Cyprus, with its warm and stable climate and convenient geographical position, is considered an attractive place for both business and residence. The investment landscape in Cyprus is beneficial due to the island’s well-qualified labour force, attractive taxation and a reliable transport and telecommunications system.
Cyprus has a modern, free-market, service-based economy, where in conjunction with its effective and transparent regulatory and legal framework, it offers international investors and businesses confidence to invest, grow and prosper. Cyprus was ranked number 58 out of 144 countries by the World Economic Forum Global Competitiveness Report 2012 – 2013. A number of new measures have been put into place designed to reboot the economy in the wake of the massive and difficult restructuring of the country’s banking sector, which aim, among other things, at helping stimulate economic growth.
Residence in Cyprus
The fast-track (Category F) permanent residence permit has been introduced by a Council of Minister's decision in May 2013. This procedure (based on the provisions of Regulation 6(2) of the Aliens and Immigration Regulations), enables the granting of a permanent residence permit to foreigners who intend to invest in the Republic provided that the following requirements are met: (i) residential or other property with minimum market value of EUR 300,000 purchased in Cyprus; (ii) secured annual income from abroad and from sources other than employment in Cyprus; (iii) funds transferred from abroad and deposited in a Cyprus Bank in a three year Fixed Deposit Account. The residence permit holder must visit Cyprus at least once every two years to maintain his status.
Under Cyprus legislation and specifically article 111 of the Civil Registry law 2002 (N.141(I)/2002 as amended) “…the Minister of Interior has the right to grant a certificate of naturalization, upon application by any alien adult with full capacity, who satisfies the Minister that he/she fulfils the criteria for naturalization according to the third table of the law.”
Henley & Partners assist international clients in obtaining residence and citizenship under the respective programs. Please contact us for more information or to arrange for an initial personal consultation.