Attracting foreign direct investment is at the heart of Cyprus’ development strategy. Accordingly, the Cyprus government introduced the Permanent Residence (PR) programme to provide non-EU citizens with the ability to obtain, through investment in Cyprus, permanent residence status that is valid for life and can be passed on to their dependents.
Cyprus has been a full member of the European Union since 2004. This small but dynamic country has a modern, free-market, service-based economy with an effective and transparent regulatory and legal framework, and a highly competitive tax system that is bolstered by an extensive network of over 60 double tax agreements in force worldwide.
A business-friendly environment and advanced infrastructure, combined with a high quality of life, allows investors and their families to enjoy the best of both worlds. Ease of doing business, safety, stability, year-round sunshine, beautiful beaches and mountains, as well as an array of historical and cultural attractions, all combine to make Cyprus one of the most attractive destinations in the EU for both living and doing business.
Cyprus PR offers the following benefits:
PR status gives the applicant and his / her dependent spouse, dependent minor children and unmarried children in tertiary education, or parents / parents-in-law the right to reside in Cyprus.
PR applicants are required to invest a minimum of €300,000 (plus VAT, if real estate investment option) from funds received from sources outside Cyprus in one of four options:
The Sovereign Group can introduce applicants to a range of qualifying investment providers.
PR applicants are required to:
Processing a PR application
Sovereign’s Cyprus-based staff and our professional service partners are well placed to assist, advise and support applicants throughout the entire PR application process. We will work closely with applicants during each step of the process to ensure that they can meet the qualification requirements, to assist in the preparation of the PR application and supporting documentation, to submit the PR application and to liaise with Civil Registry and Migration Department throughout the PR application review.
Fast-track PR Application Process
The total costs associated with applying for the permanent residency programme will depend on several factors, including the chosen investment option and the number of family members to be included within the application.
Please contact Sovereign to discuss your requirements further and request an all-inclusive quotation.