Introduction:
- Republic of Cyprus: Island country in Eurasia, eastern Mediterranean region.
- Strategic location: South of Turkey, with borders to Lebanon, Greece, and Egypt.
- Migration hub: Gateway between Europe, Asia, and Africa.
Why Invest in Cyprus?
- Considered one of the best places in Europe for investment.
- Diverse investment options and innovative ideas.
- Crucial common factor: A suitable place to stay.
Factors Making Cyprus Attractive:
- Diverse culture, stable environment, and Mediterranean climate.
- Ideal for families: Low criminality, excellent education system.
- Appeals to ambitious individuals seeking new investment opportunities.
Key Reasons to Choose Cyprus:
- High quality of life and access to markets.
- Attractive and transparent tax regime.
- Low cost of doing business.
- Excellent regulatory structure.
Growing Sectors in Cyprus:
- Energy Sector:
- Rise of a fuel hub after hydrocarbon discovery in Cyprus’ EEZ.
- Significant investments in projects like Vasilikos oil storage terminal.
- Investment Funds:
- Emerging as an investment fund center in Europe.
- Modernized banking sector attracting significant FDI.
- Startups and Innovation:
- Rapidly growing startup ecosystem.
- Encouragement from the EU and national funding.
- Tourism and Hospitality:
- Resilient and strong economic sector.
- Ongoing development and creation of new experiences.
- Real Estate:
- A popular choice for second homes or business moves.
- Rising construction sector with large-scale projects and foreign investment.
- Maritime Industry:
- Successful and diversified maritime industry.
- Strategic location, efficient tax framework, and legislative advantages.
- Film Production:
- Natural film studio attracting creative individuals.
- Incentives such as cash rebates and tax credits.
- Education:
- World-class educational research center.
- Three public and five private universities.
Permanent Residency Options in Cyprus:
- Fast-Track Option:
- Acquire a new residential property worth at least €300,000.
- Open and maintain a fixed deposit of €30,000 for three consecutive years.
- Maintain an annual income of at least €30,000.
- ‘Fit and Proper’ test and biometrics registration required.
- Normal-Track Option:
- Rent or purchase property worth at least €300,000.
- Secure annual income from abroad.
- ‘Fit and Proper’ test required.
- Permanent residency within one year.
Cyprus Permanent Residency Benefits:
- Process completed within two months (fast-track).
- EU residency in a safe and secure jurisdiction.
- Cost-effective tax regime and extensive network of double tax agreements.
- Visa-free access to Schengen countries.
Yellow Slip for EU Citizens:
- Required for residing and working in Cyprus for more than three months.
- Grants the right to settle and work permanently in Cyprus.
- Eligible family members can obtain the ‘Pink Slip.’
Non-Dom Cyprus Program:
- Ideal for European businesspersons.
- Relocate personal residence to Cyprus, set up a business, and obtain tax residency.
- No taxes on dividends from home and abroad after obtaining Cyprus tax residency.
Cyprus as a Global Business Center:
- Favorable and transparent tax system.
- Modern legal and regulatory infrastructures.
- High quality of life and top-notch education institutions.
- Ease of doing business and access to major European markets.
- Growth sectors include shipping, real estate, investment, hospitality, tourism, energy, education, filming, and startups.
Immigration to Cyprus for Non-EU Citizens:
- Short-stay visas for visits up to three months.
- Temporary residence permits, including the ‘Pink Slip,’ for long-term stays without employment.
- Immigration permits for employment or self-employment.
- Permanent residence permits for family members of non-EU citizens or non-EU family members of EU citizens.
Digital Nomad Visa:
- Allows third-party nationals to work remotely from Cyprus temporarily.
- Intended for non-EU/EEA citizens working remotely for foreign-registered companies.
Cyprus Residency by Investment (2022):
- Permanent residency within one year.
- Minimum investment of €300,000 in new residential properties, real estate, share capital, or alternative investment funds.
- Income criteria: Annual income of at least €30,000, increased for dependents.
- Option to apply for Cypriot citizenship after five years.
Cyprus Golden Visa Program Summary:
- Direct access to permanent residency in Cyprus.
- Live, study, and do business in Cyprus.
- Visa-free travel within the EU.
- Citizenship application after five years of permanent residency.
Additional Information:
- Application process through the Civil Registry and Migration Department.
- Visa fee of €500.
- The approval process usually takes 2 to 6 months.
- Residency requirement: Visit Cyprus at least once in two years.
- Visa validity: Issued once and does not need renewal.
- Visa holders cannot work in Cyprus except as directors in the company they have invested in.
Required Documents for Residency by Investment:
- Passport copies, CV, marriage and birth certificates, and criminal record certificates.
- Proof of sufficient annual income from abroad.
- Documents related to the chosen investment option.
Cyprus Permanent Residency:
- Legal status allows non-EU citizens and dependents to become permanent residents.
- No expiration, no need for renewal.
- Qualify by meeting residency investment requirements and income criteria.
Conclusion:
- Cyprus continues to be an attractive destination for individuals and families.
- Varied investment opportunities and robust residency programs.
- An ideal balance of lifestyle, business, and economic advantages.