In recent years, a great number of investors manage to gain residency by investment and migrate overseas with their families. Specifically, one way they manage to gain permanent residency status is by investing their resources in acquiring real estate.

Another way investors can get residency by investment is by joining job creation programs. This might mean opening a company in the country they wish to receive residency status. Additionally, the government can give the opportunity to any investor to invest their funds in governmental bonds and securities. Both the countries that receive the investments as well as the investors who wish to receive their residency by investment can benefit.

Here at EuRussAsia, we have specialized and well experienced teams that can assist with all those options. We have expert consultants that can assist investors choose the best real estate options to invest in. Moreover, we have a team of experts that deals with in-depth foreign investors programs as well as economic development projects.

One of the most sought after investment programs due to a new more simplified and faster process and key benefits, the Cyprus Residency By Investment Program, offers applicants permanent residence through investment. Easily obtained, given that all the criteria are met, the permit also covers the applicant’s spouse and dependents, and is in effect for an indefinite period provided that the criteria are maintained.

Important facts

To acquire the permit, applicants need to purchase a property of a minimum total value of 300,000 EURO plus VAT. Along with the submission form a contract of sale and proof of minimum 200,000 EURO plus VAT payment is required. The applicant needs to present a contract of sale to the Cyprus Department of Land & Surveys.

The property purchase is also valid through a company, as long as said company is solely owned by the applicant or the applicant and their spouse. In addition, the applicant needs to submit a letter from a Cyprus bank confirming a deposit of minimum 300,000 EURO from abroad. This needs to be done to an account which the client will keep inactive for a minimum of 5 years.

Upon the expiration of this period the amount, the bank will unblock the aforementioned account. The applicant is also needed to show evidence of secure yearly income of 30,000 EURO that comes from abroad. This income is increased by 8,000 EURO for each dependent parent and by 5,000 EURO for any additional child.

Requirements

The program requires the applicant to complete the process within 2 months in order to receive the permit. A fee of 550 EURO is mandatory – 500 EURO for the application and 50 EURO for the bio-metric capturing. After that, there is the examination of the application by the department of Civil Registry & Migration.

Then, a permanent secretary of the Ministry of Interior will receive and evaluate the examination. The decision will take place within the aforementioned 2-month period. As soon as the application is approved, a period of one year is given to the applicant.

Along with all applying family members, the applicant can visit Cyprus in order to get the actual permit. During said visit an appointment with the Migration office in Nicosia is arranged. This is important in order to register the bio-metric data of the applicant and all applying members. The data can be submitted along with the application or during the process or even directly upon approval.