The Cyprus government has very recently released immigration programs which fall in the investments promotion scheme. When investing 300.000 Euro or more on Cyprus real estate you can benefit from the Permanent Residence Plan in Cyprus (EU). In more detail as you can see below are the different immigration plans:
Plan 1 – Individuals:
Any given individual can benefit from permanent residence in Cyprus Europe given that they purchase a property with an approximate value of 300.000 Euro. When the property is purchased the individual has the right to make an application for the Cyprus Permanent Residence scheme. Several other requirements are also needed like Bank statements proving that the individual has stable means of income, documents showing that there is no criminal record as well as a registered private health insurance.
When the property has been purchased the individual and their family are able to live there immediately on a temporary residence permit plus there is no minimum residence time for the individuals in order to qualify, whenever they like they can fly back home and enter Cyprus as many times as they like without visa requirements. After 2 months from the time that the application for permanent residence was given the applicants will receive their permit which applies to husband, wife and all children under the age of 18. For grandparents and older than 18 there is an application called family unification which can allow them to become permanent residents too but needs to be done separately and after the Cyprus Permanent Residence was given to the family of applicants.
Plan 2 – Businesses:
Cyprus sits in the first place in the European union as the top destination to set up a new company as it offers the lowest business tax in Europe at 10%. Since October 2011 the Cyprus government made a special plan which allows company owners that set their business in Cyprus and have more than 10 million euro of annual turnover to receive the Cyprus passport and legally become citizens of Europe. Receiving the Cyprus Passport means that the individual is automatically a European citizen and is allowed to live in any European country they choose to.
Plan 3 – High Net Worth Individual (HNWI):
When a very wealthy individual makes a direct investment of 5 million Euro or more can also acquire Cyprus citizenship instantly. The requirements for the investment can are that the investment is made in a business or a joint venture or property. Individuals that have the ability to make such investment will receive the Cyprus passport within a short period of a few months.
Currently there are various business opportunities for good investments in Cyprus from exploiting renewable sources of energy like wind and solar farms to Natural Gas or even Property developments.