SYNTHETIC OF QUESTIONS ABOUT CYPRUS PERMANENT RESIDENCE PROGRAM
Cyprus is known as “Europe’s most livable country”. Cyprus immigration has always been a promising program to attract resident investors. Possessing Cypriot citizenship means that the investor is a citizen of Europe. Cyprus is also one of the few countries receiving direct citizenship by investment program. Processing time is fast and almost risk-free. Cyprus permanent residence program is attracting a lot of investors.
1. What is Cyprus Permanent Residence?
Cyprus permanent residence is a settlement card that investors will receive after about 2-6 months of making a settlement application. When having PR, the whole investor’s family is free to live and open a business. Above all, investors can send their children to study in Cyprus.
After meeting the residence requirements, the investor and his family can apply for Cypriot citizenship (European citizenship).
2. What are the types of investments that qualify for Cyprus Permanent Residence (PR)?
Investing for Cyprus Permanent Residence, investors need to invest a minimum of 300,000 EUR in one of the following categories:
– Buy a new apartment from a real estate developer with a value of at least 300,000 EUR. This property can be used for rental.
– Purchase of multiple commercial properties (offices, shops, hotels) with a total value of at least 300,000 EUR.
– Equity investment in a company in Cyprus: the company must be active and have a minimum of 5 employees.
– Investing in Cyprus Funds (Units of Cyprus Investment Funds, AIF, AIFLNP, RAIF).
In the form of investment, Vietnamese investors often prefer to invest in apartment real estate. Here are some reasons:
– Real estate investment is a form of buying real estate with permanent ownership.
– During the investment maintenance period, it is possible to rent out for profit.
3. With a Cyprus Permanent Residence, is it possible to travel freely in the Schengen Area and the European Union (EU)?
Cyprus permanent residence allows investors to freely travel within the Schengen area. But here is not yet exempted visa to travel freely in the EU. However, with Cyprus permanent residents, when applying for a tourist visa to EU countries, the investor’s application will be prioritized and has the privilege of being processed faster.
When naturalizing Cyprus, the investor’s family will be free to move and live, moreover, you can freely work and study in any EU country.
4. What are the conditions for Cypriot citizenship after obtaining permanent residence?
To become a Cypriot citizen, the investor must meet the following conditions:
– Have resided legally in Cyprus for at least 8 years.
– Have resided continuously in Cyprus for 12 months prior to the date of application for naturalization.
– In the 7 years before the 12-month continuous period of residence, the applicant must have resided here for a total cumulative period of at least 4 years.
– Have a clean judicial record.
5. What is the risk of investing?
Risks of investment in Cyprus permanent residence program:
Regarding real estate investment projects, the biggest risk is in choosing projects and developers with no experience and reputation. The project does not meet the requirements of the Government. The Cyprus real estate market is very active. Many units offer for sale, but these properties do not meet the conditions for permanent residence, the price is not transparent, and the quality is not good.
– Regarding the investor’s application for PR, the application is rejected only if the investment money comes from an illegal source.
However, this reason will not occur with Portico & Bridge customer records. Because Portico & Bridge always carefully appraises the projects and investor’s profiles before signing the contract.
6. Which family members are allowed to accompany?
Cyprus permanent residency allows multi-generational family members to be accompanied by application, including:
– Legal spouse.
– Children (including adopted children) who are unmarried and financially dependent.
– Parents (of both of applicant and their spouse).
Compared to other European investment programs of the same type and programs of other countries, Cyprus has a very advantageous dependent policy, allowing the whole family of multiple generations to be accompanied by the application.
7. What is the cost of living in Cyprus?
The ingredients and groceries sold in Cyprus are more affordable than in the UK, especially fruit and meat. Cuisine in Cyprus delicately blends European, Greek and Middle Eastern cuisines.
Investors who visit local restaurants will have the opportunity to taste the best dishes. Besides, the price is very affordable. Moreover, in Cyprus, buses are available in many places at a low and reasonable cost.
Cyprus is one of the most developed economies in Europe and is a place that attracts many foreign investors. Because Cyprus offers great social welfare policies as well as excellent health and education policies.
Portico & Bridge is a leading European immigration consultant, with more than 35 years of experience and a team of more than 50 professionals worldwide. For more information about the program, please contact Portico & Bridge for detailed support.
Call us now at 0909.898.758
At PORTICO & BRIDGE, “Your Children, We Care”.