Our team has extensive experience incorporating Cyprus registered companies. We may also provide you with existing (shelf) companies, depending on your specific requirements. Cyprus registered companies may be tax resident in Cyprus or in any other jurisdiction, based on your objectives.
Formation of new Cyprus companies can be tailor-made to your particular needs and requirements, including amongst other matters, the drafting of bespoke Memorandum & Articles of Association and/or other agreements to reflect a commercial agreements between shareholders.
Seeking more insights or curious about how we may assist you and dive deeper together? We have dedicated ourselves to providing the highest levels of service and tailored solutions to meet the diverse needs of our valued clients. Please get in touch with one of our managers to arrange for your free consultation.
CYPRUS PERMANENT RESIDENCY BY INVESTMENT: YOUR GATEWAY TO EUROPE
Cyprus has recently been ranked the 5th best relocation destination in the world by an international lifestyle review (source: 2018 Wealth Report prepared by Knight Frank, a leading independent, global real estate consultancy firm). Ranked by key business and leisure indicators, Cyprus was the only European country alongside Switzerland to make it into the top five – ahead of London, Madrid and Monaco. Cyprus also ranked highly due to its favourable tax regime for new residents. With at least 320 days of sunshine a year, Cyprus is classified the sunniest European location and is proving an ideal destination for Permanent Residency of Non-EU nationals enabling you to travel across Europe, without elaborate visa requirements.
In line with the Cyprus government’s objective to increase foreign investment, the Ministry of Interior has recently simplified the procedure for issuing Permanent Residency Permits to Non-EU nationals who wish to invest in Cyprus.
WHY APPLY FOR PERMANENT RESIDENCY (PR)?
WHY CYPRUS?
The Cyprus Permanent Residency and the Cyprus Investment Programme have proven widely successful in attracting investment into Cyprus from third country nationals.
SIMPLE FAST-TRACK PROCESS:
OTHER QUALIFYING FINANCIAL CRITERIA & TERMS:
In addition to satisfying the above financial criteria, the applicant, their spouse, their parents and their dependents, as applicable, must fulfil all of the following conditions:
a) Have a clean criminal record;
b) Declare their intention not to be employed in Cyprus (holders of a PRP may however, own a Cyprus Company and receive dividends from its profit);
c) Declare they have a secured annual income from abroad;
d) Ensure the applicant’s name is not included in the list of persons whose property is ordered tobe frozen by the EU;
e) Visit Cyprus within one year of the date of issuance of the PRP, to take receipt of the permit, and obtain their biometrics, and subsequently once every two years thereafter.
WHO CAN JOIN THE PRP APPLICATION:
WHEN CAN A PRP BE REVOKED?
WHAT ARE THE DISBURSMENTS FOR FILLING A PRP APPLICATION?
Find out more about the Top 10 pitfalls to avoid when buying property in Cyprus.
Upon renting out a home or purchase of a house/apartment with any value, a third-country national may apply for a permanent residency (“normal-track basis”). The minimum requirements are as follows:
The main benefit of this route is the lower threshold of annual income required, together with the flexibility of renting a house prior to outright purchase. It should be noted, that once the application is filed, the applicant is free to travel to and from Cyprus without any restrictions.
The main disadvantage of the above method of application is that it takes up to a year (officially – in practice it may even take longer) to have the Ministry of Interior’s decision.
Prior to purchasing property in Cyprus, you need to be aware of the potential pitfalls, ensuring that you make the right investment and that your purchase runs smoothly and efficiently.
Citizens of third countries may apply for a Permanent Resident Permit upon at least 5 years of continuous legal stay in Cyprus and having held a Temporary Resident Permit for the entire preceding period.
Non-EU family members may also apply for a Permanent Residency Card.
The Permanent Residency Card for non-EU family members is valid for 5 years and can be extended.
EU Citizens entering the Republic of Cyprus to work and who will spend more than three (3) months on the island will need to register with the relevant authorities in Cyprus.
Given the above, the following matters and actions are applicable:
The procedure is initiated by the completion of the MEU1 form (available in both Greek and English), which must be signed by both the Employer and the Employee (if the EU national will be taking up employment). The following documents must also be supplied concurrently with the application:
> Advise on the key financial criteria to be met, and assist the applicant with the complete application procedure;
> Conduct a thorough examination of the applicant’s specific circumstances, in order to establish the most efficient way to meet the required financial criteria;
> Find the right property matching the criteria of the applicant via our network of reputable licensed real estate agents and developers, and ensure the applicant is presented with properties that are good value for money;
> Drafting and assisting with the collection of all required documents;
> Regularly update the applicant on the progress of their application;
> Provide assistance with the opening of bank accounts at local banks.
Savva & Associates are well positioned to provide an extended scope of services to foreign investors and High-Net-Worth-Individuals in cooperation with our trusted legal advisory firm Nicholas Ktenas & Co LLC, including:
> Legal advice on the applicable legislation as well as the preparation and drafting of agreements connected with the purchase of property in Cyprus;
> Due diligence connected with the acquisition of immovable property in Cyprus.
Our team of highly experienced professionals can advise you further on obtaining a Cyprus Permanent Residency by Investment, on the basis of your particular facts and circumstances.
Please feel free to contact Charles Savva at c.savva@savvacyprus.com to discuss how we can be of assistance to you.
WHY APPLY FOR PERMANENT RESIDENCY (PR)?
WHY CYPRUS?
The Cyprus Permanent Residency and the Cyprus Investment Programme have proven widely successful in attracting investment into Cyprus from third country nationals.
OTHER QUALIFYING FINANCIAL CRITERIA & TERMS:
In addition to satisfying the above financial criteria, the applicant, their spouse, their parents and their dependents, as applicable, must fulfil all of the following conditions:
a) Have a clean criminal record;
b) Declare their intention not to be employed in Cyprus (holders of a PRP may however, own a Cyprus Company and receive dividends from its profit);
c) Declare they have a secured annual income from abroad;
d) Ensure the applicant’s name is not included in the list of persons whose property is ordered tobe frozen by the EU;
e) Visit Cyprus within one year of the date of issuance of the PRP, to take receipt of the permit, and obtain their biometrics, and subsequently once every two years thereafter.
WHO CAN JOIN THE PRP APPLICATION:
WHEN CAN A PRP BE REVOKED?
Find out more about the Top 10 pitfalls to avoid when buying property in Cyprus.
B. Permanent Residency on a “normal-track basis” (known as Category F application).
Upon renting out a home or purchase of a house/apartment with any value, a third-country national may apply for a permanent residency (“normal-track basis”). The minimum requirements are as follows:
The main benefit of this route is the lower threshold of annual income required, together with the flexibility of renting a house prior to outright purchase. It should be noted, that once the application is filed, the applicant is free to travel to and from Cyprus without any restrictions.
The main disadvantage of the above method of application is that it takes up to a year (officially – in practice it may even take longer) to have the Ministry of Interior’s decision.
Prior to purchasing property in Cyprus, you need to be aware of the potential pitfalls, ensuring that you make the right investment and that your purchase runs smoothly and efficiently.
C) Permanent Residency Permit for non-EU citizens residing in Cyprus
Citizens of third countries may apply for a Permanent Resident Permit upon at least 5 years of continuous legal stay in Cyprus and having held a Temporary Resident Permit for the entire preceding period.
D) Permanent Residency Permit for non-EU citizen and family members
Non-EU family members may also apply for a Permanent Residency Card.
The Permanent Residency Card for non-EU family members is valid for 5 years and can be extended.
E) Permanent Residency Permit for EU citizens (“Yellow Slip”)
EU Citizens entering the Republic of Cyprus to work and who will spend more than three (3) months on the island will need to register with the relevant authorities in Cyprus.
Given the above, the following matters and actions are applicable:
The procedure is initiated by the completion of the MEU1 form (available in both Greek and English), which must be signed by both the Employer and the Employee (if the EU national will be taking up employment). The following documents must also be supplied concurrently with the application:
HOW SAVVA & ASSOCIATES CAN ASSIST:
ADDITIONAL SERVICES & SUPPORT:
Savva & Associates are well positioned to provide an extended scope of services to foreign investors and High-Net-Worth-Individuals in cooperation with our trusted legal advisory firm Nicholas Ktenas & Co LLC, including:
Our team of highly experienced professionals can advise you further on obtaining a Cyprus Permanent Residency by Investment, on the basis of your particular facts and circumstances. Please feel free to contact Charles Savva at c.savva@savvacyprus.com to discuss how we can be of assistance to you.