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Permanent Residence in Cyprus

Permanent Residence in Cyprus

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PERMANENT RESIDENCE IN CYPRUS

In January 2014 the Ministry of Interior in Cyprus has revised the criteria for granting a permanent residence in Cyprus (an immigration permit) providing a new expedited procedure for third country nationals who invest in Cyprus.

To qualify for the permanent residence in Cyprus a third-party national must purchase in Cyprus one or two, new real estate properties with total purchase cost of at least €300.000 (excluding VAT) and have a secure and steady income, provisions that along with the fact that such permanent residence can be obtained within 2 to 3 months make Cyprus one of the easiest countries to attain a permanent residence.

A third-party national having obtained a permanent residence has the right to permanently reside in Cyprus along with the family who can also obtain the permanent residency (married spouse, children under 18 years old and financially dependent children up to 25 years old).

The benefits of obtaining a permanent residency as well as the detailed requirements are set below:

Benefits:

A third-party national having a permanent residence is exempt from the immigration entry procedures in Cyprus (i.e. no Visa required) and can permanently reside in Cyprus continuously enjoying the benefits offered by a Mediterranean Island such as warm sun, sparkling sea, welcoming people and wonderful scenery.

Cyprus is also expected to enter the Schengen Zone of Europe meaning that the holders of the permanent residence will be able to travel freely through Europe. Even though Cyprus is not currently in the Schengen Zone a holder of a permanent residence can very easily obtain a Schengen visa in a process that takes less than 1 hour.

Other benefits include amongst others the absence of inheritance tax in Cyprus, the low property taxes and lower tuition costs than in other EU countries.

Requirements:

In order for the permanent residence to be granted the third-party national applicant must meet the provisions as set below:

  • Deposit an amount of EUR30,000 in a Cyprus bank and pledge for 3 years;
  • Obtain a stable income of EUR30,000 per year together with his spouse increased by EUR5,000 for each dependent person;
  • Purchase in Cyprus one or two, new real estate properties with total purchase cost of at least €300.000 (excluding VAT). Properties can be 2 residences, or 1 residence & 1 office or 1 residence & 1 shop. At least €200.000 of the purchase cost must be settled. Obtaining property in the name of a company into which the applicant or spouse are the sole shareholders is also acceptable;
  • Have a clean criminal record;
  • The applicant and his spouse shall confirm that they do not intend to be employed in Cyprus in any direct or indirect manner.
  • The applicant and his family included in the Immigration Permit, must visit Cyprus at least once every two years.

The applications are reviewed by the Civil Registry and Migration Department and the Minister of Interior grants final approval with the whole process lasting for 2 to 3 months.

How We Can Assist You:

LSTS will guide you through the application process and act as your agent in submitting all the required documents successfully

We will provide clarification and advice on the matters of your concern, assist in drafting the required documents and continuously reviewing the documentation to ensure the quality and success of the process.

We will also closely monitor the status of the review of the application by the authorities and address any issues that may arise providing complete support throughout the process for a successful outcome.

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Naturalisation of Investors in Cyprus

Naturalisation of Investors in Cyprus

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NATURALISATION OF INVESTORS IN CYPRUS

On 19 March 2014 the Council of Ministers of the Republic of Cyprus (“Cyprus”) revised its previous criteria and conditions dated 24 May 2013 for the Naturalisation by Exception of non-Cypriot entrepreneurs investing in Cyprus (Cyprus Citizenship “CC”). A non-Cypriot citizen, who meets one of the below economic criteria (A) may apply for the acquisition of the CC through Naturalisation by Exception, either:

i. personally

or

ii. through a company / companies in which he / she participates as a shareholder; proportionally based on the percentage of participation,

or

iii. as a high-ranking senior manager of such company / companies that meet the economic criteria (A) provided that:

a. he / she receives such a remuneration that generates for the Republic tax revenue of at least €100.000 for a three (3) year period and that;

b. this tax has already been paid or prepaid.

LSTS will assess the eligibility of the applicants based on their current position, advise on the additional actions needed and assist them in successfully and efficiently obtaining the Cyprus citizenship by exception.

A. Criteria

Α.1 Investment in government bonds: The applicant must have purchased Cyprus bonds of at least €5,0 million. or Α.2 Investment in financial assets of Cypriot companies or Cypriot organizations: The applicant must have purchased financial assets of Cypriot companies or Cypriot organizations (bonds / securities / debentures registered and issued in Cyprus) of at least €5,0 million; purchased either at issuance or subsequently by the market.

or

Α.3 Investment in real estate, land development and infrastructure projects: The applicant must have made an investment of at least € 5,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector or other infrastructure projects).

or

Α.4 Purchase or creation or participation in Cypriot businesses or companies: The applicant must have made an investment of at least € 5,0 million in the purchase, creation or participation in businesses or companies, that are based and operating in Cyprus. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens.

*It is noted that the mandatory conversion of deposits into shares is included in this criterion.

or

Α.5 Deposits in Cypriot banks: The applicant must have personal fixed term deposits for three years in Cypriot banks or deposits of privately owned companies or trusts (in which he / she is the beneficiary owner) in Cyprus of at least €5,0 million.

or

Α.6 Combination of the aforementioned criteria Α.1 to Α.5: The applicant is required to have a combination of the above A.1 (Investment in Government bonds), A.2 (Investment in financial assets of Cypriot companies or Cypriot organizations), A.3 (Investment in real estate, land development or infrastructure projects), A.4 (Purchase or creation or participation in Cypriot businesses and companies) and A.5 (Deposits in Cypriot Banks) amounting to at least €5,0 million.

or

Α.7 Persons whose deposits with the Popular Bank Public Company Ltd have been impaired due to the measures implemented after 15 March 2013: The applicant has incurred an impairment in deposits amounting to a total of at least €3,0 million. In the case where the applicant has incurred an impairment in his / her deposits under €3,0 million he/she may apply, having made an additional investment through the criteria A.1 to A.5 for the balance of the required amount of the above mentioned criteria.

or

Α.8 Major Collective Investments: The Council of Ministers shall have the right on special occasions, to reduce the above criteria Α.1 to A.4:

i. To €2,5 million for investors, who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is at least €12,5 million.

ii. To €2,0 million for investors who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is more than €12,5 million. It is noted that this present provision (i), will be in force until the 1st of June 2014.

In addition, it is noted that for the above mentioned provisions (i) and (ii), the investment for the Criteria Α.1 to Α.4 may be realized through a different sales rep / provider (physical or legal entity).

B. Terms and Conditions

In addition to meeting the above criteria the applicant must:

i. have a clean criminal record and not be included on the list of persons whose property is ordered to be frozen within the boundaries of the EU, and;

ii. in all cases listed in Criteria (A), hold a permanent privately owned residence in Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.

  • members of the same family, which apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of € 500.000 per each applicant.

iii. have concluded the necessary investments during the three (3) years preceding the date of the application and retain the said investments for a period of at least three (3) years since the date of the Naturalisation.

iv. the CC may be revoked if it has been ascertained that any condition has been breached.

How We Can Assist You:

LSTS will guide you through the application process and act as your agent in submitting all the required documents successfully.

We will provide clarification and advice on the matters of your concern, assist in drafting the required documents and continuously reviewing the documentation to ensure the quality and success of the process.

We will also closely monitor the status of the review of the application by the authorities and address any issues that may arise providing complete support throughout the process for a successful outcome.

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UK Migrant Visa

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UK MIGRANT VISA
What is a UK Migrant Visa?

It is a route to residence for non-EU nationals who make a substantial financial investment in the UK.

What investment is required?

£1 million GBP; £5 million or £10 million

What can I invest in?

You must invest at least 75% in Government Bonds and/or in UK trading companies by way of share or loan capital. You must not invest in companies that are mainly engaged in property development, property investment or property management. However you may invest in construction companies.

The balance (25%) must remain in the UK, either on deposit in a bank or can be used towards the purchase of assets i.e. a residential home

How long must the investment last for?

£1 million for 5 years; £5 million for 3 years and £10 million for 2 years

 How long must I live in the UK?

The main applicant must spend 185 days per year minimum in the UK. However, if one’s spouse is put forward as the main applicant, the other spouse is not restricted to spending a required number of days in the UK – they are free to spend considerable time outside of the UK.

Can my spouse and children join me?

Yes, but children must be under 18 years.

Do I need to renew my visa?

You will initially be given 3 years and 4 month’s residence and must apply from within the UK to extend your visa one month before this period expires

How long must I wait for before applying for Permanent Residence ?

5 years. However, you can apply after only 3 years if you invest £5 million or 2 years if you invest £10 million

When can I apply for British citizenship?

12 months after gaining Permanent Residence (though must satisfy the character and residence requirements in particular)

Does this visa allow me to travel freely around the Schengen area?

You will require a separate Schengen Visa in your passport, but this can be easily obtained from within the UK in one day

 How long does the initial visa application take?

Approximately 1-3 weeks

What happens next?

Our recommended legal advisors obtain from you and your bank the information needed to prepare the application which they will then submit from London. When the visa is ready it will be sent to your correspondence address.

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