Residency by Investment for Cyprus

Terms for Securing Cyprus Residency

• Invest in a single property for EUR 300,000 (Net of VAT)
• Investment to be kept for just 3 years;
• No donations required;
• Cyprus residency approval typically issued in approximately 6 weeks;
• No exams in history or Greek language.

The qualification may either be done personally or through a company or companies in which he/she acts as a shareholder or even as a high-ranking senior manager.

Procedure

The process of obtaining Cypriot citizenship consists of a series of important steps that need to be implemented carefully and executed by an authorised service provider.

Time Frame

Following the completion of the initial investment, an application may be submitted. Upon submission, review times vary. There is no 'fast track' or expedited process, but nonetheless it is reasonable to anticipate applications may be approved in as little as six months. This quick process makes Cyprus one of the fastest destinations in which to obtain permanent residency by investment.

Performance Guarantee

The procedure for obtaining Cypriot citizenship is a delicate process that requires a high level of focus on the detail in the application, and in the structuring of the investment. We have a wealth of international and local expertise to ensure the delivery of your application within required time frames.

We only work with investors who have passed our internal due diligence checks, which mirror those used by the Government of Cyprus as part of the application process.

The Cyprus Citizenship Investment Program offers a fast, simple and efficient route to Cypriot citizenship, which provides full EU rights, including the ability to live and work in any EU country.

• The program requires an investment of €2M in residential real estate
• The investment property must be retained for a period of five years
• A €150.000 contribution is required to the Government
• All nationalities are eligible to apply
• Cases are approved within just six months

Sterling Migration provides our clients with exclusive access to the most desirable real estate Cyprus offers. Enabling our clients to acquire a magnificent family home on the picturesque island or to secure excellent rental yields.

Complete property management services and re-sell services are also provided.

Early 2018 saw a return to full and robust health in the Cyprus property market. Opportunities to acquire exceptionally good value properties are once again being snapped up. That return to competitiveness has seen bidding between buyers, and a tightening supply of choice properties in the most desirable investment areas.

The main element of a healthy Cyprus real estate market has always been residential property and specifically, within the luxury segment, second homes.

The property options in Cyprus that offer buyers the highest value for money include:

• Seafront properties, typically including private 'infinity' pools
• Integrated master-planned communities
• These usually have a golf course or community at their core, offering properties that cater to all types of owners and include locals, new residents, second homeowners and vacationers
• The areas in highest demand provide lifestyle aspects (i.e. beaches) and infrastructure, notable areas such as Limassol, Pafos, and Ayia Napa.
• The best of these planned communities have a high demand for both rental and resale.
• Investors who participate in guaranteed rental schemes can anticipate solid returns and freshly renovated properties delivered to the buyer upon completion of the rental term.

Most foreign buyers purchase properties in the above-mentioned classifications, as opposed to purchasing a property in the capital city.

The Cypriot government is keen to encourage residency, and there are plenty of good reasons to take them up on the offer!

Cyprus has the lowest crime rate in Europe. A former British colony and member of the Commonwealth, it offers both high standards and affordability in British education. Over 80% of the population in Cyprus speak English, and at last count three UK Universities have campuses in Cyprus.

Cyprus’s economic freedom score is 67.8, making it's economy the 48th freest in the 2018 Index.  Cyprus is ranked 24th among 44 countries in the Europe region, and its overall score is well above the world average.

The Cyprus government has committed to improving fiscal discipline and undertaking other structural reforms such as the sale of state assets to improve the efficiency of state-owned enterprises and raise funds to reduce government debt.

Cyprus does particularly well in trade freedom and monetary freedom. The regulatory framework is relatively transparent and efficient, and the financial sector has stabilised.

Recent History of Cyprus

Cyprus gained independence from the U.K. in 1960. Tensions between the Greek majority and Turkish minority led to repeated episodes of violence. A U.N. buffer zone has separated the Greek Cypriot Republic of Cyprus from the Turkish controlled areas of northern Cyprus since 1974.

The Republic of Cyprus joined the European Union in 2004 and acts as the island’s internationally recognised administration.

Services such as tourism, finance, shipping, and real estate account for more than four-fifths of GDP. Developing offshore hydrocarbon resources is a priority.

The Laws in Cyprus

The Republic of Cyprus has an independent and impartial judiciary that operates according to the British tradition, upholding due process rights. In exceptional instances, private property may be expropriated for public purposes in a nondiscriminatory manner and in accordance with established principles of international law. By notable contrast, corruption, patronage, and a lack of transparency continue to flourish in the Turkish-controlled area.

Local Regulations

A regulatory framework that is generally conducive to entrepreneurship and excellent infrastructure make Cyprus a business-friendly country.

Relatively flexible labour regulations facilitate employment and productivity growth, although union power is quite strong. The government is committed to privatising state-owned electricity and telecommunications service providers as well as the ports authority.

Markets in Cyprus

Trade is extremely important to Cyprus’s economy; the combined value of exports and imports equals 124 per cent of GDP. In general, government policies do not significantly interfere with foreign investment, and the average applied tariff rate is 1.6 per cent.

After strains and uncertainty in the financial system, with banks heavily exposed to Greek debt, recapitalisation and restructuring enabled a relatively rapid return to international markets, and Cyprus is now hailed as being on exceptionally sound financial footings.