Cyprus - Update on obtaining residency permit
 
Cyprus has recently experienced an increase in applications for a residence permit. The holder of such a permit enjoys free entry to Cyprus as well as the countries of the European Union and the Commonwealth. This is exactly what attracts applicants to seek Cyprus residency status these days.

The process for granting residency status to applicants has been simplified and is based on the proof of availability of adequate financial resources. The Ministry of Interior has recently published the minimum acceptable financial resources requirements:

a) Annual income of €30,000 (plus an additional €5,000 per dependant) arising from sources outside Cyprus, and
b) Ownership of real estate property in Cyprus with a market value of €300,000, and
c) A fixed deposit account in Cyprus with a balance of €30,000, pledged for a minimum period of three years

The applicant should also visit Cyprus at least once every two years.

Applicants are typically wealthy individuals who want:
  • Easy entry to many European and Commonwealth countries without the need for a visa
  • Cyprus residency status to obtain easier admission for their children to a European university
  • Cyprus residency status as a stepping stone to a Schengen visa
  • The above benefits and at the same time have at their disposal a real estate property in a world-class holiday destination
Applications are expected to be processed within two months from the date of submission.
 
Cyprus - Update on obtaining citizenship
 
Cyprus has also experienced a rise in applications for Cyprus citizenship by high net worth individuals. These individuals can apply for Cyprus citizenship on the basis of having made a significant contribution to the Republic. Once such a significant contribution has been proven, the applicant is granted Cyprus citizenship immediately through fast-track procedures. Please note that a prerequisite for filing an application is the ownership by the applicant of a home in Cyprus worth at least €1m, which is used as their permanent residence.

The Ministry of Interior considers any one of the following as a significant contribution to the Republic:
  • Investments worth over €10m, which include immovable property, shares or securities registered and issued in Cyprus, or
  • Control of a Cyprus registered company or companies having a total average turnover of at least €10m per year in the 3 years preceding the application, or where at least 1/3 of employees of this company or these companies are Cypriot, or
  • Deposits in Cypriot banks of at least €15m. The deposits may be held directly by the applicants themselves or by companies owned by them or by trusts of which the applicant is the beneficiary, or
  • Total combined assets meeting the above-mentioned criteria of at least €15m, or
  • Ownership of Cyprus-registered companies, which in the 3 years preceding the application, contributed to the Cyprus economy on average at least €500,000 per year in the form of taxes paid, VAT, or professional services purchased.
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How Can Amicorp Assist You?
 
Amicorp Cyprus can help you:
  • Complete various forms, obtain certificates, and pay government fees for obtaining a residence permit or citizenship
  • Communicate with local authorities
  • Open a bank account in Cyprus
  • Incorporate and manage Cyprus registered entities
  • Set up employment and rent contracts
  • Explore options for purchasing property
We can also provide physical or virtual office space, if required, and assist with the logistics of the above requirements as well as answer any questions you may have.
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For more information contact:

Christophoros Loutsios
Amicorp Cyprus
c.loutsios@amicorp.com

 
 
 
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