Travel to Cyprus

Archive for May 24th, 2011

The Cyprus Government provides new incentives to third-country nationals for investing in Cyprus. These incentives gained popularity in the last three years as around 30 foreign nationals were granted permit/s or nationality, amongst them some of the richest people in the world.

The main ways in which this can take place are as follows:

a. By obtaining an Immigration Permit

Equivalent to a permanent residency permit and can be granted, by the Minister of the Interior provided that the applicant/s has a clean criminal record and an insured annual income of approximately €30.000 (per couple) wholly generated abroad and not from employment or self employment in Cyprus, to people from third countries who invest in privately owned residence in Cyprus of a value not less than EUR 300,000 for ownership occupancy.

b. By obtaining a Cypriot Passport/Nationality

Approval must be obtained from the Council of Ministers for providing nationality in special cases. Although each case is considered on its own merit, there is some criteria which needs to be met when considering such applications, i.e. The applicant must be over the age of 30 years, have a clean criminal record and must have a permanent home in Cyprus and of course travel to the island often.  These conditions must be satisfied when a third country individual applies for Cypriot nationality.

In addition to the above, the applicant must satisfy one of the following conditions:

a.            Must have business activities, with a total annual turnover of not less than €85m., in the year prior to the year of application – (e.g. companies registered in Cyprus)

OR

b.            Must have direct investments of at least €30m.

OR

c.             A combination of business activities and direct investments of at least €25m.

OR

d.            Must be able to prove that he has introduced new technology in vital sectors of the

Cypriot economy or research centres

OR

e.            The applicant must have a personal 5 year deposit in a Bank in Cyprus amounting to

at least €17m.

Even if the figures stated above for points a to e are not fully achieved, if the potential investor has the ‘correct’ profile and commits himself to a considerable and respectful investment in the island, there is a good chance to be considered eligible to obtain a passport.

Read more

http://www.pirilides.com/en/cyprus/practices/acquisition-of-immovable-property/10