program
The first advantage of the scheme is that successful applicants are granted an unlimited permanent residency visa in Cyprus. It accomplishes this in a very short period of time, namely two months. Because Cyprus is a member of the European Union, its inhabitants and nationals have the right to roam freely within the Union.
These advantages are available to your family members. However, you should be aware that only the husband and minor children are protected. Children above the age of 18 who are dependent on you, as well as old, dependent parents, can be covered. After seven years, you can seek for citizenship if you are interested. You are not forced to renounce your original citizenship if you successfully get Cypriot citizenship, as Cyprus recognizes dual citizenship.
Documents to be furnished
You should have a good notion of what documents you need to submit as part of the application process by this point. To name a few requirements, you must submit the application form, certified copies of birth certificates, passports, and academic credentials, a statement of income from various sources, a statement of financial contribution to the Cypriot economy, a police clearance report, and any other documents such as a certificate of ownership of real estate in Cyprus, among others. Depending on your candidacy, you may be required to provide additional papers.
