The Cyprus Visa (Investment Permanent Residency Program), called Category F Cyprus visa, is the most popular and most attractive to foreign investors. It compares the most favorable among all other investments immigration programs offered by other countries.
Cyprus government decided to simplify and shortened the process to obtain Cyprus visa (Category F), making it very attractive to foreign investors. In order for the government to issue immigration permit to applicants, who are third country nationals, they must fulfill the following criteria:
1. MINIMUM ANNUAL INCOME OF €30,000
The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person.
2. OWNERSHIP OF PROPERTY IN CYPRUS VALUE €300,000
The applicant must submit the application form accompanied with a Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building, of a minimum market value of €300.000 and proof of payment for at least €200,000. The contract of sale should already have been submitted to the Department of Lands and Surveys.
3. DEPOSIT IN A CYPRUS BANK OF AT LEAST €30,000
The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30.000 in an account, which will be pledged at least for a three year period.
It is noted that the amounts mentioned in paragraphs (2) and (3) should be proven to have been transferred to Cyprus from abroad.
4. CRIMINAL RECORD CERTIFICATE
The applicant must submit a Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any threat against public order or security in Cyprus.
5. STATEMENT FOR NOT DOING BUSINESS OR WORK IN CYPRUS
The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.
6. VISIT CYPRUS AT LEAST ONCE EVERY TWO YEARS
The applicants should visit Cyprus at least once every two years.
CYPRUS VISA BENEFITS:
- Simple, fast and easy to complete and obtain Cyprus visa in less than 60 days;
- The visa covers not only the applicant but also the applicant's family members less than 18 years of age;
- Allows the holder to come and go without restrictions and lasts forever;
- Compatible with other government incentive programs, 1) Reduction of VAT on buying properties from 19% to 5% and 2) Waive in total the Title Transfer Fee (around 6-7% depending on property value). This means significant savings of about 19-20% in government fees are enjoyed by the property buyer.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.