CYPRUS PERMANENT RESIDENCY by INVESTMENT: 4+ Ways on How to Easily Obtain your Permanent Residence!
INTRODUCTION:
Cyprus, the enchanting island in the Eastern Mediterranean, has become an increasingly popular destination for those seeking a new home and a fresh start. Among the various immigration routes available, Regulation 6.2 offers a pathway to Cyprus Permanent Residency by Investment for individuals looking to make Cyprus their long-term residence.
The Cyprus Government, striving to attract foreign investments continually, has implemented a variety of policies enabling individuals from non-EU countries to acquire Cyprus Permanent Residency Permits.
In this article, we will explore the key aspects of the Regulation 6.2 Cyprus Permanent Residency by Investment scheme, shedding light on the requirements, benefits, and the process involved.
WHAT IS REGULATION 6.2.?
Regulation 6.2 refers to a specific provision in the Cyprus immigration system that allows individuals to apply for Cyprus Permanent Residency by Investment under certain conditions. This category is particularly tailored to attract foreign investors, entrepreneurs, and high-net-worth individuals who wish to make Cyprus their home.
KEY REQUIREMENTS:
At A. YIORKAS & CO LLC, we recognize the importance of clarity in understanding the criteria that govern Regulation 6(2). Our legal experts will guide you through the following essential Key Requirements:
Financial Criteria:
Applicants must demonstrate a stable and regular income sourced from abroad, which should be sufficient to cover their living expenses in Cyprus. This income can stem from various channels such as pensions, dividends, salaries, or rentals.
Investment in Real Estate:
The Applicant must invest at least €300,000- in one of the following categories:
Residential Real Estate
(e. house or apartment): Acquisition of a new, non-resale house or apartment (sold for the first time) from a development company – a minimum value of €300,000– plus VAT – 19%.
Commercial Real Estate
(e. not a house or apartment): Acquisition of a new, or resale, commercial property (i.e. developments, offices, shops, hotels, or a combination) with a value of at least €300,000-.
Acquisition of Shares in a Cypriot Company whose activities and personnel are within the Republic of Cyprus:
An investment with a value of at least €300,000- in the share capital of an existing or new company that is registered, based, and operates in the Republic of Cyprus, with a physical presence and minimum 5 employees.
Acquisition of Units/Shares in an Alternative Investment Fund (“AIF”), licensed under the Cyprus Securities and Exchange Commission (“CySEC”):
An investment of at least €300,000- in units/shares of an AIF with investments carried out in the Republic – Read More Here!.
Important Note: The applicant’s permit will be cancelled if they cease to hold the investment without immediately replacing it with an investment of the same or greater value, as outlined in the criteria conditions.
The investor must provide evidence that the money for the investment has come from the applicant’s or spouse’s personal bank account abroad. The investment amount must be transferred to the vendor’s bank account in the Republic.
Clean Criminal Record:
Applicants must provide a clean criminal record certificate issued by their country of origin or residence. This is a standard requirement to ensure the safety and security of the host country.
Health Insurance:
Adequate health insurance coverage is mandatory for applicants and their dependents. This requirement ensures that individuals have access to necessary healthcare services while residing in Cyprus.
Confirmation of No Employment:
Regulation 6.2 is designed for individuals who do not intend to be employed in Cyprus. Therefore, applicants must provide a written confirmation that they will not engage in any employment within the Republic of Cyprus.
CYPRUS PERMANENT RESIDENCY APPLICATION PROCESS:
At A. YIORKAS & CO LLC, we pride ourselves on providing comprehensive support throughout the application process. Our services encompass:
Document Preparation:
Compile all necessary documentation, mainly:
- proof of income;
- real estate purchase agreements;
- criminal record certificates;
- health insurance policy; and
- any other supporting materials
Application Submission:
Upon the preparation of a duly completed application, we proceed with the submission of the application to the Civil Registry and Migration Department along with the required fees.
Approval and Residence Permit:
Once the application is approved, successful applicants will receive a Cyprus residence permit, allowing them to reside permanently in the country. This permit remains in force, provided the individual continues to meet the stipulated requirements and mainly the ownership of the subject property.
BENEFITS OF REGULATION 6.2 PERMANENT RESIDENCY:
As your legal partners in Cyprus, we highlight the manifold advantages of obtaining Cyprus Permanent Residency by Investment under Regulation 6(2):
Family Inclusion:
The regulation allows for the inclusion of the spouse and dependent children in the permanent residency application.
Access to Quality Healthcare and Education:
Permanent residents in Cyprus have access to the country’s healthcare and education systems, ensuring a high standard of living for themselves and their families.
Real Estate Investment:
The investment in real estate not only serves as a gateway to permanent residency but also provides the opportunity for financial growth through property appreciation.
Tax Advantages:
Cyprus offers favorable tax conditions for residents, making it an attractive destination for individuals seeking tax optimization.
CONCLUSION:
Cyprus Permanent Residency by Investment offers a compelling pathway for individuals seeking permanent residency in Cyprus. By meeting the financial, real estate, and other requirements, applicants can unlock the doors to a new life on this picturesque Mediterranean island. As regulations may change, it is crucial for potential applicants to consult with immigration experts or legal professionals to ensure accurate and up-to-date information throughout the application process. Embark on this journey, and Cyprus could become the cherished home you’ve been dreaming of.
Our office proudly provides comprehensive Cyprus Permanent Residency Services, facilitating a smooth and efficient pathway for individuals seeking to establish permanent residency in this vibrant Mediterranean nation.
With our expertise and personalized approach, we guide clients through every step of the Cyprus Permanent Residency process, from initial consultation to the successful attainment of permanent residency status.
Whether for investment, employment, or personal reasons, we are committed to delivering exceptional service and ensuring our clients’ satisfaction as they embark on this significant journey towards a new chapter of their lives in Cyprus.