Cyprus is a fabulous place to reside, with a warm and steady climate, and located in a feasible geographical position in the eastern Mediterranean. And with several residence programs in Cyprus, it is definitely not a big job.
In accordance with the Cyprus Government’s objective to boost foreign investment, and to boost its economic growth, Regulation 6(2) of the Aliens and Immigration Regulations has lately been abridged by the Ministry of Interior in a bid to issue Residence Permits to applicants from non-European countries, given that the following requirements are fulfilled:
1. The basic requirement is the acquisition of new fixed property of a total market value of a minimum EUR 300,000 along with VAT. The applicant must give the application form along with a contract of sale and proof of payment of at least EUR 200,000 plus VAT. The contract of sale must have been given to the Cyprus Department of Land and Surveys. The property can also be purchased by a firm provided that the company is licensed in the name of the applicant or the applicant and spouse, and they are only shareholders.
2. The applicant must furnish a confirmation letter from a Cyprus bank that they have placed a minimum capital of EUR 30,000 from foreign country into an account which will remain inaccessible for three years. Once the expiration period is over, the money will be unconfined without any clause.
3. The applicant must give necessary evidence of a secured annual income of at least EUR 30,000 coming from another country. This income must boost by EUR 5,000 for every extra child and EUR 8,000 for each reliant parent. This income can be inclusive of salaries from employment, rents, pensions, and dividends from shares, etc.
To register for these residence programs in Cyprus, an amount of EUR 500 is billed with the submission of the application and EUR 50 extra for the biometric catching. The application will then be inspected by the Civil Registry and Migration Department and will be forwarded to a permanent secretary of the Ministry of Interior for the final outcome within two months. Once approval has been given, the applicant and all the members of the family must visit Cyprus within one year to fetch the actual permit.
When in Cyprus, a visit is scheduled to the migration office in Nicosia in a bid to capture the biometric data for all family members who choose to apply. The biometric data can be succumbed either with the submission of the application for residence, during the application process, or right after approval.
· Fast track application process, within a period of two months
· Great approval rate if all criteria is met
· It is not mandatory to live in Cyprus but a visit once every two years is needed
· Dependents can be registered in superior quality private schools, offering English language courses
· Residence smears to the entire family (applicant, spouse and children under 18 years old)
· Dependent children between 18-25 and parents of the applicant are also qualified
· The entire process can be organized without being present in the nation, only, a visit is required for biometric process
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