Efstathios C. Efstathiou LLC consists of the best Cyprus Immigration Lawyers. The team has the know-how and expertise to secure residence permits in Cyprus to our EU and non-EU national clients that might be interested in residing in Cyprus as visitors and furthermore to assist any client that might be interested in applying for temporary resident as a visitor in the beginning, by applying for a one-year resident permit to stay, having the opportunity to discover the financial environment of Cyprus for his future plan.
Services for Non-EU National Clients
1. Employment-Based Permanent Residency:
This option involves obtaining a permanent residency permit through employment under an International Business Company (IBC) within 5 years.
Once an IBC is registered (which the applicant can have 100% ownership) the applicant will be employed as the Director under this company. Doing so, the applicant in a month time will be granted a valid Cyprus temporary residence card (which is renewed every 2 years). After residing legally in Cyprus for five years, the applicant will be entitled to apply for a permanent residency permit. It is important to mention that the applicant cannot stay out of Cyprus for more than three months continuously as the permit would be cancelled automatically.
Requirements:
a) The applicant must have a monthly salary of €2500 as the Director of the company.
b) Employ one Cypriot or European employee with a monthly salary of €940 (it’s the minimum wage in Cyprus)
c) Transfer €200,000 from abroad to the bank account of the Company in Cyprus, which is the minimum required Capital. * If there are multiple shareholders in the Company, each shareholder must contribute their equitable portion towards meeting the minimum capital requirement. For instance, if there are four shareholders, each shareholder will be required to contribute €50,000, thus augmenting the total minimum capital needed for the Company.
d) Rental agreement of a Commercial office and of a Residential apartment, for each shareholder (in case there are multiple shareholders)
The Total Cost includes:
a) Cyprus Immigration Lawyers fees
b) Registration of the Company
c) Issuing of work permit for one non-EU Citizen (*€2000 extra for each non-EU Citizen)
d) Due Diligence Fee
e) Medical Examination
f) Health Insurance
g) Migration fees
h) Contract of Employment
i) Registration in Social Insurance Contribution
If you would like to receive a complete cost breakdown, please get in touch with our immigration lawyers in Nicosia, Cyprus.
2. Investment-Based Permanent Residency:
This option involves obtaining a permanent residency permit through Investing in Cyprus, within 2 months.
The investor can choose any of four investment options for obtaining permanent residence in Cyprus:
1. Residential properties.
2. Commercial real estate.
3. Shares of Cypriot companies.
4. Shares of Cypriot investment funds.
Requirements:
a) Acquire a new residential premise in Cyprus worth a minimum of €300,000 plus VAT. The standard VAT rate is 19%. The first €200,000 must be paid by the date of filing of the application. Additionally, the purchases must be ‘first-time’ sales meaning that they are to be bought for the first time from a property development company.
b) The property can be bought in the name of a company whose absolute owner or ultimate beneficiary will be the investor or his/her spouse. The investor may buy up to two properties provided the total sales price is as mentioned above and can be any of the following combinations:
i) One residential property (house or apartment) EUR 300,000 in value plus VAT;
ii) Two residential properties (houses or apartments) totaling EUR 300,000 in value plus VAT.
iii) Offices, hotel buildings, or other realty of at least EUR 300,000 in total value plus VAT.
c) The delivery date does not matter, so properties under construction can be included.
d) Open and maintain a fixed deposit in a Cyprus bank of a minimum €50,000 for three consecutive years.
e) Maintain a secured annual income originating from outside of Cyprus of at least €50,000. For each additional applicant, the income requirements increase by €15,000 for the spouse and by €10,000 for the children. As an example, for a family with two children, the annual income should be €85,000: €50,000 + €15,000 + €10,000 × 2.
f) The applicant will need to visit Cyprus once within the first year to register biometrics, and visit Cyprus every two years thereafter.
Conditions:
To maintain permanent residence every year residents are required to prove the same source of income, keep investments and update their medical insurance. Every year each family member over 18 must renew their criminal record.
It is not necessary to reside permanently in Cyprus, although, in order to maintain permanent residence, residents must fly to the island at least once every two years. Otherwise, the status may be canceled. However, obtaining a residence permit in another country is prohibited by the terms of the program.
The Total Cost includes:
a) Cyprus Immigration Lawyers fees
b) Issuing of permanent permit for one non-EU Citizen
c) Due Diligence Fee
d) Medical Examination
e) Health Insurance
f) Migration fees
If you would like to receive a complete cost breakdown, please get in touch with us.
Efstathios C. Efstathiou LLC consists of the best Cyprus Immigration Lawyers. If you are looking for immigration services please do not hesitate to get in touch with us!