Visit requirement only 1 visit required for biometrics
Spouse, dependants up to age 28 & parents of main investor
The Cyprus Ministry of Interiors has announced an even more effective and attractive legislation that enables foreign to become Cypriot (EU) citizens and obtain a Cypriot passport through naturalization, making it more accessible and affordable than ever. An EU citizen is any person who holds the nationality of an EU country.
Korantina Homes offers an expansive portfolio of property types and styles, primarily in the Paphos region. Our two luxurious flagship resorts, Coral Residences and Cap St Georges Beach Club Resort, our stunning villas and our deluxe apartments fit the requirements you need to obtain the Cypriot citizenship or a Permanent Residence Permit.
EU passport holders are entitled to enter, reside, study and work in the European Union, Iceland, Liechtenstein, Switzerland and Norway.€2 MILLION INVESTMENT IN RESIDENTIAL REAL ESTATE (the investment can be in a single property or portfolio)
- The main investment may be sold after five years; however, the investor must always maintain / purchase a property with a value of at least €500.000
Dual Citizenship offers an effective tool for international tax planning and provides financial privacy for banking and investment.
It improves personal security, enables freedom of movement and allows access to the best healthcare and education opportunities.
CYPRUS PERMANENT RESIDENCY BY INVESTEMENT
P.R under Regulation 6 (c) Known as "fast-track"
Since 20123, there have been over 3,000 successful applications for Cyprus Investment and the Permanent Residency Programs combined, reporting (May 2016) the two programs (permanent residence and citizenship) have attracted in excess of €2 billion in investment to Cyprus.
Demand for the residency scheme remains strong, as third country nationals seek to use Cyprus as a gateway for this business in Europe.
Investment in Cyprus:
In line with the Cyprus government's objective to attract international investments, the Ministry of Interior has recently simplified the procedure for issuing permanent residence permits to Non EU citizens who wish to invest in Cyprus. The minimum requirements for applying and obtaining a permanent residency permit in Cyprus by investment ('fast-track') are as follows:
- Acquire new residential premises in Cyprus of a minimum value EUR 300K (excluding VAT)
- Open and maintain a fixed deposit in a Cyprus bank of a minimum of EUR 30K for three consecutive years.
- Maintain secured annual income originating from abroad of at least EUR 30K. For each dependent person added to the application for permanent residency (such as wife and children), the income may be from overseas employment, pensions, interest on fixed deposits or ents etc. Exceptionally (for the fast track permanent residency applications), it is also possible for the income to be derived from dividends of a Cyprus company. It is important to note that employment in Cyprus is prohibited for this type of permit but the permanent residence permit holder has the right to register a Cyprus company and do business of any kind.
- an initial payment of at least EUR 200K (excluding VAT) for the residential property to be purchased, required to have been paid by the date of lodging the permanent residence application;
- A confirmation letter from a Cyprus bank where the fixed deposit of EUR 30K is maintained, indicating the amount is pledged with the bank for a minimum of 3 years. Proof is also required that funds were legally transferred to Cyprus from abroad;
- A clean criminal record certificate issued by the applicant's country of origin;
- The applicant must visit Cyprus at least once every two years; to maintain the P.R status.
- The parents of the couple can apply for a permanent residence permit as well.
Once the completed application has been submitted to the authorities, a decision is reached within 2 months.