Cyprus Immigration Program: Conditions, Process, Costs

Benefits of the Cyprus Island Settlement Program and Settling in Cyprus

Tax Optimization:

No taxes on global income and inheritance. Low income and property tax rates. Corporate tax rate is one of the lowest in Europe – 12.5%.

Prospects of Obtaining a Cypriot Passport

Permanent residency is granted for life. Five years after receiving permanent residency, the holder can apply for Cypriot citizenship and become a full citizen of the European Union.

High-Quality Education:

The Cypriot education system is highly regarded with many international schools, advanced curriculum, and globally recognized degrees.

Comprehensive Healthcare:

Cyprus boasts a modern healthcare system that provides high-quality healthcare services to its citizens.

Safe Living Environment:

Cyprus is ranked as one of the safest countries in the world, with a low crime rate.

Temperate Climate:

Cyprus enjoys a mild Mediterranean climate, ideal for living and tourism.

Developed Economy:

Cyprus has a stable and growing economy, creating numerous business opportunities for investors.

Multicultural Community:

Cyprus is a multicultural country that welcomes immigrants from all over the world.

Simple Application Process:

The Cyprus residency application process is relatively straightforward and transparent.

Reasonable Cost

Compared to other European residency programs, the Cyprus residency program has a reasonable cost.

In addition, the Cyprus Residency Program 2024 offers several other advantages, including:

• No requirement to prove the source of funds.
• No business experience required.
• No language requirements.
• Allows for a combination of different investment options.

Investment Conditions of the Cyprus Residency Program

Investors can choose from several investment options worth €300,000: buying residential or commercial real estate, shares of Cypriot companies or local investment fund units.

Buying residential real estate €300,000+

Buying commercial property €300,000+

Shares of Cypriot companies over 300,000 Euros

Buying securities €300,000+

Investment costs in the Cyprus island settlement program

Buying real estate: From €300,000+

VAT: €15,000+

Legal services: 1% of the transaction amount. (1% of the transaction amount + €500 for each additional applicant for families of 3 or more)

Proof of income: For investors is €50,000+ per year (+€15,000 for spouse and €10,000 for children)

Immigration application fee: €500 (+ €500 for each child over 18)

Registration fee: €70+ for investor, €140+ for spouse, €70 for each family member starting from the fourth member

Step-by-step process to obtain permanent residency in Cyprus

The process of obtaining permanent residency in Cyprus by investment takes approximately 8-12 months. Everything can be done remotely, so there is no need to fly to the island. The applicant only needs to collect the necessary documents and choose a reliable partner to advise on investment immigration.

Initial Assessment

An assessment is a mandatory step in any investor residency program. Its results determine whether the investor will become a resident of the country.

Document Preparation

Portico and Bridge helps to collect, translate and notarize documents, obtain health insurance and sign a contract for the rental of real estate.

The main set of documents includes:

• A completed MIP1 application form.
• Originals and copies of valid passports of all applicants.
• A biography of the main applicant.
• A declaration confirming an annual income of at least €50,000.
• Confirmation of investment.
• Proof of permanent address in Cyprus.
• A declaration of no employment in Cyprus.
• Certificate of no criminal record for the main applicant and their spouse.
• Marriage certificate.
• A birth certificate.
• Health insurance for the whole family.

Fulfillment of Investment Conditions

When buying real estate, we submit the documents to the Department of Lands and Surveys of the Republic of Cyprus, including an application for a reduction of the VAT rate to 5%. The investor transfers €300,000 and VAT to the developer.

Portico and Bridge has its own database of properties, including those under construction. We will help you decide on the type of investment or choose a property, draw up a purchase and sale agreement and carry out the transaction.

Submission of Application for Residency Visa

The applicant needs to submit an application for a Cyprus Island Residency Visa. The decision on granting permanent residency is made within 8-12 months. Within a year after approval, the investor and family must come to the island to submit biometric data and apply for permanent residency.