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ABOUT CYPRUS PERMANENT RESIDENCY

CYPRUS PERMANENT RESIDENCY PROGRAM

According to Cypriot law, a Non-European national who buys one or two properties (Residential) in Cyprus for himself and his family for a total value of €300.000 + VAT and more, he/she may apply for Cyprus Permanent Residency.

The Cyprus Permanent Residency Program is a fast track program whereby applications are processed within 2 months of filing.

Branches and Partners helps their clients choose the most suitable Permanent Resident Program to secure residency in their desired location. They follow up strategically with the concerned authorities to monitor how the application is being processed.

Why Cyprus?

Legal Basis

Cyprus grants Non-EU nationals the right to permanently reside in Cyprus with no renewal requirements. The Permanent Residency is granted to third country nationals, who apply under Regulation 6(2) of the Aliens and Immigration Regulations, provided that they fulfill the Financial Criteria.

Cyprus Permanent Residency(EU) Benefits

  • Fast track application procedure –approval within 2 months from the date of filing.
  • Applicants and their families can freely reside in the Republic of Cyprus.
  • Applicants can register a company in Cyprus and be shareholders in their Cypriot companies.
  • Cyprus experiences a warm Mediterranean climate all year round.
  • Cyprus is a safe and secure country with one of the lowest crime levels in the EU
  • Strategically located at the crossroads of Africa, Europe and Asia and the Middle East.
  • No inheritance tax; Cyprus has one of the lowest taxes in the world and double taxation treaties with over 43 countries.
  • Applicants and their families have access to the best Universities and private schools all around the island.
  • Cyprus is a full member of the European Union and a member of the Eurozone.
  • Applicants up to the age of 25 years old can be considered as dependents provided they are in consecutive levels of education or children with severe physical or mental disabilities.

Cyprus Permanent Residency (EU) Steps and Procedures

Step 1:

  1. Branches & Partners shall pre-screen your passport copy for pre-approval to ensure fast processing.
  2. A down payment of the professional fees will be required to open your application

  1. Step 2:
    We will provide assistance and advice with regards to the collection of the documents required in the checklist for the Cyprus Visa application.
  2. A Meeting is then set up with dedicated Attorneys in Cyprus so that a “Power of Attorney “mandate is signed in the presence of a certifying officer.

Step 3:

  1. Branches and Partners will assist in the opening of a Cypriot bank account.

Step 4:

  1. We will guide you to the Cypriot property that fully satisfies your requirements (€300,000) and start preparing the property purchase documentation required to be presented for the Permanent Residency application. An initial payment of at least €200,000 must be made

Step 5:

  1. Once the sale agreement for the purchase of your property is signed and all other relevant documents gathered, the Permanent Residency application will be filed with the Migration Department.
  2. Approval can be expected within 2 months, and Permanent Residency is granted provided all requirements have been met.

Step 6:

  1. Once the Permanent Residency Permit has been granted, the applicant must visit Cyprus within one year to obtain the actual permit and passport stamps.
  2. The remaining 50% Branches & Partners fees are paid.

Cyprus Permanent Residency Costs & Timeframes

FINANCIAL CRITERIA
Applicants must prove that they have made the following investments
  1. Purchase or own a residence of €300,000 plus VAT
  2. A Bank deposit of €30,000 in a Cypriot Bank, pledged for 3 years
  3. The applicant should prove at least €30,000 income for himself and plus €5,000 for each dependent on
    • An applicant may purchase up to 2 residential units (apartments or houses), or 1 residential unit and 1 shop with an area of up to 100m² or 1 residential unit and an office with an area of up to 250m²
    • Residences or apartments may be independent of each other but both must be sold by the same
      company
    • The property must be new (not a resale)
Conditions
  1. All investment funds must be proved to have emanated from abroad.
  2. A Declaration is signed by the applicant/spouse that there is no intention to be employed in Cyprus. The applicant and/or his wife could be shareholders and directors in a company registered in Cyprus.
  3. All applicants must visit Cyprus at least once every 2 years.
  4. Have a clean criminal record.
  5. Unmarried children between the ages of 18 and 25, provided they are students and financially dependent on the applicant, can submit their own application to obtain the Permanent Residency Permit on the basis of the main applicant’s investment

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