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  • Cyprus Residency

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  • About Cyprus

    • Cyprus is an island located in the Mediterranean Sea. It is famous for its beautiful beaches and tourism services as it attracts over a million tourists each year.
    • Capital city: Nicosia (Lefkosia)
    • Geographical area: 9251 sq.km, 3rd largest Mediterranean island
    • EU member: Since 2004
    • Currency: Euro (EUR)
    • Population: 1,155,403 (2016)
    • European Citizens have the right to attend schools/universities within any EU country for free or for reduced tuition fees (When applicable).
    • European citizens have the right to protectionby the diplomatic or consular authorities of any EU country when in a country outside the EU. This is applicable in countries wherethe citizens’ originalEU country is not represented by a consulate.
    • European citizens can access the established first-class EU health care system.
    • Cyprus passport is ranked the 10th world wide as it allows its holders to enter 155 countries visa-free.

    Benefits of the Program

    • The program currently is considered the fastest route to an EU Permanent Residency. An applicant can get the residency in 60-90 days.
    • Schengen and other visas can be easily issued for the residency holders.
    • Requiring No physical residency.
    • The applicants must visit Cyprus every 2 years, as if an applicant stayed in Cyprus for 6 months or more for 5 years, the applicant can apply for the citizenship.
    • No interview required, but the family must visit Cyprus every two years.
    • An entire family can obtain the CypriotResidency; i.e. Spouse and dependents up to the age of 25 ( 24 – 6 months upon submitting the application) if they are enrolled under study programs.
    • Parents of the main applicant or spouse can be included in the Permanent Residency application.
    • Residency holders can benefit from the advance healthcare and education services just like a citizen.

    Program Requirements

    The residency by investment program in Cyprus enables foreign citizens to apply for a Cypriotresidency if they have:
    • A clean criminal record from the country of citizenship and the country of residency.
    • An evidence that ensures that the applicant is not on the “property retention” list in Europe.
    • Invest EUR 300,000 in a Real-Estate property (or 2 properties) as it is required that the property must be new and have never been owned before.
    • Deposit EUR 30,000 in a bank account in Cyprus for 3 years.
    • A letter that shows the annual income (generated outside Cyprus) exceeding an amount of EUR 30,000,an increase of EUR 5,000 for each dependent child and EUR 8,000 for each dependent parent. The annual income includes any investments (if applicable).
    60-90 Days
    • Signing the service agreement
    • Transfer the legal fees (50%)
    • Prepare the initial application for the visa
    • Visit Cyprus
    • Explore the Real-Estate options.
    • Transfer the amount of purchase
    • Register fingerprint for all applicants
    • Apply for Permanent Residency application
    • Residency cards issuance
    • Transfer the legal fees (50%)

    Fees & Cost:

    1. Legal fees, divided into two payments:
      • 50% upon signing the service agreement.
      • 50% upon receiving the Residency card.
    2. Real Estate Fees:
      • The Real Estate investment amount = starting from EUR 300,000. (USD 358,000 = Around SAR 1,300,000)
      • Real Estate tax: depends on the property worth and location: Stamp Duty fees of EUR 5,000 and 5% VAT (under exemption)

    Required Documents:

    1. Signing the service agreement with RESPECT.
    2. Signing a contract for the legal entity to supervise the legal procedures during the purchase of property to obtain the Permanent Residency.
    3. Colored passport copies for each family member.
    4. Copies of the birth certificates.
    5. A copy of the marriage certificate.
    6. Copies of Residency Permits (If applicable).
    7. Three (3) personal photos for each family member.
    8. A report from the bank showing that the balance is exceeding the Real Estate property (+EUR 300,000)
    9. A clean Criminal Record.
    10. Infectious disease-free medical certificate for each family member.

    EU Countries list:

    Italy AustriaLatvia
    BelgiumBulgaria Ireland
    Lithuania Luxembourg Croatia
    Malta CyprusNetherlands
    Czech RepublicPoland Denmark
    RomaniaPortugal Estonia
    Slovakia France Finland
    Spain Greece Germany
    Sweden HungarySlovenia