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 labor force 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 the confidence to invest, grow, and prosper. Cyprus was ranked number 53 out of 190 countries on the World Bank's Ease of Doing Business Index 2018. A number of new measures have been put into place to reboot the economy in the wake of the massive and difficult restructuring of the country’s banking sector. These measures are aimed, among other things, at helping to stimulate economic growth.
Residence in Cyprus
In line with the Cypriot government’s intention to increase foreign investment and to help its economic development, Regulation 6(2) of the Aliens and Immigration Regulations has recently been simplified by the Ministry of Interior in order to issue residence permits to applicants from non-European countries who intend to invest in the republic provided that the following requirements are met:
|1.||Residential or other property with a minimum market value of EUR 300,000 plus VAT purchased in Cyprus|
|2.||Secured annual income from abroad and from sources other than employment in Cyprus|
|3.||Funds transferred from abroad and deposited into 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 their status.
Cyprus Investment Programme
On the basis of the Cyprus Investment Programme, a non-Cypriot citizen who meets one of the economic criteria, either personally or through a company or companies, may apply for the acquisition of Cypriot citizenship.
Henley & Partners assists 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.