The Cyprus Residence programme is attractive to those that are attracted to the Mediterranean style Greek-island-influence living that Cyprus offers. The Cyprus Residence programme is very affordable and easy to comply with and allows for the investor to ultimately become a citizen and passport carrier of that country.  Cyprus residence allows for a fairly significant low-tax financial service centre benefits.

The Cyprus Residence Programme has been in effect since 2009 and is achieved through a Visa known as a Category F visa. The Category F Visa allows individuals to benefit from living in Cyprus for at least six years, after which they can apply for citizenship. In order for applications to be approved swiftly and with as little limitations and requirements as possible, the applicant needs to follow the following guidelines:

1. The applicant needs to make a residential property purchase of no less than €350.000. The property must be purchased for self use.
2. Bank deposit in a Cyprus bank of at least €50,000, plus relevant documents demonstrating that the applicant receives income from abroad exceeding €25,000 per year (i.e. showing receipt of an income of about €3,500 per month from a bank account abroad)
3. Bank guarantee for immigration (€500 – €800 depending on the nationality of applicant)

Instead of the usual 2 years or so until you gain residence, we are able to process Category F Visa applications within an accelerated 2 – 3 months.

Cyprus is expecting to gain Schengen status soon following which, by gaining Cyprus Residence, you would automaticaly qualify with a Schengen Visa meaning you can travel to any of the Schengen Counties without the need for a Visa.

The holder of the category F Cyprus Residence permit is also allowed to apply for Cyprus Citizenship (and Passort) in the 6th year of residency. In doing so the applicant will also enjoy all the full rights and benefits of any European Citizen of Cyprus.

Conditions of the Category F Visa include a 6 months per year in Cyprus minimum stay requirement.

Citizenship through the Category F Visa

Conditions of application:

• The applicant should be at least 30 years old; have a clean criminal record from the country of origin and from the Cyprus Police.
• Confirmation that the applicants’ name is not included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
• Furthermore, the applicant is required to have a permanent privately owned residence in the Republic of Cyprus, the value of which exceed the amount of €500,000 at the current market prices. It’s important to note that, while the Category F Visa requires a property with the minimum value of €350,000, in order to apply for citizenship the value of the property would need to be at least €500,000.

Citizenship through Substantial Investment

There are also a number of ways in which a substantial investor can gain citizenship in as little as 3 – 4 months without requiring the Residence period with a Category F Visa. We are able to assist the applicant with all the below means of gaining citizenship through our Cyprus partner office.  This citizenship option is achieved through substantial investment of the following kind:

• Direct investment
• Entrepreneurial activities
• Introduction of new and innovative technologies, Research Centre:
• Bank Deposits
• Combination of Direct Investments, Entrepreneurial Activities and Deposits in Cypriot banks
• Direct income/Remuneration for services

For more information on Cyprus Residence and Citizenship or detail on the above “Citizenship through Substantial Investment”, contact us.

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