Permanent Residence – Fast Truck Procedure – Regulation 6(2)

Permanent Residence Fast Truck Procedure – Regulation 6(2)

According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, PRPs may be granted to third country nationals who fulfill the following criteria:

a) The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could be from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person.

b) The applicant must submit the application form accompanied with a Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building, of a minimum market value of €300.000 and proof of payment for at least €200,000. The contract of sale should already have been submitted to the Department of Land registry.

c) The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30.000 in an account, which will be pledged at least for a three year period.
It is noted that the amounts mentioned should be proven to have been transferred to Cyprus from abroad.

d) The applicant must submit a Clear Criminal Record Certificate from his country.

e) The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.

f) The applicants should visit Cyprus at least once every two years

Applicants must also submit:
a) Copy of valid passport.

b) Cv

c) Proof of Health Insurance

PROGRAM OVERVIEW

  • Applicable to NON-EU citizens
  • It is granted to applicant and his spouse, with no expiration date
  • It is granted to applicant & spouse’s parents (only Fast track Procedure)
  • It is granted to applicant’s children up to 18 years old
  • It is granted to applicants dependent children from 18 years to 25 years if they study abroad and they can keep it for their lifetime
  • Holders of this Permit are not entitled to work in Cyprus.
  • Holders of this Permit may own a Cyprus Registered Company and receive dividends from its profit

PERMANENT RESIDENCY BENEFITS

  • Excellent prospects for the future as Cyprus will soon enter the Schengen Zone of Europe allowing all Cyprus PR holders to travel freely through Europe.
  • CY PR holders have a right to reduced tuition costs in various universities within Europe, as they are considered permanent residents of a European country.
  • CY PR Applies to the permit holder and spouse, as well as all children under the age of 18. However if the children are over 18 they are also allowed to reside in Cyprus under the Family Reunification Act, or if the children are dependent on their parents due to studies or any other reasons, they can be added to parents application up until 25 years old.
  • Freehold Property
  • No inheritance tax
  • One of the lowest property taxes in the world

Citizenship-by-Investment in Cyprus‏

Citizenship by Investment Program

 

Grant of the Cypriot- European citizenship

Main benefits of the programme:

  • An express procedure – only few months (the fastest in Europe)
  • Investment minimum € 2 mln (+ VAT if applicable) in real estate
  • Investor is entitled to sell its investments after 3 years, however he must hold possession of at least 500 000 Euro worth of residential property (+ VAT if applicable)
  • No requirement to reside in Cyprus either before, during or after the approval of the citizenship application
  • The citizenship obtain the whole family – husband, wife and all financially dependent children up to the age of 28
  • The applicant’s parents are also entitled to apply for Cyprus citizenship by exception provided that they own a lifetime residence of at least €500.000 (excluding VAT).
  • The government of Cyprus will not ask the history or language proficiency tests like other countries do.
  • You are going to have All the rights of an EU citizen protected by EU legislation and regulations, are afforded: freedom to reside, work, do business, study and travel anywhere in the EU, Switzerland, Liechtenstein, Norway and Iceland
  • You are going to obtain VISA-free travel to 157 countries worldwide, including all the European Union countries, Canada and Australia among others
  • Dual-citizenship permitted and the acquisition of citizenship in Cyprus is not reported to other countries
  • There is no double taxation in Cyprus, international tax planning tool and financial confidentiality to the Cyprus passport holders

Requirements for investors:

• The minimum investment amount is €2 million (+ VAT)
• Keeping investments for a period of minimum 3 years
• Clear criminal record for all applicant (incl. all family member)
• The investor must own a private residence in Cyprus, purchased for at least €500.000.

 

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