With over 10,000 years of history, 320 days of annual sunshine and a unique location at the crossroads of 3 continents, it’s not difficult to see why Cyprus is a popular base for the business community and their families.
Nestled between Europe, Africa and Asia, this Mediterranean island is a hotspot for tourism, with a wealth of historical and archaeological sites, Blue Flag beaches, extensive forests and nature trails, executive hotels, spas and golf courses, wineries, watersports and luxurious yachts.
Whilst tourism is a major income source for the island, the region also benefits from a variety of other business opportunities and investments.
Encouraged by favourably low taxes these include agriculture, shipping and marinas, property development, tax and finance, and more recently, ventures into the gas, oil and photovoltaic industries.
Cyprus offers two routes to residency, commonly referred to as Category 6.2 (‘Fast Track’) and Category F applications.
Although a Category 6.2 application calls for a larger financial commitment of only new build real estate, it provides the investor with the option to include their spouse and minor children, together with their parents and parents-in-law, whilst offering a swifter route to residency.
A Category F application has the benefit of enabling an investor to purchase second hand real estate for any value, but permits the inclusion of only a spouse and children, and is a slower process.
Note – Neither of the categories permit the investor to undertake paid employment on the island, although a Category 6.2 Permit Holder is allowed to become the owner of a company conducting business in Cyprus in which they hold 100% of the shares on the proviso they are not an employee or Director.
Category 6.2: A purchase of one newly developed residential property with a
purchase price of at least 300,000 EUR (325,000 USD).
A purchase of two newly developed residential properties from the same developer, with a
combined purchase price of at least
300,000 EUR (325,000 USD).
Category F: A purchase of any residential property whether newly developed or second hand, for any purchase price at market value.
A minimum cash deposit of
30,000 EUR (32,500 USD)
30,000 EUR (32,500 USD)
40,000 EUR (43,500 USD)
for Category 6.2 and F respectively,
to be paid into the applicant’s own Cypriot bank account from a foreign bank account.
The deposit must be retained in the account for not less than 3 years from the date of deposit.
No additional contributions are required, but the investor must prove a secure annual income of
30,000 EUR (32,500 USD) per annum.
With additional amounts of
5,000 EUR (5,400 USD) each for their spouse and any children,
and 8,000 EUR (8,650 USD) for each parent.
Ownership of the residential property, or properties, must be retained during the period of residency.