NewsOnline reports that the Republic of Cyprus has a Golden visa programme that allows foreign or non-EU nationals to move to the country by either investing in properties or equities as individuals or corporate bodies.
Moving to Cyprus through this immigration route will enable the investor to take advantage of the country’s low cost of living, high-quality healthcare system, secure environment, education and work opportunities.
Cyprus is located in the south of the eastern Mediterranean Sea and geographically in Western Asia, but has Southeastern European cultural and geopolitical ties. The country is also known for its beautiful beaches, tropical Mediterranean climate and the lowest crime rate in Europe.
How to obtain Cyprus Golden Visa: Under Regulation 6, a minimum investment of EUR 300,000 must be made which can be processed in two months, or 18 months for applications under Category F.
The Ministry of Interior has simplified Regulation 6(2) of the Aliens and Immigration Regulations to grant residence permits to applicants from non-European nations who intend to invest in the republic, in line with the Cypriot government’s intention to increase foreign investment and support its economic development.
Benefits of the Cyprus Golden Visa: Highlighted below are some of the many benefits of this visa-
Cyprus Golden Visa requirements: The following requirements must be met-
The applicant will need to present supporting documentation proving that they receive a guaranteed yearly income of at least EUR 30,000 from overseas. For a spouse and each child, this income must increase by EUR 5,000; for each dependent parent, it must increase by EUR 8,000. The income could consist of rent payments, pension benefits, and profits from stock.
Procedures and timeframe: With the filing of the application, a charge of 500 Euros must be paid, plus an additional 50 Euros for biometric data collection. The Civil Registry and Migration Department will next review the application before sending it to the Ministry of Interior’s permanent secretary, who will decide within two months.
After receiving clearance, the applicant and every family member must travel to Cyprus within a year to receive the official permit.
Upon arrival in Cyprus, a trip will be planned to the Nicosia migration office so that all applicants’ biometric data can be collected there. The biometric information may be provided either in conjunction with the application for residence or separately from the application.
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