Introduction to Cyprus
Cyprus’ popularity on the global Immigration and Citizenship as one of the preferred relocation destinations for foreign investors lies in its robust business infrastructure, the easy Mediterranean lifestyle and the ever growing community of high net worth individuals who have decided to relocate and the enjoy the many benefits which Cyprus has to offer.
Proof of Cyprus’ appeal lie in the official EU statistics which suggest that as of 2014 Cyprus has over 3000 high net worth individuals seeking a better future for their families and themselves.
In fact, in the 2019 Wealth Report by Knight Frank the number of individuals in Cyprus worth over US $30 million exceeded 200 in 2018 and the forecast shows that it is expected to rise by about 20% to 25% over the next five years.
Cyprus’ success story is attributed, in part, to its ideal strategic geographic positioning between 3 continents thereby providing an ideal investment gateway into the European Union, the robust business community with the very high quality professional services and an abundance of highly educated and skilled individuals, multilingual in their majority, ready to serve the needs of any business. The local infrastructure is ideally suited for the business world due to its modern road network, extensive port facilities and two new international airports, making travel and transport in and beyond Cyprus fast, efficient and cost-effective.
However the most compelling reason for Cyprus’ success with high net worth individuals lies in the safety and high quality of life with the many golden beaches, boasting clear blue waters, pine-scented forests and a superb climate. It is the sunniest country in Europe with over 300 days of sun annually. The environment is one of the healthiest in the world according to the World Health Organization and is relatively unspoiled by industrialization.
Legal Basis of the Cyprus Permanent Residence Permit (“PRP)
The PRP is a Category F Immigration Permit issued by the Immigration Department under the Ministry of Interior of the Republic of Cyprus, in pursuance to Regulation 5 of the Aliens and Immigration Regulations subject to which the Applicant together with their spouse and financially dependent children can reside freely and indefinitely on the Island.
The benefits afforded to holders of the Cyprus PRP include the right to reside indefinitely in Cyprus as well as visa free travel to Cyprus from anywhere in the world. In understanding the needs of the contemporary investor, the PRP Scheme was introduced in an effort to provide foreign investors, who have invested in the Cyprus real estate market, fast, affordable and easy access to their investment without lengthy beurocratic procedures, which may apply to other Category F holders.
Beyond the visa free travel and fast access to their investment, the PRP Scheme has additional benefits to the investor, namely:-
- Spouse and children under the age of 18 are also covered by the Immigration permit (PRP).
- Parents of the PRP owner or parents of spouse are eligible to apply for PRP with additional easily met criteria.
- Flexible investment options with purchases up to two housing units (apartments or houses), which can be independent, but purchased from the same vendors, or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m.
- Applicant may apply for citizenship on completion of the legally required residence in Cyprus.
In order for the Applicant to be eligible for this PRP they must meet the following requirements, namely:-
- Confirmation letter from a financial institution in Cyprus that applicant has deposited a minimum capital of €30.000 into a bank account, which will be pledged for a period of at least three years. The only reservation is that this amount has been transferred to Cyprus from abroad.
- The applicant should prove that he/she has at his/her disposal a secured annual income of at least €30.000 from overseas sources.
- Title deeds or a sale contract in his/her name and/or his/her spouse, which has been officially filed at the Department of Lands and Surveys, of a real estate, of total market value of at least €300.000 (V.A.T. is not included therein) and official payment receipts of at least €200.000 (excluding V.A.T.), irrespective of the delivery date of the real estate. The abovementioned amounts must be proven to have been transferred to Cyprus from abroad.
Supporting Documents of the Application
- Copy of a valid passport.
- Curriculum Vitae.
- Health Insurance Policy
- Non-Criminal Record Certificate duly certified from the country of residence.
- Marriage Certificate duly certified (if applicable)
- Children’s Birth Certificates dully certified (if applicable)
We undertake to accompany the Applicant throughout the Application process:-
Stage 1 – The Taking of Instructions
At this stage we take instructions from the Applicant regarding their investment approach and advise on the types of investment which are available and the supporting documents.
Stage 2 – Legal Due Diligence
After the Applicant has decided which investment option to proceed with we perform Legal Due Diligence checks on the Asset(s) which the Applicant has decided to invest on and ensure that the Documents are duly certified and translated to Greek or English.
Stage 3 – Contract and Application Drafting
We draft the Application together with the relevant Contracts of Sale for the acquisition of the Asset.
Stage 4 – Submission of Application
We attend the Civil Registry and Migration Department and submit the Application together with all the supporting documents.
Stage 5 – Scheduling of an Appointment for Biometrics
The Application will be accepted the Applicant is invited to give biometrics.
Stage 6 – Issuing of Residence Permit
Provided the Application is accepted the Residence Permit will be issued within about 2 months.
About Y. Habari & Co. LLC
Y. Habari & Co. LLC is a boutique Law Firm in Cyprus servicing the Corporate and Immigration industry with locations throughout the world including North America, Europe, the Middle East, and Asia. Our global presence affords us local knowledge and intimate understanding of the markets which in turn allows us to provide our esteemed Clientele with a personalised service achieved through a solid understanding of cultural and political sensitivities.
Our diverse but specialised legal experience in the Corporate and Immigration world after years of practice gives our Clients peace of mind by helping them maneuverer seamlessly through the relocation process whether it is a family Citizenship Application, a Residency Application or Business relocation, whatever the case we are here for them.
We are proud to say that our personalised approach together with our years of experience has provided our Clients with 100% relocation success irrespective of their Application.