The Power of ChoiceThe country where you are born need no longer define you and your family’s lives. Through Residency by Investment schemes, nowadays one has the opportunity to make an active decision with regard to where they live, expanding their choices, personal freedom and sense of wellbeing. As a firm we offer all the available options for Residence Schemes, placing emphasis however on Cyprus’ fast-track Permanent Residence by Investment Scheme as it is one of the most appealing, quickest and straightforward programs worldwide.
- BENEFITS OF A SECOND RESIDENCY
The Benefit of Safety
Whatever the situation in your current country of residence, in this ever fleeting world it is astute to have an alternative permanent residency giving you the option to extract your family quickly and effortlessly in case that any trouble arises. It is the guarantee of peacefulness and happiness for your family.
Living and Education Options
An alternative residency opens the possibilities for your family to reside within another country. This widens your family’s horizons allowing them the opportunity to live in a country with state of the art infrastructure, services, health care, school and university choices.
Investing in property abroad leads to an abundance of advantages and benefits; apart from being a profitable investment it allows you and your family to have a well-deserved respite from your busy lifestyle in an idyllic, beautiful environment.
An alternative permanent resident holder may achieve numerous tax benefits depending on the country of residence. Careful tax planning will allow dual residency holders to find the most cost-effective framework for their needs.
- ADVANTAGES OF A CYPRUS PERMANENT RESIDENCY
- Holders are allowed to reside in Cyprus permanently, giving them a safe and stable permanent EU residence
- The right to own unlimited immovable property in Cyprus
- This permit can be used as a first step to acquiring the Cyprus (EU) citizenship
- Effective tax regime, including no inheritance tax and numerous tax benefits for permanent residents receiving income from sources outside of Cyprus (e.g. pensions, dividends etc).
Additionally, whether the applicant decides to live or simply visit Cyprus, the country has many advantages
- Convenient, strategic location
- Warm climate, beautiful scenery, pristine beaches and established tourist destination
- Large International Community
- Sound Currency and Legal System
- Excellent educational facilities & first-rate health care facilities
- High quality of infrastructure, relatively economical cost of living, politically and economically stable, low crime rates
- THE PROCESS: QUICK & SIMPLE
- Permanent Residency is granted within two to three months of the application
- No residency or language requirement
- The permit is also valid for the applicant’s wife, dependent children and applicant’s parents
- The duration of the permit is indefinite
- PREREQUISITE & INVESTMENT CRITERIA
To be applicable for the scheme the applicant must purchase a property in Cyprus, with funds transferred from abroad, with a minimum market value of €300,000 (excluding VAT).
- The property must be purchased as a first-time sale directly from a Developer
- This may be purchased in the form of one or two housing units (apartments or houses), 1 residence & 1 shop (up to 100m2) or 1 residence & 1 office (up to 250m2). In the case of two properties, the properties can be from independent buildings but must be acquired from the same Developer.
- Proof that the payments of the property have been transferred to Cyprus from abroad is necessary.
- With the submission of the application official receipts for the payment of at least €200,000 (excluding VAT) transferred from abroad must be given, regardless of the date of delivery of the property.
OTHER REQUIRED CRITERIA
To apply for a Permanent Residency Permit the applicant must:
- Deposit in a financial institution in Cyprus a minimum of amount of €30,000 held as a fixed deposit for a three-year period.
- Possess, together with his spouse, a secure annual income of at least €30,000. This income has to derive from abroad and may emanate from receipt of dividends, salaries from employment outside Cyprus, interest on fixed deposits, pensions, rents etc. This amount needs to increase by €5,000 for each dependent person and by €8,000 for each parent of the applicant
- Have a clear criminal record from their country of residence
- Declare that they do not intend to be employed or self-employed in Cyprus.
- Must visit Cyprus at least once every two years
The application is submitted to the Ministry of Interior with all the documents relating to business activities and investments sent to the Ministry of Finance for further investigation. Provided that the application is dully submitted and accompanied by all the necessary supporting documents and the investor meets all the criteria and conditions discussed above, the time frame for completion of the process is approximately only 2 (two) to 3 (three) months.
- SUPPORT THROUGH EVERY STEP
As a specialized Migration Law Firm, Andreas P. Siapanis & Associates LLC ensures that each client’s case is considered independently and that integrated solutions specific for each client’s precise circumstances are created. We ensure our uncompromising commitment to our clients and greatly value the importance of personal relationships and a consistent high-quality level of work. Throughout the application process we are able to help you with the following:
- Preparation and submission of the application and all relevant supporting documentation
- Continuous follow up of the application progress to ensure a timely result
- Assistance with regards to finding, vetting and evaluating potential real estate options
- Setting up of companies in Cyprus and abroad
- Opening of Bank Accounts in Cyprus
- Drafting and/or checking contracts and other legal documents
- International Tax Planning
Vetted Investment Options
To help facilitate our clients, Andreas P. Siapanis & Associates LLC has identified and vetted several investment/real estate opportunities. Our primary concern is to protect our clients’ interests by proposing investments and real estate projects which are of minimal risk, with no or little management issues. Our moto is that we only propose the investment opportunity to our clients if we ourselves would be willing to invest in that particular project/real estate.