January 7, 2022 | By admin | Blog | An island in the eastern Mediterranean Sea – CYPRUS lies at the crossroads between east and west. The country has been an independent nation since 1960 and a member of the EU since 2004.The Island offers low tax rates and has a diversified economy. Tourism, shipping and financial services are major industries. Greek is the official language whereas English tends to be used as the language of business. Having a population of 1.17 million, people are multi-lingual.  One can become a citizen of this country via Cypriot Investment Scheme. The scheme is well-suited to families and, is valid for life and can be passed on to future generations, once granted. Requirements In order to qualify for the Cyprus Permanent Residency by Investment program, applicants are required to buy a first-time sale residential property or sets of properties to the minimum value of €300,000 (plus VAT, if applicable). First-time sale stands for new properties and not for re-sales and should be bought from a property development company. The applicant should register her/his sales agreement at the Land Registry and pay at least €200,000 plus VAT in order to apply. The payment should be made in the bank account of the developer (seller) in Cyprus, and the money should be transferred from overseas. The delivery date does not matter, so properties under construction can be included. The applicant may buy up to two properties with total value of Min. €300,000 + VAT. Main applicant must maintain a 3 years fixed deposit with a Cyprus bank of at least €30,000 transferred from abroad after 3 years the money will be released without restriction. No physical presence is required. An annual income of at least €30,000 for the applicant and additional €5,000 for every dependent (spouse and children) should be proved. If one will include their parents or your spouse’s parents they must have an additional €8,000 on your income. Dependents: Spouse, Kids under 18 years of age, kids from 18-25 years of age provided they are financially dependent on main applicant, Unmarried and Students with min. 6 month study left at the time of application. Married kids under 25 can also be included but not their families.  Parents of both Spouses. Adult kids over 25 Years can only be included with additional investment of€300,000 and additional deposit of €30,000. Applicants are not allowed to undertake any employment in Cyprus, but they can own a business that is registered in Cyprus and received dividend from this business. Applicants must have a clean criminal record. Applicant must visit Cyprus within 1 year of the date of the PRP to provide biometrics for insurance of PR card, all family members are required to visit Cyprus once every two years. Step-By-Step Process: Enter Cyprus using visit visa Finalize your Investment (Max. 2 properties) and submit the PR application to the Civil Registry and Migration Department (CRMD), (Our Representative will do this). Application fees are €500 for Main applicant, Spouse and kids under 18Y, additional €500/Person over age of 18Y. Medical Insurance €170/Person and €225 for parents with age of 65Y or above. Application will be forwarded to the Cypriot Ministry of Interior. The application processing time is about two months. Applicant will receive letter of approval. With-in 1 year of Letter of Approval, entire family must enter Cyprus to give Biometrics and receive PR Card. Documents Required for PR application: Proof on Investment – Proof on Long term deposit Passports The CV Marriage certificate Police records Birth certificate Passport size photo Income proof Timeline process Approx 2 months Cyprus residency benefits It is not necessary to reside in Cyprus but PR holders must visit Cyprus every 2 years for minimum 2 days. PR is valid for lifetime, no need to renew. Easy access to EU countries, PR holders can get multi entry Schengen Visa valid for up-to 5 years. No worldwide dividends, interest and income tax. No tax on gains. No inheritance tax. EU Member country since 2004. VAT reduction can be applied from 19% to 5% for applicants who wish to use the property for living. Single European country with English as official language. PR is issued in just 2 Month time. Free govt. education till the age of 18Y. PR for 3 generations, Main Applicant and Spouse, Children and Parents. Best educational institutes. Suitable apartments, villas and houses qualifying for the program Safe and highly profitable investments, with potential profit from letting your property Insurance policy in case of economic or political instability. The application can be processed in the applicant’s absence and filed on their behalf. Cyprus PR holders may apply for citizenship in 5 years if all the conditions have been met. Mild climate, beautiful scenery and beaches, with 320 days a year of sunshine The whole process of applying residency could be tedious but FlyingColour Immigration can help you in the process.. Please do not hesitate to contact us at any time. Our team of professionals will gladly assist you. We have helped thousands of clients settle down in Cyprus. Let us help you out too!